The exercise of the commercial pledge rights shall be registered if the commercial pledgee decides to use the commercial pledge. A commercial pledgee has the right to take over the pledged property in his or her possession (unless the pledged property was previously in his or her possession) and sell it, if the claim secured by the commercial pledge is not fulfilled within the specified time period, moreover, the performance of the claim is divided into several time periods and any of these time periods are missed. A commercial pledgee may sell the pledged property without mediation of the court after an entry has been made in the Register of commercial pledges regarding the utilisation of the rights of commercial pledge.

In accordance with Section 21 of the Law on the Management of the consequences of the spread of COVID-19 infection - the 30-day time period laid down in Section 42, Paragraph six of the commercial pledge Law for taking a decision regarding the utilisation of a commercial pledge was extended to 60 days, which came into force on 17 April 2021, the legislator has determined that the provisions of Section 21 of the Law on the Management of consequences of the spread of COVID-19 infection shall be applied until 1 September 2021.

^{* The statutory time limit for examining documents may be extended on the basis of Section 64, Paragraph two of the Administrative Procedure Law.}

Documents to be submitted:

• application - it shall be submitted by completing the application form on the commercial pledge e-Service site the application https://komerckila.ur.gov.lv shall be electronically signed by the commercial pledgee or authorised person;
• a receipt or a copy thereof, or a printout of an Internet bank payment, or information regarding payment of the State fee.