Chattel which can have non-possessory pledges. Critical review of the doctrine.

Abstract

The 1954 Act on Chattel Mortgages and Non-Possessory Pledges provides quite inadequate regulations for the object of such guarantees under the principle of double taxonomy of tangible assets which can have one of the two typical guarantees, with the understanding that the registrable assets must fit in either list of «typical» assets. This paper proposes an «updated» interpretation of the Act, taking into account that there is no numerus clausus of tangible assets which can have non-possessory pledges and that it would be possible to pledge specific individual assets, although they are usually taxed because of their type and, anyway, they do not have to be based in a particular place or have a defined stable status loci. We will then provide a critical analysis of the typical problems of the anachronistic treatment of the objective basis for this chattel guarantee in the 1954 Act and in the light of the compared experience: the fortunate disappearance of the prohibition to provide previously taxed assets under guarantee; the problems due to the non-existence of a general rule on secured subrogations and to which the «dynamic groups of assets» are possibly subject, as described sub specie universitatis; and the objective extent over results, products, improvements and accessions.