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COMMERCIAL LAW
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size and type. Furthermore, in the event the non-registered ships are
not included within the scope of the pledge agreement, all commercial
enterprise pledges may be deemed void. However, the fact that a pledge
right is not established on registered ships shall not influence the validity
of the commercial enterprise pledge agreement.
Conclusion
As a general rule, ships are considered as part of the movable facilities
of an enterprise as a result of their nature as a movable property, and they
can be subject to the commercial enterprise pledge. Nevertheless, the
special provisions of the TCC and CEPA, which stipulate the provisions
related to ship mortgages that are reserved, require making a distinction
between registered and non-registered ships with respect to commercial
enterprise pledge agreements. As a result of Art. 1014 TCC, which sets
forth that a pledge can only be established on a registered ship via a ship
mortgage, commercial enterprise pledge agreements cannot establish a
pledge on registered ships. Where the parties agree to take out a security
over the registered ships, they shall do so with a ship mortgage.