Notary office in Saint-Jean-Cap-Ferrat - FRANCE

Since a law of 4 January 1978, supplemented by an implementing decree of 3 July 1978, the pledge of SCI (sociétés civiles immobilières: real estate companies) shares was subject to a regime distinct from that of SARL (limited liability company) and SNC (general partnership) shares. The first reform of the 2006 securities law modified the pledge of shares in SARLs and SNCs by making it subject to the pledge of tangible personal property.

This means that this reform had not ended the dualism of the pledge of the shares.

This has been achieved with the second securities reform resulting from Order No. 2021-1192 of 15 September 2021.

This order and the decrees adopted pursuant thereto have removed the special regime applicable to the pledge of SCI shares, subjecting the latter to the ordinary law of the pledge of tangible personal property.

This reform therefore results in a unification of the pledge of shares.

This unification has led to changes in the creation of a pledge of SCI shares, its enforceability against third parties and its realisation, the legislator having taken the opportunity to reinforce the effectiveness of the commissary pact.