The Provisions of Private Real Estate Concession Rights: A Comparative Study

Abstract

The private real estate privileged rights require granting the creditor special securities in rem that protects him from insolvency as well as the disadvantages of crowding out the general securities. It is possible to invoke the general security because it is the subject of financial responsibility in specific circumstances. Securities in rem, including the private real estate privileges under study, are generally organized under property, which is a security for the payment of a debt. The law regulates the control of the mechanism for benefiting from this section pertaining to the securities in rem, as the legislation under comparative study enabled the creditor to pay his debt out of the privileged property that is expressed by the text of the law in order for the creditor to pay his right before ordinary creditors. In case the debt is not paid, the creditor will have the right of preference to satisfy the debt. Moreover, he would have the right to trace the property no matter into whose hands (possession) the property has passed. The legislator also provided legal means within those laws to maintain his rights and protect him from the actions of the debtor and the smuggling of the privileged property.