AEGRM Services Law Firm - Larisa Somfalean Attorney at Law Bucharest

Law Firm Larisa Somfalean Attorney at Law Bucharest states that the assets under pledge represent the assets stated in article of the law, as well as their products, meaning any asset received by the debtor following the sale, change, fruits or incomes, as well as money received from insurance or any other form of managing or disposing of such assets, including the amounts obtained from further operations.

The certificate of deposit as collateral is the registration made by the operators/authorized agents, through the accurate entering into the archive system of the content of the certificate form filled in by the applicant. It is a document on paper or electronic format.

Law Firm adds that each certificate may have the following status within the information management system: active, expired, extinguished or null.The certificates expire in 5 years. Types of certificates:

Certificate for the establishment of the collateral, initial certificates, observations:

• at the registration of the certificate, the status of the creditor is active, becoming inactive when subscribing a cession certificate or a modifying certificate aimed at replacing the creditor, when the status will become active for the new creditor;

• the debtor’s status is active;

• the certificate status will be active until its expiry date or other date, according to the regulations;

• when the certificate becomes inactive, the status of the parties will also become inactive.

The certificate modifying the initial certificate, may refer to:

• the modification of the description of the asset under pledge,

• the correction of material errors in relation to the debtor’s identification data, the description of the asset under pledge or any other data of interest for the creditors ,

• the modification of the debtor’s name and/or address/offices,

• notes on the name of the new debtor, in case the patrimony of the former debtor is transmitted

• cancellation of the registration of a debtor or addition of a subscribing debtor,

• addition of a secured creditor to the existent creditors.

Certificate for the extension of the collateral to other assets

Application submitted by all active creditors/debtors, in person or by representative, empowered by certified power of attorney;

Certificate for the reduction of the collateral to a part of the assets included in the initial certificate.

Application submitted by all active creditors, in person or by representative, empowered by certified power of attorney;

The certificate for the cession of the claim, providing the specification of the assets in the certificate

• the creditor having active status that has ceded its part of the claim

• all active creditors, in case of cession of the entire claim

The certificate for the extinguishment of the initial certificate, due to the execution of the secured obligation or to the creditor’s renunciation to the entire collateral.

The certificate of nullity, due to the cancellation or to the finding of the nullity of the security contract, by irrevocable court decision.

Certificate for the prolongation of the initial security certificate, the registration of this certificate in due time, has effects:

• only for those submitting the form

creditors not having submitted the registration application will be not be registered on the new certificate if, subsequent to the registration of the of a prolongation certificate by some creditors, other creditors submit the application in due time, the rank of such creditors will be equal, the last certificate encompassing all the creditors having submitted an application the certificate will have an active status, if at least one creditor has submitted the application in due time

Certificate for the registration of the intent to establish a certificate of deposit as collateral

The electronic archive for secured transactions was established in the context set by the measures aimed at the speeding-up of the economic reform in Romania. It is a unique information system designed to record legal operations and kept by legal and natural entities of private law, functioning at high quality standards. The activity was launched in December 2000, and it known a significant development both in the number of entities authorised to operate the archive and the number of registrations.

The registration that Law Firm Larisa Somfalean Attorney at Law applies within the archive has the effect of constituting rights, and the effect of publicity of legal relations and of setting a priority order, the system ensuring the reliability of the legal relations according to the registrations processed.