Zálogjogok

Zálogjogok, or rights of pledge, are a category of real security rights in Hungarian law. They provide a creditor with a means to secure repayment of a debt by pledging movable property or claims as collateral. This means that if the debtor defaults on their obligation, the creditor has the right to satisfy their claim from the pledged asset.

There are two main types of zálogjogok: kézizálog and jelzálog. Kézizálog, or possessory pledge, requires the creditor to take physical possession of the pledged movable property. This possession serves as notice to third parties of the creditor's security interest. Examples include a pawnshop holding an item as security for a loan.

Jelzálog, or non-possessory pledge, on the other hand, does not require the creditor to take possession of the collateral. This is commonly used for movable property that remains in the debtor's possession, such as vehicles or machinery. For jelzálog to be legally effective against third parties, it typically needs to be registered in a public registry, such as the Central Registry of Pledges.

The scope of zálogjogok extends to various types of movable property, including tangible goods, vehicles, aircraft, and even certain intangible assets like claims and intellectual property. The specific rules and registration requirements can vary depending on the nature of the pledged asset. A key principle is that the pledged asset must be sufficiently valuable to cover the debt it secures. If the value of the collateral is significantly higher than the debt, it may be considered excessive.