View from here: High security
Apart from the compulsory implementation of some European Union (EU) directives in financial and securities markets, the most prominent legal news in commercial law during the past year in Spain has probably been the two main innovations in security legal devices, brought about by the Mortgage Market Law Reform 41/2007. Firstly, the global land mortgage was finally incorporated into the Spanish contractual set of techniques for securing financial debts. Secondly, the way has been opened for secured creditors to get perfection and validity of receivables pledges through the registration of such charges as non-possessory pledges in the Movable Assets Registry (new article 54 of the Movable Mortgage & Non-Possessory Pledge Law of 1954).
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