Electronic Mortgage of Real Estate by Designation: A Study of the Law Regulating Movable Collateral No. 115 of 2015

Abstract

Law No. 115 of 2015 regulating movable Collateral was issued under the name of Law Regulating movables Collateral. It means mortgaging movables without transferring possession from the debtor to the creditor. The movables were, originally, mortgaged by possession and it was not possible to mortgage them without the transfer of possession because the movables are numerous and do not expire, unlike real estate, which is confined to the land and is attached to it by connection. Also, the movables, according to their nature, are not fixed in one place, but rather move from one place to another without damage. With the great development in information and communication technology, which is represented in our topic in the emergence of electronic computers and the development of the Internet, it has become possible to overcome the obstacles of mortgaging movable without transferring possession. In view of the connection of this topic with the electronic development, we preferred to call it the electronic mortgage of the movable, which is linked to the electronic record. The legislator has included within the scope of the movables covered by the law real estate by designation, and it is distinguished by the fact that it combines two characteristics, namely, movable by nature and real estate legally, i.e. by privatization. The subject of this research is a study of the terms and conditions of mortgaging real estate by privatization by electronic mortgage and how the legislator sought to reconcile the two characteristics in order to preserve the creditor's guarantees.