“Real Rights of Realisation”
Authors: Zurab Chechelashvili
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The article examines the main legal issues regarding the real rights of realisation according to the Georgian law. The 1st part of the paperis dedicated to the pledge as a security right (the means of security of an obligation) on movables and transferable intangible property, bywhich the pledgee shall be entitled to satisfy his claim from the object of pledge in preference to the other creditors of the debtor. Accordingto manner of creation there are 2 kinds of pledge: legal pledge and contractual pledge.The 2nd part of the research is dedicated to the mortgage. Like pledge, mortgage is the means of security of an obligation, by which themortgagee shall be entitled to satisfy his claim from the object of mortgage in preference to the other creditors of the debtor. However,unlike pledge, the objects of mortgage are the immovable property as well as the rights (real rights) that are connected with the ownershipof a plot of land (for instance, superficies, usufruct); furthermore, mortgaging is not related with transfer of the object of mortgage intothe mortgagee’s possession, which enables the debtor (the owner) to use it.
accessory right, extinguishment, enforcement letter, mortgage, security right, pledge, public registry, rank of the pledge, substitution