In short
A creditor with a pledge is written on the bankruptcy schedule in the rank of the pledge. The place it is written is not the rank of an ordinary claim. The pledge does not melt into the ordinary rank by itself. The part the pledge does not cover is read as an ordinary claim only if it stands on a separate line. That line does not erase the pledge line. The steps of sale of the pledge are not in this text. The line on the schedule is read when the pledge that was notified and the register record stand side by side. When there is no notification, a line is not assumed. That the right of pledge has fallen is not assumed either.
The pledge line is not an ordinary line
When bankruptcy is opened, the right of pledge is not treated as having fallen. A mortgage on the land register, a pledge on the ship or vehicle register, or a contract of pledge, is the basis of the pledge line on the schedule. If there is no basis, the claim is not completed as pledged. If there is a basis, the claim is not lowered to the ordinary rank by itself. If the name of the contract is not pledge, the name is not turned into a pledge by the account. If a right whose name is pledge and which must be entered on a register is not on the register, the absence is not closed from the sentence of the contract.
The schedule shows the pledged creditor in the rank of the pledge. If it does not show it, the rank is not built by the account. An objection to the line of the schedule is not the petition of this text. This page does not write again in which court the objection will be opened. When there is no notification, it is not assumed that a line was opened. The absence of the line does not mean that the right of pledge has fallen either. The two absences are not the same sentence. How the notification is made is under the heading recording a claim on the bankruptcy estate. The notification does not stand in for the contract of pledge. If the contract is not mentioned in the notification, the mention is not added in this text.
The pledged creditor is not left as if they were never written on the estate either. Being written is not falling to the ordinary rank. The two sentences stand together. One does not erase the other. The creditor does not look only at the ordinary list and disregard the pledge line. They do not look only at the contract of pledge and disregard the schedule. The two papers are read side by side.
The amount that is not covered is written separately
The value of the property that is the subject of the pledge may not cover the whole of the claim. The balance that is not covered may appear separately on the schedule as a line of an ordinary claim. Its appearing does not mean the pledge melted. The pledge line holds the priority over the property. The ordinary line speaks only of the amount that remained uncovered. The two lines are not joined into one line. Joining buries the pledged amount inside the ordinary amount. An amount that was buried, if it stands separately on the schedule, is read separately.
If the value is not written on the schedule or in the valuation record, this text does not produce an amount. If the valuation is another minute, the minute is read from its own page. If there is no minute, the value is not chosen from an invoice price. If the maximum limit of the contract of pledge stands in the document, that limit is read from the document. If it is not in the document, the limit is not written. The limit is not treated as having cut the whole of the claim by itself. The cutting, if it appears on the line of the schedule, appears. If it does not appear, the limit is not put in the place of the line.
If the amount that remained uncovered was never written, the creditor does not assume that the pledge covered everything either. Covering stands separately in a document of sale or of distribution. If there is no document, covering is not announced. If a part is written in the document, the part that is written does not close the part that is not written.
Rank is read from the register
If there is more than one pledge on the same property, the rank is read from the register or from the record of the contract. The first rank does not go down to the ordinary rank because bankruptcy was opened. A later rank does not move forward as if the first rank had been erased. If there is no register, a rank is not chosen. An oral sentence of priority does not change the line of the schedule. Correspondence among the creditors does not stand in for the register record. Saying "we are in front" in the correspondence does not build a rank.
The distribution form in an enforcement sale is not the source of this rank. The bankruptcy schedule and the sale schedule are not the same paper. How the sale schedule is built is not carried into this text. The price obtained from the sale is not treated as having changed the rank. The price is on its own receipt. The receipt is not read as rewriting the order of rank on the register.
A surety's signature does not stand in for the rank of the pledge either. The door of the surety is under the heading the surety of the person who went bankrupt. The surety is not treated as having become a pledged creditor. The pledged creditor is not copied onto a second line as a surety. If the two capacities join in the same person, the joining is read if it is written separately in the document. If it is not written, the capacities are not joined.
