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Therefore, the following may be pledged through a non-possessory pledge: thedebtor’s goods and rights as they exist at the time of granting the pledge, includingindustrial property rights; the rights and goods the debtor may acquire after the pledge’sformation; the fruits or products pending or already obtained; the goods and rights thatthe debtor receives or has the right to receive as payment for the alienation to third partiesof the pledged property or as payment of an indemnity in the case of damage ordestruction of said property.One unique characteristic of this type of guarantee is that the debtor, unless otherwiseagreed, has the right to use the pledged goods, as well as combine them with other goodsand use them in the manufacture of other goods, as long as the value of the guarantee isnot reduced and the product thereof becomes part of the pledged property, and toreceive and use the fruits and products of the pledged goods.196C H A P T E R X I3.2.3. Requirements for the formation of the non-possessory pledgeThe non-possessory pledge must be in writing, and if the value of the pledged goods isequal to or more than 250,000 investment units (a financial measurement unit), the partiesmust ratify their signatures before a certifying public official.When executing the non-possessory pledge contract, the parties must also agree onthe place or places where the pledged goods are to be located; the minimum considerationthat the debtor should receive from purchaser from the sale or transfer of the goods;the characteristics or categories that allow for the identification of the person or personsto whom the debtor can sell or transfer the goods, as well as the destination of themoney, goods, or rights obtained from the sale; and the information that the debtor mustdisclose to the lender with respect to the transformation, sale, or transfer of the goods.The debtor’s noncompliance with these stipulations will trigger the acceleration of theloan’s maturity date.The pledge, its extinguishment, modification, transfer, and preference take effectagainst third parties as of its registration in the registry. The registered non-possessorypledge has priority over unsecured loans, credit supported by an unrecorded guaranteein real property, and unrecorded pre-existing judicial liens and grants the lender theright to receive the principal and interest of its loan from the product of the pledgedgoods, with the absolute exclusion of the debtor’s other lenders, except for preferencesgranted by other laws, such as the Federal Labor Law.3.2.4. Foreclosing on the non-possessory pledgeThe Commerce Code provides for two types of foreclosure procedures for goods pledgedthrough the non-possessory pledge: the extra-judicial procedure and the judicial procedure.a) The purpose of the extra-judicial procedure (ex judiciae) is both to secure the paymentof past due credit and to obtain possession of the pledged goods. The