In 1997 the Law on Registered Pledges was introduced in Bulgaria. It enables traders and other persons specified in the Bulgarian Law on Commerce to create a non-possessory registrable pledge. One of its key characteristics is that the pledgor is able to use the pledged property in his business activity and to dispose of it through legal transactions. A wide range of assets can be subject to a registered pledge including chattels, debts, shares, receivables, dematerialized securities and intellectual property rights. The special pledge is registrable in the Central Pledge Registry (in Bulgarian) and its priority is determined by the date of registration.