A step of sale does not lower the rank
Turning the pledge into money is the steps of a separate path of enforcement. A payment order, custody and an announcement of sale are not written on this page. Those steps do not lower the pledge line to the ordinary rank. The enforcement file being open does not erase the pledge line on the bankruptcy schedule. The enforcement file being closed does not carry the line to the ordinary rank by itself either. Closure is read from the annotation of its own file. If there is no annotation, closure is not assumed.
What becomes of an ordinary attachment when bankruptcy is opened is under the heading does the attachment fall. The pledge line is not treated as having been erased together with the attachment that fell. The property in the minute of attachment and the property that is the subject of the pledge may be the same. Being the same does not put the annotation of attachment in the place of the pledge register. If the land or register record stands, the pledge is read from that record. If the record and the minute conflict, the conflict continues. The conflict is not closed in favour of the minute.
It is not said that the pledged creditor's name appearing in the announcement of sale is acceptance of the line of the schedule. It is not said that its not appearing is that the pledge has fallen. The announcement is the text that calls to the sale. The schedule is the text of rank. The two do not fill each other's gap.
An invoice is not a contract of pledge
An invoice may be the document of the claim. An invoice does not stand in for the contract of pledge. A current-account summary is not a mortgage document either. "Secured" being written at the end of the summary does not produce a register record. If what the security is stands in the contract or on the register, it is read from there. If it does not stand, the kind of the security is not chosen. A kind that is not chosen does not open a pledge rank on the schedule.
Service shows whom the schedule went to. If there is no annotation, it is not assumed that the pledge rank was served. If the annotation belongs to the ordinary line, the pledge line is not treated as having been served either. The addressee of each line is looked for in its own annotation. By which action the bankruptcy was opened is under the heading the bankruptcy action. The steps of opening the action do not build the pledge line. Mention of a mortgage in the petition of the action may be a summary of the register record. The summary does not stand in for the register.
If more than one property is the subject of the pledge, each property stands in its own record. The record of one property does not make the other property pledged. If the list melted the properties into one line, the melting does not cause the records that stand separately on the register to be disregarded. If the register is separate, the melting on the schedule does not join the rank by itself. A joining is read only if it also appears joined on the register.
The property that is the subject of the pledge may not be the debtor's property. If the owner is a third person, the owner is not the creditor on the schedule. If the owner's name stands on the register, that name is read. If it does not stand, the owner is not completed as the debtor. If the third person's consent is on a separate paper, the paper is read from its own sentence. If there is no paper, consent is not assumed. Consent does not lower the pledge line to the ordinary line. The absence of consent does not by itself drop the record that stands on the register either.
A pledge that depends on delivery and a pledge entered on a register are not melted in the same sentence. Which one's basis it is is read from the name of the document. If there is no name, a type is not chosen. A claim of possession is not built if there is no minute of delivery. If there is a minute, the minute is read as far as it writes the amount and the property. Property that is not written is not counted as pledged. Other property standing in the same store is not added to the minute. The rank in the pledged creditor's own enforcement file is not a copy of the pledge line on the bankruptcy schedule. If the file numbers are separate, they are written separately. A step that fell in one file does not erase the line of the other file. If the maximum limit in the contract of pledge and the amount on the schedule differ, the difference is written. The difference is not reduced to one amount in this text. If the limit is not in the document, the limit is not produced backwards from the amount on the schedule. If the amount on the schedule is not in the document, the amount is not chosen from the limit in the contract. If the two documents stand, both are read. If the limit was written for one property, it does not pass to the other property. If the attorney of the pledged creditor is not the holder of the right on the register, the attorney is not written as the pledged creditor. If the power of attorney shows which creditor it represents, that name is read. If it does not show it, the name is not taken from the neighbouring line on the schedule.
Conclusion
A pledged creditor is written in a rank. The rank it is written in is not the rank of an ordinary claim. The pledge does not melt by itself. The part that is not covered is a separate line. Rank is read from the place it is written on the register or in the contract. The frame is on the page enforcement and bankruptcy. The basis is the provisions on a pledged claim of Enforcement and Bankruptcy Law No. 2004. The contact record stands for the pledge record.