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The National Electronic Registry for Movable Guarantees came with a set of objectives through its roles in informing financial institutions or secured creditors about the encumbrances on movable mortgages without possession used as collateral. Simultaneously, it allows the use and exploitation of these mortgages by the pledging debtor without disposal. Moreover, it prioritizes the beneficiaries' right to priority on these mortgages, in addition to facilitating and simplifying the process of enforcing guarantees and overcoming the drawbacks and lengthy procedures of enforcement. As for the legal actions subject to the registration procedure in this registry, the legislator has specified a set of legal procedures to be followed and defined the relationship between the involved parties. Additionally, it includes the publication of entries related to movable mortgages and other movable guarantees, ensuring the rights of financial institutions or secured creditors and arranging their priority in debt collection.
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