Dutch Supreme Court acknowledges unconditional right of pledge on goods delivered subject to retention of title

The Dutch Supreme Court has ruled in its judgment of 3 June 2016 (ECLI:NL:HR:2016:1046) that both the transferor and the transferee of a good subject to a retention of title become conditional owner of the good, the transferor under the condition subsequent of payment of the entire purchase price and the transferee under the condition precedent of payment of the entire purchase price. An unconditional right of pledge can be established on the conditional right of ownership. In case of fulfillment on the condition precedent the right of pledge on the conditional ownership right evolves by operation of law to a right of pledge on the entire ownership right. Such right of pledge will survive in case of a bankruptcy of the transferee and will not be part of the bankruptcy estate, even if the condition under which the transfer has taken place is fulfilled after the date of bankruptcy of the transferee.

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