No one seizes anything at the “Caxa”…
How many times have you heard that someone pawned a family jewel at the “Caxa” (Caixa Econômica Federal)? Well, know that this is impossible! Seizure is an institute used only in court, and it serves to ensure a creditor receives payment of a debt from a defaulting debtor. In simple terms, seizure occurs when the debtor, not paying their debt and being sued judicially, still doesn't pay, and the judge, to protect the creditor's right, seizes the debtor's assets to serve as collateral during the process.
At the “Caxa”, we pledge movable assets. The name of this institute is pledge (art. 1,431, of theCivil Code), and that of the one described in the paragraph above is seizure. Similar in name, completely different in meaning. The version of pledge for real estate is known to everyone, and rarely used incorrectly: it is mortgage.
Visit: http://www.rodrigoghedin.com.br/2006/05/29/curiosidades-juridicas/ (Rodrigo Ghedin)
