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Securing a Pledge of Art Work

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Securing a Pledge of Art Work

Postby giompizz » Tue Oct 31, 2017 3:38 pm

Hi there, can anyone explain to me what the procedure is to establish a pledge/bailment over an asset? What are the steps i have to take and are there forms i need to fill out to complete it? Is there a register i need to deposit the agreement to? Any help would be greatly appreciated as my knowledge on the subject is pretty barren. Thanks in advance!
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Re: Securing a Pledge of Art Work

Postby atticus » Tue Oct 31, 2017 4:02 pm

Will you be physically taking possession of this masterpiece?
Is the owner a UK company?

I am thinking possibly a bill of sale (archaic procedure, don't ask me how to do it, but it needs to be registered at the High Court very quickly).

Also, if a company, you may well need to register the security as a charge at Companies House.
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Re: Securing a Pledge of Art Work

Postby giompizz » Tue Oct 31, 2017 4:43 pm

The pledgor will be a UK company, and the pledgee will be an Italian bank. The art work will be acting as a guarantee for the credit they have extended to us. If we cannot maintain our obligation they will obviously take ownership as well as possession. The terms of the agreement are pretty much complete, i just want to know the steps i need to take to establish this agreement. Do you think the Bill of Sale is still relevant here? Or is there a more commonplace method to establish this kind of set up? Thanks for your reply!
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Re: Securing a Pledge of Art Work

Postby atticus » Tue Oct 31, 2017 4:57 pm

Do Italian banks not use UK lawyers when it comes to loans and security arrangements with UK customers? Some kind of a charge by way of deposit of the item may work.

We have a "no advice" rule. And you are going to look daft if things go wrong and you have to explain to your client or superiors that you took guidance from an internet forum peopled by anonymous posters.

Let's stick to discussing law, and to the "no advice" rule.
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Re: Securing a Pledge of Art Work

Postby theycantdothat » Thu Nov 02, 2017 12:14 am

A bill of sale is not required as a company can mortgage chattels.
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