Use of commercial pledge rights shall be registered if the commercial pledge taker decides to use the commercial pledge. The commercial lien holder has the right to take over the pledged property in his possession (unless the pledged property was previously in his possession) and to sell it if the claim secured by the commercial pledge is not fulfilled within the prescribed time limit, and the execution of the claim is divided over several deadlines and overdue by any of these deadlines. The commercial pledge taker may sell the pledged property without the mediation of the court after an entry has been made in the register of commercial pledges regarding the exercise of commercial pledge rights.
In accordance with Section 21 of the Law on the Management of the Proliferation of Covid-19 infection, the 30-day time period specified in Section 42, Paragraph six of the Law on Commercial Slaughter was extended to 60 days, which entered into force on 17 April 2021, the legislator has determined that Section 21 of the Law on Management of the Proliferation of Covid-19 infection was extended. the provisions of this Article shall apply until 1 September 2021.
Documents to be submitted:
- Application - it shall be submitted by filling in the form of an application on the Commercial Pledge e-Service site https://komerckila.ur.gov.lv The application shall be electronically signed by the commercial warlord or the authorised person.
- A receipt or a copy thereof, or a printout of an online bank payment, or information on the payment of the State fee