Holders of receipts and warrants have, over insurance indemnities due in the event of loss, the same rights and privileges as over the insured goods.
Commercial Code
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Any person who has lost a receipt or a warrant may request and obtain, by order of the judge, upon proof of ownership and provision of security, a duplicate, in the case of a receipt, or payment at maturity of the secured claim, in the case of a warrant.
Public credit institutions may receive warrants as commercial instruments, with exemption from one of the signatures required by their statutes.
In addition to the ordinary commercial books and the stub register of receipts and warrants, the administration of the general warehouse must keep a stub register intended to record the deposits that may be made with it under Articles 346 and 348. These registers shall be numbered and initialled on the first and last page, in ac…
Payment of the purchase price of professional tools and equipment may be guaranteed, either in relation to the seller or in relation to the lender who advances to the seller the funds necessary for payment, by a pledge restricted to the tools or equipment thus acquired.
The pledge shall be granted by an authentic act or by private writing. Where it is granted to the seller, it shall be given in the deed of sale. Where it is granted to the lender who advances the funds necessary for payment to the seller, the pledge shall be given in the loan deed. That deed must mention, on pain of nullity, tha…
On pain of nullity, the pledge must be registered within twenty days from the constitutive act. The privilege resulting therefrom is established by the mere fact of registration in a special register kept at the registry of the court in whose jurisdiction the pledged goods are operated. If the purchaser carries on an industrial…
To register its privilege, the pledgee shall itself file, or cause to be filed, after registration at the registry of the court in whose jurisdiction the pledged goods are operated, one of the copies of the deed of sale or loan constituting the pledge, if it is under private writing, or an authentic copy if the deed is authentic…
The clerk of the court shall transcribe in a register kept under the same conditions as the register provided for in Article 108 the content of the statements and shall return to the applicant both the authentic copy of the instrument and one of the statements at the foot of which he certifies that he has made the registration.…
If the purchaser is registered in the commercial register, the pledge shall also be registered in the commercial register, under the same conditions as those provided for the registration of pledges of business assets. However, the statements provided for in Article 359 shall also indicate the place where the encumbered equipment is to be operated and, where applicable, the statement that the equipment may be moved.
Any assignment or conventional subrogation in the benefit of the pledge must be mentioned in the margin of the registration or registrations, if the purchaser is a trader, within twenty days from the date of the authentic act or private writing establishing it, upon delivery to the court registry of an authentic copy or a copy o…
Where negotiable instruments are created to represent the secured claim, the benefit of the pledge shall be transmitted by operation of law to the successive holders, provided that the creation of such instruments was provided for in the pledge deed and mentioned in the registration statements. Otherwise, the successive holders…
Under penalty of the sanctions provided for in article 377, the debtor who, before payment or reimbursement of the secured sums, wishes to sell by private agreement all or part of the encumbered property, must seek the prior consent of the pledgee and, failing that, the authorization of the summary judge.
The privilege of the pledgee survives if the encumbered property becomes an immovable by destination. Article 159 of the dahir of 19 Rejeb 1333 (2 June 1915) laying down the legislation applicable to registered immovable property is not applicable to pledged property.
The privilege of the pledgee is exercised over the encumbered property in preference to all other privileges, except: 1) the privilege for legal costs; 2) the privilege for costs incurred for the preservation of the thing; 3) the privilege granted to employees by paragraph 4 of article 1248 of the dahir forming the Code of Oblig…
In the event of displacement of the pledged equipment, mentioned pursuant to article 356 as having a fixed attachment, the registered claims shall become due by operation of law if the debtor has not informed the registered creditors, at least fifteen days in advance, of his intention to move the equipment and the new address wh…
The registration preserves the privilege for five years from its definitive regularization. It guarantees, together with the principal, two years' interest. It ceases to have effect if it has not been renewed before the expiry of the above period; it may be renewed for five years.
The statement of existing registrations issued pursuant to article 141 must include the registrations made under this chapter. A statement may also be issued to any applicant, at his request, certifying only whether or not there exists, on the designated property, a registration made under Book Two or this chapter.
Seizure for execution of the pledged equipment renders the claims secured by this privilege due. This seizure must be notified to the creditors benefiting from the privilege established by this chapter at least fifteen days before the date set for the sale.
Where credit has been granted for equipment or tools for industrial use, the seller or lender, in the event of non-payment at maturity or of the claim becoming due, may, notwithstanding any provision to the contrary in the contracts, pursue the realization of the pledged property. To this end, he seizes the summary judge, who is…
Where credit has been granted for equipment or tools for agricultural use, the seller or lender, in the event of non-payment at maturity or of the claim becoming due, may, notwithstanding any provision to the contrary in the contracts, have the failure to perform obligations recorded by the summary judge. The latter orders resti…
The property encumbered under this chapter, the sale of which is pursued together with other elements of the business, shall be the subject of a separate starting price or a separate price if the specifications require the successful bidder to take them at an expert's appraisal. Notification of the sale must be made to the benef…
At any time, the creditor may, by petition submitted to the judge of summary proceedings within whose jurisdiction the place where the equipment is operated is located, have a court-appointed agent designated for the purpose of ascertaining the condition of the pledged equipment. If it results from this report that the equipment…
Registrations are cancelled either by consent of the interested parties or by virtue of a judgment that has become res judicata. In the absence of a judicial decision, total or partial cancellation may be effected by the court clerk only upon production of a valid release. Where cancellation not consented to by the creditor is r…
Court clerks are subject to the duties and liabilities prescribed in Article 142.
