Executing the Security Right Against Third Parties by Announcing it in the Electronic Record in Accordance with Jordanian Legislation

Abstract

In-kind insurance is the best way to document the creditor's right to obtain his debt when the debtor fails to fulfill his obligation. The legislator has noted that movables without special records do not count as the receptacle of these insurances as expected. Mortgaging these funds as a pledge of possession is desirable by individuals; however, its disadvntages outweigh its advantages. Hence, the legislator, motivated by the strength of the national economy, issued the law on guaranteeing rights with movable property. Thus, movables that are not subject to a real estate investment have become in-kind insurance, according to an approach that the Jordanian legislative system has no acquaintance with. Where the legislator made the third parties aware of this insurance by publishing these funds in an electronic record prepared for this purpose. The legislator is commended for this legislative policy, which achieves many advantages. This paper is concerned with shedding light on enforcing the execution of the right of security against third parties by publicizing this right in the electronic record. The problem of the study lies in clarifying the most important shortcomings and defects in the legislative regulation of the issue of enforcement of mortgage of movable property towards others.