HIPOTECAS FLOTANTES.

Abstract

Floating mortgages may secure one or more credits, either current or future, mutually interconnected or not, for the benefit of financial entities, without separating the maximum mortgage liability allocated to each secured obligation. Future liabilities may be secured simply by reference to the acts or transactions from which they will arise. Floating mortgages may also secure tax and social security credits. Credits secured by a floating mortgage (current or future) may be partially or totally assigned (together with the mortgage) to third parties, the assignee keeping the mortgage as security for any non-assigned credit(s). The mortgagee may unilaterally establish the maximum mortgage liability amongst the assigned and nonassigned secured credits at the time of the assignment. Floating mortgages may be enforced upon the breach of any of the secured credit(s), the mortgage remaining for the security of any pending credits (either owned by the same creditor or a different one) provided that the aggregate maximum mortgage liability has been previously allotted into the various secured credits.