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  3. Law: Contract(s)

dont la loi conserve le rang

English translation: the priority of which is saved (ranks pari passu as a matter of law with the principal)

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
French term or phrase:dont la loi conserve le rang
English translation:the priority of which is saved (ranks pari passu as a matter of law with the principal)
Entered by: Adrian MM.

18:41 Dec 12, 2019
French to English translations [PRO]
Law/Patents - Law: Contract(s)
French term or phrase: dont la loi conserve le rang
Amending legal instrument to do with backers of a loan:

There's already a Kudoz entry for this term here: https://www.proz.com/kudoz/french-to-english/law-general/341... - I don't believe either answer there is correct.

"À la sûreté et garantie du paiement et du remboursement des intérêts dont le principal est productif, l’Emprunteur subrogeant affecte et hypothèque l’Actif XXX, dont il est propriétaire, ainsi que toutes augmentations qui pourraient être faites, toutes constructions nouvelles et tous immeubles par destination sans exception ni réserve, en garantie du taux d’Intérêt à échoir à compter de ce jour, dont la loi conserve le rang (c’est-à-dire pour une durée de trois (3) ans, conformément à l’article 2432 du Code civil), savoir :"

Looking up this article at Legifrance we find:

"Le créancier privilégié dont le titre a été inscrit, ou le créancier hypothécaire inscrit pour un capital produisant intérêt et arrérages, a le droit d'être colloqué, pour trois années seulement, au même rang que le principal, sans préjudice des inscriptions particulières à prendre, portant hypothèque à compter de leur date, pour les intérêts et arrérages autres que ceux conservés par l'inscription primitive."

Translated as:
"The privileged creditor whose title has been registered, or the hypothecary creditor registered for a capital sum producing interest and instalments, has the right to be collocated, for three years only, on the same rank as the capital, without prejudice to the special registrations to be made, bearing a hypothec from their date, for the interest and instalments other than those preserved by the original registration."

... so it's something like "of which the law preserves the rank". Or perhaps "the rank of which is kept by law". But, um, what does that actually mean? And the phrase in brackets may or not be something to help the reader understand that particular expression.
Mpoma
United Kingdom
Local time: 14:18
the priority of which (interest) ranks pari passu as a matter of law (with the principal))
Explanation:
The ProZ French-into-Italian answer looks pretty reliable, though, so the interest on arrears is consolidated with the capital and ranks the same cf. la clause pari passu /Le Droit de A à Z, Dictionnaire Juridique Pratique, even if 'privileged'.

'....on the same rank (with the same priority) as the capital' looks basically right to me.

Otherwise, I think 'Le créancier privilégié' is a (BrE) preferential (AmE) preferred creditor, whilst the créancier hypothécaire is a 'secured creditor' (BrE: chargee or Bridge: mortgagee).

inscription primitive I would change from original registration to original registered entry, mindful all the while that - in the USA - there might be a recorded entry as a matter of 'recordation'.

Hopefully, someone objectivey will tweak this answer.

--------------------------------------------------
Note added at 2 hrs (2019-12-12 20:59:45 GMT)
--------------------------------------------------

I prefer a Maîtresse to a Dottore - or a doctored answer - though think Daryo's solution is more accurate.
Selected response from:

Adrian MM.
Austria
Grading comment
Thanks
4 KudoZ points were awarded for this answer



Summary of answers provided
4 -1whose ranking is preserved / guaranteed / assured by the law
Daryo
3the priority of which (interest) ranks pari passu as a matter of law (with the principal))
Adrian MM.
3 -1whose status is upheld by law
Timothy Rake


Discussion entries: 4





  

Answers


1 hr   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): -1
whose status is upheld by law


Explanation:
or alternatively: maintained by law, preserved by law, maintained by law

--------------------------------------------------
Note added at 1 hr (2019-12-12 20:05:14 GMT)
--------------------------------------------------

...the status of which is upheld by the law


Timothy Rake
United States
Local time: 06:18
Works in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 43
Notes to answerer
Asker: Thanks. "rang" / "rank" when speaking of secured loans usually refers to their seniority, so "status" might possibly be a bit on the vague side. Also, on a side note, the grammar pedant in me growls when "whose" is used for an inanimate object. :-)

Asker: In-depth discussion here: https://english.stackexchange.com/questions/23541/can-whose-refer-to-an-inanimate-object - that forum is a great site for grammar pedants BTW. Possibly it is OK in informal language. There may also be Transatlantic differences for all I know...


