UAE Civil Transactions Law

Article 1393

Book Four: Real Securities · Section Two: Possessory Pledge · Chapter Three: Special Provisions for Certain Possessory Pledges · Part Three: Pledge of Debts

1. The debtor of the pledged debt shall perform the debt to the pledger and the pledgee jointly if it becomes due before the maturity of the debt secured by the pledge. 2. The pledger and the pledgee may agree to deposit the payment made by the debtor with a neutral custodian until the secured debt becomes due, whereupon the pledge right shall transfer to the deposited amount.

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