By Raphaël MORENON
12 June 2025
For a creditor, obtaining a pledge on a securities account is a reassuring step. But what happens to this security when the debtor goes through a financial storm and is the subject of collective proceedings? Far from being weakened, this security reveals all its power in this context, offering far greater protection than many other guarantees. Understanding its specific mechanisms is therefore essential for any manager or investor wishing to preserve their rights. This article analyses in detail the situation of the pledgee and the protection offered by the pledge of a securities account in the event of the safeguarding, reorganisation or liquidation of the grantor, based on the complete guide to securities account pledges. The pledgee's legal right of retention The main strength of securities account pledging in insolvency proceedings lies in a key concept: the right of retention. Article L. 211-20 of the French Monetary and Financial Code gives the pledged creditor a right of retention...
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