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Glossary entry

French term or phrase:

mettre en œuvre une sûreté

English translation:

enforce a guarantee

Added to glossary by Laura Tridico
Jan 19, 2007 09:58
17 yrs ago
4 viewers *
French term

mettre en œuvre une sûreté

French to English Bus/Financial Finance (general) Loan agreement
I'm slightly puzzled by this phrase, which is found in a list of circumstances which constitute default events in a loan agreement. The heading of the paragraph is "Constitution/Réalisation de Sûretés", and the sentence is:

"Un créancier met en œuvre une sûreté quelconque et entame une procédure de saisie exécution ou pratique une saisie conservatoire...."

I thought "mettre en oeuvre" in this context meant to exercise or make use of - i.e. in this context, virtually the same as "réaliser" - to realise security. What's puzzling me is that the para. heading talks about both "constitution" (=putting in place) and "réalisation" of security; but if "mettre en oeuvre" = "realise", then the para. itself says nothing about putting in place security (in which case why is it mentioned in the heading?).

So my question is, what does "mettre en oeuvre" refer to in this context - putting in place/taking security, realising it, or something else?

Thanks in advance.
Proposed translations (English)
3 enforces a guaranty
4 implement a guarantee

Discussion

Rob Grayson (asker) Jan 24, 2007:
Thanks, Charlotte - yes, your comments confirm the understanding I had arrived at.
Charlotte Allen Jan 24, 2007:
...because it's an indication that the borrower is about to be in financial difficulties, so the bank prefers to call in the loan immediately, e.g. before the borrower is declared bankrupt, at which point all creditors would be competing for assets.
Charlotte Allen Jan 24, 2007:
More generally, I think it's saying that if any creditor of the borrower suddenly calls in any security (from the borrower) or begins seizure proceedings against the borrower, then the lending institution will view this as default...
Charlotte Allen Jan 24, 2007:
It's the same use of 'mettre en oeuvre' as is sometimes used for insurance cover - when you 'met en oeuvre' the cover, you actually make a claim. So 'realise' is along the right lines - the creditor is 'calling in' the security.
AllegroTrans Jan 19, 2007:
I'm inclined to think this is simply a drafting lawyer being verbose, but I'll leave it to someone else to confirm my suspicion!

Proposed translations

2 days 16 hrs
Selected

enforces a guaranty

I think this is another possibility - i.e., the creditor enforces a guaranty and begins seizure proceedings, etc. As for why the paragraph doesn't talk about the original placement of the guaranty, I'd chalk it up to sloppy drafting.
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4 KudoZ points awarded for this answer. Comment: "Thanks Laura. "Enforce" is exactly the word I was looking for. As for sloppy drafting - yes, loads of it!"
8 mins

implement a guarantee

To implement a guarantee means that the guarantee previously set up by a bank, etc. is actually used, i.e. the bank, etc. is called upon to put up the money or perform the service undertaken.
Note from asker:
Hi Jenny, Yes, I'm aware of "implement" when speaking of guarantees - although I don't think the term is used for "security" more generally (which in this context includes legal charges over properties). Which all points back to "realise" being the best candidate...
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