On April 4, 2009, a new regulation from the Ministry of Justice came into force. The regulation, dated March 10, 2009, concerns sales of property in the Pledge Registry by way of public tenders. It stipulates the place, conditions, manner and costs of the conduct of such sale. A pledge tender is to be conducted by a notary public or an enforcement officer, with 14 days of the pledgee’s motion for the conduct of the sale. The winner of the tender becomes the owner of teh property at the moment the purchase price is paid (Journal of Laws no. 45, item 371).

Previously, pursuant to Art. 21 of the act of December 6, 1996 on Registered Pledge and the Pledge Register as a rule satisfying a pledge from a property subject to the registered pledge could take place only through a judicial enforcement proceeding.

Contact person: Małgorzata Lewandowska, mlw@pnplaw.pl