pandiõiguse

Pandiõigus refers to the legal framework governing pledges and securities in Estonian law. It is a branch of civil law that deals with the creation, enforcement, and extinguishment of security interests in movable and immovable property. The primary purpose of pandiõigus is to provide a creditor with a means to secure the repayment of a debt or the fulfillment of an obligation. If the debtor fails to meet their obligations, the creditor has the right to realize the pledged asset to satisfy the debt.

The Estonian legal system recognizes several types of security interests, including pledge (pandileping), mortgage (hüpoteek), and retention of title (omandireservatsioon). A pledge typically involves the transfer of possession of movable property to the creditor, while a mortgage is registered against immovable property. Retention of title allows a seller to retain ownership of goods until the purchase price has been fully paid.

Key principles of pandiõigus include the accessory nature of the security interest, meaning it is dependent on the existence of a principal obligation, and the principle of publicity, which ensures that third parties are aware of the security interest. The enforcement of security interests is a complex process that usually involves judicial or extrajudicial sale of the pledged asset. The proceeds from the sale are then used to repay the secured debt, with any surplus being returned to the debtor or other creditors. Pandiõigus plays a crucial role in facilitating credit transactions and ensuring the stability of the financial system.