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The Directorate General for Legal Certainty and Public Faith has ruled on an appeal against a mercantile registrar's refusal to make a marginal note. The dispute arose from a company's request to register a notary notification from a pledgee creditor to the debtor company in the Mercantile Registry, in order to certify the exercise of shareholder rights (Art. 132.1 LSC and Arts. 41 and 56 of the Mortgage Regulations).
For companies operating with pledges over shares, the ruling analyses the possibility of using the Mercantile Registry to provide publicity for notary communications that trigger shareholder rights. For pledgee creditors, it defines the limits of registry publicity regarding the effectiveness of notifications made via a notary in accordance with company bylaws.
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