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Article 1409

Du Gage

Property Law

Titre XXXI: Du Nantissement (On Pledging)

Chapitre I: Du Gage (On Pledge)

Le créancier possesseur du gage est privilégié, et par conséquent payé par préférence à tout créancier, sur la chose dont il est nanti.

Life lesson: Hold the pledge, and you get paid first — ahead of every other creditor.

Notes: Pledge privilege: possessory creditor has priority over all others on pledged thing. Preference right.