The purpose of this article is to outline the main characteristics of two of the main types of guarantees in the field of commercial law – special and commercial pledge.
I. Special pledge.
This law is regulated in the Special Pledges Act (promulgated SG No. 100 of 22 November 1996). One of the main features is that the special pledge is always agreed, as the law does not regulate hypotheses in which it arises ex lege (ie by law). On the basis of a concluded contract for a special pledge, the pledge creditor may be satisfied preferably from the pledged property in case of non-fulfillment of the obligation secured by the pledge. The contract is unilateral, as it creates obligations for only one party – the pledgor.