PLEDGING FUTURE RECEIVABLES UNDER THE LAWS OF ARUBA
The pledgor must be authorized to dispose over the receivable
Under the laws of Aruba, a right of pledge can be established on future receivables, provided that such receivables directly result from an existing legal relationship (‘rechtstreeks zullen worden verkregen uit een bestaande rechtsverhouding’).
However, the right of pledge on a future receivable will only be perfected the moment upon which such receivable comes into existence provided that, at that time, the pledgor is authorized to dispose over, or encumber such receivable (‘beschikkingsbevoegd’).
Therefore, if the pledgor has been granted suspension of payments (‘surséance van betaling’) or has been declared bankrupt (‘faillissement’) before a future receivable comes into existence, such receivable will not be subject to the security right created and will therefore become part of the bankruptcy estate of the pledgor.
Karel Frielink
Attorney (lawyer) / Partner