The following are not subject to the application of this chapter: 1) motor vehicles covered by the dahir of 27 rabii II 1355 (17 July 1936) regulating the credit sale of motor vehicles; 2) sea-going vessels covered by the dahir of 28 joumada II 1337 (31 March 1919) constituting the Commercial Maritime Code, as well as river-navigation vessels; 3) aircraft covered by Decree No. 2-61-161 of 1er safar 1384 (10 July 1962) regulating civil aviation.
Shall be punished by imprisonment of 6 months to 2 years and a fine of 2,000 to 10,000 dirhams any purchaser or holder of goods pledged under this chapter who knowingly destroys or attempts to destroy them, misappropriates or attempts to misappropriate them, or lastly alters or attempts to alter them, in any manner whatsoever, w…
Products and materials appearing on a list established by the administration may be the subject, by their owner, under the conditions fixed by this chapter, of a pledge not involving the placing of the creditor in possession. These products and materials may either remain in the hands of the borrower, who is made custodian there…
The pledge must be evidenced by an instrument in authentic form or under private signature which specifies that the parties intend to place themselves under the regime of the provisions provided for by this chapter. This instrument mentions the surname, first name, capacity and domicile of the lender and of the borrower, the amo…
The loan so evidenced and guaranteed may not be granted for more than one year. It may be renewed in the same forms within a period of three months from its maturity.
Any contract formed under the conditions of this chapter is transcribed in the special register kept at the court registry of the place where the products and materials given as security are located.
The clerk of the registry shall deliver to any applicant a statement of the pledges registered for less than one year and three months in the name of the borrower or a certificate attesting that no registration exists.
Cancellation of the registration is effected upon proof of repayment of the claim guaranteed by the pledge or upon production of a release. The borrower informs the clerk of the court registry of the repayment of his debt. Mention of the repayment or of the release is made in the register referred to in Article 381. A certificate of the cancellation of the registration is given to him.
The registration is cancelled automatically after one year and three months if it has not been renewed before the expiry of that period. In the case of renewal within that period, the creditor's privilege retains its initial rank.
The borrower retains the right to process the pledged products or to sell them by private agreement before payment of the claim, even without the lender's participation. In the case of processing, the pledge transfers by operation of law, within the limits fixed by the parties and, unless otherwise agreed by the parties, to the…
In the case of non-payment within ten days from maturity, the lender may apply by petition to the president of the court who, upon expiry of the fifteen-day period from receipt of said petition, issues an order fixing the day, place and time of the public sale of the pledged merchandise. This order furthermore authorizes said sa…
The lender is paid out of the sale price, after deduction of the costs of sale, upon a mere order of the president of the court.
If the sale takes place in accordance with article 386, the lender may exercise recourse against the borrower, the endorsers or guarantors only after having asserted his rights over the price of the pledged goods. In the event that the price is insufficient to satisfy him, a period of thirty days is granted to him from the day o…
In the event of false declaration, of creation of a pledge over products already pledged without prior notice given to the new lender, of misappropriation, dissipation or wilful deterioration of the pledge to the prejudice of the creditor, the borrowers are punished by imprisonment of 6 months to 2 years and by a fine of 2,000 to 10,000 dirhams.
At any time, the creditor may, by petition presented to the president of the court of the place where the pledge is kept, cause a judicial representative to be appointed for the purpose of ascertaining the state of the pledged stock. If it results from this report that the said stock has undergone reductions, the creditor may su…
Promissory notes or bills of exchange may be created either for part or for the whole of the sum borrowed. Mention of these instruments is made on the loan agreement and reciprocally mention of the loan agreement is made on the instruments. The maturity of the instruments must not be later than that fixed in the contract. The en…
The court clerks are subject to the duties and liabilities prescribed in the
The commercial agency contract is a mandate by which a person, without being bound by an employment contract, undertakes to negotiate or to conclude in a habitual manner purchases, sales or, generally, all other commercial operations in the name and on behalf of a trader, a producer or another commercial agent, who, on his part,…
Where the activity of commercial agent is carried on incidentally to a contract whose principal object is other, the contracting parties may decide that the provisions of this Title do not apply to the part of the contract relating to the commercial agency. Such a clause is null if the performance of the contract shows that its principal object is in reality the commercial agency.
The commercial agency is concluded in the common interest of the parties. They are bound by a reciprocal obligation of loyalty and information. The principal must enable the commercial agent to carry out his mission, which the latter must perform as a good professional.
The commercial agency contract may be concluded for a fixed term or for an indefinite term. A fixed-term contract which the parties continue to perform after the expiry of that term becomes an indefinite-term contract. Each of the parties may terminate the indefinite-term contract by giving notice to the other. The notice period…
The commercial agency contract and, where applicable, its amendments are established in writing.
The commercial agent is entitled to remuneration fixed by the agreement of the parties and, failing that, by the usages of the profession. This remuneration may consist in whole or in part of a commission the basis of which is constituted by the number or the value of the transactions handled by the agent. In the absence of a cl…
For any commercial transaction concluded during the term of the contract, the commercial agent is entitled to a commission where the transaction was concluded thanks to his intervention or where it was concluded with a third party whose custom he had previously obtained for transactions of the same kind. Where he is entrusted wi…
For any commercial transaction concluded after the cessation of the agency contract, the agent is entitled to a commission either where the transaction is principally due to the activity which he deployed during the performance of the contract and it was concluded within a period of one year from the cessation of the contract, o…