CmaBylaw
Executive Bylaws
10-16 Of Module Eleven: Dealing in Securities
Section: Chapter Ten: Attachment of Securities
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Tuesday, 14 February 2017
A creditor shall, within the term stated in article (10-15) of this Module, file a lawsuit against the debtor before the Competent Court to prove the validity of its rights and validation of attachment in the event that the attachment takes place pursuant to a judicial order, otherwise the attachment shall be deemed as withdrawn. In the event that the third party is a party to such lawsuit, it may not be excluded from the lawsuit. The judgment issued in such lawsuit shall only be deemed evidence against it concerning the validation of the attachment procedures. If such case of proving the creditor’s right is filed prior to the attachment, the court which considers the case shall also consider the case of the validation of execution procedures.
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