FOREIGN SECURITY RIGHTS AND THE WAY THEY ARE TREATED IN THE NETHERLANDS ANTILLES
Enforcement is possible
According to Netherlands Antilles law, the question whether or not a security right can be created in a certain receivable must be determined according to the law governing that receivable. Netherlands Antilles international private law determines that the law that governs the receivable is the law that governs the underlying contract of the receivable. if the minimum requirements of a particular Netherlands Antilles security right have been met, a foreign law governed security right can be valid and enforceable, as if it were a Netherlands Antilles security right.
According to Netherlands Antilles law, a right of pledge can be created on all and future rights (‘vorderingen‘) of the pledgor vis-à-vis the condition that the rights are sufficiently identifiable (‘met voldoende bepaaldheid omschreven’) within in the meaning of section 3:84, paragraph 2, of the Netherlands Antilles Civil Code. A foreign pledge can be substituted by a Netherlands Antilles pledge. For the substitution to be valid, the substituted rights should also be sufficiently identifiable (‘met voldoende bepaaldheid omschreven’) within in the meaning of section 3:84, paragraph 2, of the Netherlands Antilles Civil Code.
Karel Frielink
Curacao-based Attorney (lawyer) / Partner
