CmaBylaw
Executive Bylaws
9-15 Of Module Eleven: Dealing in Securities
Section: Chapter Nine: Pledge of Securities
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Tuesday, 14 February 2017
Attachment procedures taken after the date of pledge of Securities or portfolio shall not prevent the sale, execution or acquiring the ownership thereof as per articles (9-13) and (9-14) of this Module. In such case, the creditor pledgee shall acquire the rights which cover its debt. The attachment shall be fully effective concerning the amounts which exceed the right of the creditor pledgor, without prejudice to the owners of privilege rights. In the event that there is more than one pledge on the same Securities or Investment Portfolio, the creditor pledgee may decide to exercise its rights stated in the pledge agreement until its debt is covered. In the event that there are remaining pledged securities after collecting the debt, the remaining creditor shall exercise its rights to have its debt collected and so forth until the debt of the creditor of the least degree is collected. The creditor’s pledgees may agree with one another upon the method of selling the pledged securities and the distribution of proceeds among them.
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