LAW ON ENFORCED PROCEEDINGS
The Law on Enforced Proceedings also contains provisions connected to securities and their future maintenance in the CSD. These provisions are important for the legal functioning of the CSD as such, since it will be obliged to enforce court decisions.
The law states that the court shall allow enforcement on the basis of an executive title, that is:
- a final court decision and court settlement;
- a final decision in an administrative procedure and a settlement in an administrative procedure, but only for performance of a monetary obligation;
- other document provided by law as an executive title.
In the part about the way of keeping of the inventoried (arrested) property the law states that:
An officially appointed person shall leave the inventoried movable property with the debtor for safe-keeping provided that, upon creditors proposal, the court did not order that the inventoried movable property be handed over to the creditor or to a third party for safe-keeping.
The risk of destruction or damage to movable property handed to the creditor or to a third party for safekeeping is borne by the creditor, except where the destruction or damage was the result of force majeure.
The inventoried movable property left for safekeeping with the debtor shall be clearly marked to indicate that it has been inventoried.
Cash money, securities and other valuables shall be deposited with the court.
Other movable property with a high value shall also be deposited with the court, provided that it is suitable for such a manner of safekeeping.
Since, in the future the securities are dematerialised, this provision of the law should be amended to adjust to the registration in CSD, and the securities in question, instead of being deposited in the court, should (according to a court decision) be marked as inventoried - arrested on the pertinent securities account, whereby transfer to another securities account is not possible.
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