Peer comments on this answer (and responses from the answerer)
disagree  Daryo: the "ranking" of various debts is a defined technical term, not open to poetic licence / personal preferences ....
21 mins
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1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): -1
whose ranking is preserved / guaranteed / assured by the law


Explanation:
debts that have higher priority than other debts are said to be of higher ranking.


BTW the "ranking preserved by the law" relates to "any additions etc" to whatever is "l’Actif XXX"

"... affecte et hypothèque l’Actif XXX, dont il est propriétaire, ainsi que toutes augmentations qui pourraient être faites, toutes constructions nouvelles et tous immeubles par destination sans exception ni réserve, ..."

IOW the rank of the lien on "l’Actif XXX" will be the same as the rank of the lien that will be extended on "toutes augmentations qui pourraient être faites, toutes constructions nouvelles et tous immeubles par destination sans exception ni réserve",

One possible scenario: the debt is initially guaranteed by a mortgage / lien on some of plot of land, presumably the lien being of the highest ranking possible. If anything happens to be build on that land, that "addition" will also be part of the guarantee for the loan, and the lien on these "additions" will be of the same ranking as the lien on the initial asset - and that "preserved/same ranking" is guaranteed by law for a period of 3 years.

Daryo
United Kingdom
Local time: 14:18
Specializes in field
Native speaker of: Native in SerbianSerbian, Native in FrenchFrench
PRO pts in category: 112

Peer comments on this answer (and responses from the answerer)
neutral  SafeTex: I agree with the interpretation but would have expected a verb like "prescribed/stipulated/laid down" by French Civil Law.
4 hrs
  -> yes, that would also work but it wouldn't make any fundamental difference OTOH "by law" is here more than enough, no need to go into details like "civil/commercial/..." or whatever.
neutral  AllegroTrans: Partly agree with SafeTex plus I would say "the ranking of which" as a human person is not the subject matter here
1 day 6 hrs
  -> Ah yes, I remember now a discussion about purists objecting to "whose" being used for non-humans ... OK!
disagree  GILLES MEUNIER: traduction purement littérale.....
10 days
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1 hr   confidence: Answerer confidence 3/5Answerer confidence 3/5
the priority of which (interest) ranks pari passu as a matter of law (with the principal))


Explanation:
The ProZ French-into-Italian answer looks pretty reliable, though, so the interest on arrears is consolidated with the capital and ranks the same cf. la clause pari passu /Le Droit de A à Z, Dictionnaire Juridique Pratique, even if 'privileged'.

'....on the same rank (with the same priority) as the capital' looks basically right to me.

Otherwise, I think 'Le créancier privilégié' is a (BrE) preferential (AmE) preferred creditor, whilst the créancier hypothécaire is a 'secured creditor' (BrE: chargee or Bridge: mortgagee).

inscription primitive I would change from original registration to original registered entry, mindful all the while that - in the USA - there might be a recorded entry as a matter of 'recordation'.

Hopefully, someone objectivey will tweak this answer.

--------------------------------------------------
Note added at 2 hrs (2019-12-12 20:59:45 GMT)
--------------------------------------------------

I prefer a Maîtresse to a Dottore - or a doctored answer - though think Daryo's solution is more accurate.

Example sentence(s):
  • Art 2,134 FRE Civil Code: L'ordre de préférence entre les créanciers privilégiés ou hypothécaires et les porteurs de warrants, dans la mesure où ces derniers sont gagés sur des biens réputés immeubles, est déterminé par les *dates .....

    Reference: http://www.proz.com/kudoz/french-to-italian/law-general/6536...
    Reference: http://www.legifrance.gouv.fr/affichCodeArticle.do?idArticle...
Adrian MM.
Austria
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 86
Grading comment
Thanks
Notes to answerer
Asker: Mille grazie, Dottore. I'm presuming that's the equivalent of "Maître" when addressing a learned practitioner of the law in Italy (rather than "Maestro")?


Peer comments on this answer (and responses from the answerer)
neutral  Daryo: you do like to make it complicated?
22 hrs
  -> It's an explanation that is predicated on the asker's quoted Legifrance translation and the ProZ FRE/ITA answer cited.
agree  GILLES MEUNIER
2 days 7 hrs
  -> Thanks de novo et merci de nouveau!
disagree  Germaine: En disant "the priority of which ranks pari passu" vous définissez le rang - dont on ne connaît rien, quoi qu'on puisse présumer. Ce n'est pas du tout la même chose que "conserver le rang".
10 days
  -> Please read the Legifrance quote *carefully* > "Le créancier privilégié dont le titre a été inscrit ...a le droit d'être colloqué, pour trois années seulement, au *même rang que le principal* ..."
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