Definition : Movable hypothec

Guarantee taken by a creditor, affecting movable property and granting him certain specific rights upon such property to secure the payment of a debt. The movable hypothec ensures, without limitation, that the creditor is to be preferred over certain other creditors of the debtor and that he will be able to exercise a hypothecary remedy, even if the property changes hands. In matters of divided co-ownership, the syndicate may grant a movable hypothec only after obtaining the authorization of the general meeting of the co-owners.