THE CASSATION RESOLVED THE DIFFERENCES REGARDING THE SENIORITY OF THE PLEDGES OF GOODS IN CIRCULATION

In substantiation of the claim, the bank referred to the fact of the seniority of its collateral relative to the collateral of another bank, in view of which the funds from the sale of the debtor's property were subject to be sent to repay its claims until they were fully repaid, and the remainder was to be sent to repay the claims of the junior collateral creditor.

The courts resolved the differences in favor of the second creditor, establishing the proportionality of the distribution of proceeds, due to the fact that, in their opinion, the crystallization of the pledge of goods in circulation levels the seniority of the pledges.

The district Court sent the dispute for a new consideration, noting that if there are several collateral creditors who are the original and subsequent mortgagees on the subject of collateral, the proceeds from the sale of the pledged property are directed to repay the claims of the subsequent mortgagee only after the claims of the original mortgagee are fully satisfied.

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