1E9Ct5D

194C H A P T E R X Ic) Non-negotiable loan, by tendering the instrument or document recording the loan;d) Instruments representing merchandise, by tendering and endorsing said instruments;e) Pledge bond (a special type of negotiable instrument), by issuing or endorsing thepledge bond;f) Machinery, equipment, and corporate assets, in the case of fixed-asset loans or workingcapital loans, by registering the instrument in the Commercial Registry (Registrode Comercio), with the debtor remaining in possession of the pledged goods;g) A loan for the acquisition of durable goods, by tendering the bill for the goods tothe lender (a credit institution) who acknowledges the ownership of the acquiredproperty, with the respective annotation. In this case, the property remains in thepossession of the debtor as a depositary;h) Accounts receivable, by making an annotation in the corresponding contract thatthe loans pledged have been specified in the notes or respective records and that thelatter have been transcribed by the credit institution into a special book.In any case, the pledge is a formal contract that must be in writing. Where the writingis not notarized, it should be memorialized in two identical documents. The pledgewill not be enforceable against third parties until the date of its formation is made officialby recording, by public instrument (notarization), or by some other reliable means.In addition, the Securities Market Law (Ley del Mercado de Valores) provides for a securitiespledge to secure the performance of transactions by brokerage firms with or onbehalf of their clients by entering into a Securities Pledge Agreement (Contrato de PrendaBursátil) without requiring for its formation the endorsement and material delivery ofthe securities nor an annotation in the securities issuer’s records. The parties can agreein the Securities Pledge Agreements to the sale of the securities given as collateral, providedthat the relevant provisions of the Securities Market Law are complied with.Also, with respect to the formation of some special types of pledges, the documentsrecording them must be registered in the public registries in order to be enforceableagainst third parties. For example: pledges based on fixed asset loans or working capitalloans must be registered in the Public Registry of Commerce; and pledges on maritimeor aeronautical assets must be registered in the National Public Maritime Registry (RegistroPúblico Marítimo Nacional) or the Mexican Aeronautical Registry (Registro AeronáuticoMexicano) respectively.3.1.4. Foreclosure of a pledgeIf the debtor defaults on the secured obligation, the lender cannot take title to thepledged goods or instruments without the express consent of the debtor, manifested inwriting subsequent to the formation of the pledge.