REAL AND PERSONAL SECURITY agreement)and the fulfilment of certain additional formalities. The real agreement is the legal act which creates the security interest, yet the interest comes into being only after the additional fomalities have been fulfilled. These formalities vary according to the type of security interest to be created (possessory pledge, non-possessory pledge or mortgage)and the security object(in regard to pledges a distinction should be made between movables and chims ) 12 Before the fulfilment of the additio fomma lit ies the real agreement is valid, yet has no effect even between the parties The effect of the real agreement is postponed until all formalities have been fulfilled In the case of a mortgage, e.g., the agreement has to be laid down in a notarial deed which must then be registered in the public land register. The right of pledge and the right of mortgage are both lim ited real rights, intended to provide recourse against the property subjected to such right and with preference over other cred itors, for the payment of a sum of money. If such a right is established upon registered property it is a called a right of mortgage, if esta blished upon other property it is called a right of pledge. Registered property is e.g. land, but it can also be a sea- vessel, an inand-vessel or aircraft, 3 although it should be remem bered that in the cases of registered ships or registered a ircraft special rules apply 14 The rights of pledge and mortgage entail a right of pledge upon all ckimsfor compensation, including claims resulting from its deprecation, which take the place of the burdened property. Such a legal right of pledge has priority over other rights of pledge established on the cla im. 5 The rights of pledge and mortgage confer upan the holder of such right the power to sell the encumbered property. o In the case of a right of mortga ge this has to be done in public before a notary ha ving authority to do so. 17 It is possible, according to art. 3: 231, to establish a right of pledge or mortgage for a future claim. The chim must be sufficiently deem inable. In the case of a mortgage the notarial deed in which the mortgage is laid down ought to mention the maxmum amount of the chim for which recourse may be taken on the mortgaged property I8 Establishing a right of pledge or mortgage for a future debt should be A descripton of these three stages as to the creaton of mortgage can be found in Gerver, Het echt van hypotheek, pp. 2 1 ff 3. See artt3:10,8:193ff,8:783fand8:130ft.CC. In the case of registered aircraft Dutch law accepts two types of lmited real rights which are unknown outside this area art 8: 1308 creates a real rightof acqusition and art. 8: 1309 creates areal right of lease. The frst mentoned lmited real right establishes a real right in favour of the buyer to become owner of the aircraft after, e.g, full payment of the purchase price. The real right as lad down by art. 8: 1309 allows the lessee under a lease contractof at least 6 months toregister the lease contract with effect against third parties. Cf for a further analys sof these articles, also in the light of the draft UNIDROT convention on security nterests in mobile equipment: B.P. Honnebier, Het eenvomige zekerhedenregime van UN DROIT waarborgt de Neder lands rechten van de houder van een luchtvaartuig, WPNR 6449(2001) 16 For pledge seeart. 3: 248, for mortgage seeart. 3: 268C. C. 17. In the case of a night of mortgage, exceptionally a private sale is allowed, provided the President of the District Court gives permission to dose Art3:260(1)C.REAL AND PERSONAL SECURITY 3 agreement) and the fulfilment of certain additional formalities. The real agreement is the legal act which creates the security interest, yet the interest comes into being only after the additional formalities have been fulfilled. These formalities vary according to the type of security interest to be created (possessory pledge, non-possessory pledge or mortgage) and the security object (in regard to pledges a distinction should be made between movables and claims).12 Before the fulfilment of the additional formalities the real agreement is valid, yet has no effect even between the parties. The effect of the real agreement is postponed until all formalities have been fulfilled. In the case of a mortgage, e.g., the agreement has to be laid down in a notarial deed, which must then be registered in the public land register. The right of pledge and the right of mortgage are both limited real rights, intended to provide recourse against the property subjected to such right and with preference over other creditors, for the payment of a sum of money. If such a right is established upon registered property it is a called a right of mortgage, if established upon other property it is called a right of pledge. Registered property is e.g. land, but it can also be a sea -vessel, an inland-vessel or aircraft,13 although it should be remembered that in the cases of registered ships or registered aircraft special rules apply.14 The rights of pledge and mortgage entail a right of pledge upon all claims for compensation, including claims resulting from its depreciation, which take the place of the burdened property. Such a legal right of pledge has priority over other rights of pledge established on the claim.15 The rights of pledge and mortgage confer upon the holder of such right the power to sell the encumbered property.16 In the case of a right of mortgage this has to be done in public before a notary having authority to do so.17 It is possible, according to art. 3:231, to establish a right of pledge or mortgage for a future claim. The claim must be sufficiently determinable. In the case of a mortgage the notarial deed in which the mortgage is laid down ought to mention the maximum amount of the claim for which recourse may be taken on the mortgaged property.18 Establishing a right of pledge or mortgage for a future debt should be 12. A description of these three stages as to the creation of a mortgage can be found in Gerver, Het recht van hypotheek, pp. 21 ff. 13. See artt. 3:10, 8:193 ff., 8:783 ff. and 8:1302 ff. C.C. 14. In the case of registered aircraft Dutch law accepts two types of limited real rights which are unknown outside this area: art. 8:1308 creates a real right of acquisition and art. 8:1309 creates a real right of lease. The first mentioned limited real right establishes a real right in favour of the buyer to become owner of the aircraft after, e.g., full payment of the purchase price. The real right as laid down by art. 8:1309 allows the lessee under a lease contract of at least 6 months to register the lease contract with effect against third parties. Cf. for a further analysis of these articles, also in the light of the draft UNIDROIT convention on security interests in mobile equipment: B.P. Honnebier, Het eenvormige zekerhedenregime van UNIDROIT waarborgt de Nederlandse rechten van de houder van een luchtvaartuig, WPNR 6449 (2001). 15. Art. 3:229 C.C. 16. For pledge see art. 3:248, for mortgage see art. 3:268 C.C. 17. In the case of a right of mortgage, exceptionally a private sale is allowed, provided the President of the District Court gives permission to do so. 18. Art. 3:260(1) C.C