Macedonia

The secured transactions framework in Macedonia allows for security interests in movable asserts. It is possible to create both possessory and non-possessory pledges in movable asserts, including some intangibles such as intellectual rights. Possessory pledges are created by the pledge agreement itself and the transfer of the pledged assets. These are not registrable pledges. In the case of the non-possessory pledge, the security interest is created by entering into a pledge agreement, making an inventory of the assets in question and registering this in the Movable Pledge Register. The law in Macedonia is fragmented as there are several statutes governing secured transactions law. Contractual pledges are governed by the Law on Contractual Pledges 2003. There is also the Law on Financial Collateral 2008, which governs secured transactions based on “financial collateral”, which is any financial instrument (such as a credit account, bonds or shares used in the capital market) that is used as the subject of the security interest. This statute also covers repurchase agreements of financial assets. Due to the interaction between these two statutes, it is unclear which statute applies to pledges over bank account, when this is granted by a corporation to a financial institution.

Click Here to Access the Law on Contractual Pledges 2003 (English Translation)

Click Here to Access the Law on Contractual Pledges 2003 (Macedonian)

Click Here to Access the Movable Pledge Register

Further Reading