Greek Business Law
A Handbook for Businesses and Legal Practitioners
7
Issues in Civil Law
3.2. Division of real property
when the usufructuary dies or resigns from it; it is then unified with bare
ownership to produce full ownership;
(c) usufruct, which entitles its holder to derive profit or benefit from prop-
erty and is part of full ownership; the usufructuary may use and benefit
from the property that belongs to the bare owner;
(d) habitation, which is a personal servitude that involves the right of resi-
dence in a property belonging to another until the time of death of the
beneficiary;
(e) easements or predial servitudes, which consist of a limited real right that
belongs to the owner of a specific property and allows this owner to have
limited access to another property;
(f ) hypothec (or mortgage), which is a limited real right that provides the
beneficiary with the power to claim his preferential satisfaction from the
property that is burdened with a mortgage; perfection takes place on
registration at the land registry of the place where the property is situat-
ed; a hypothec is always registered for a specific amount of money. Prior-
ity of competing hypothecs is determined by reference to the date of reg-
istration, whilst all hypothecs registered on the same date rank equally;
the registration of a hypothec requires a notary deed, a court decision or
any other title provided by law;
(g) hypothec (or mortgage) pre-notation on immoveable property, which
confers on the creditor the right to convert it into a hypothec upon
the debtor’s default; perfection is effected in the same manner as a hy-
pothec, with the specific difference that it is pre-notated;
(h) preferred ship mortgage and ship hypothec, which is perfected upon
registration in the ship register;
(i) pledge on moveable tangible property, which can be perfected either ac-
cording to the provisions of the Civil Code by agreement and delivery of
possession or according to Statute 2844/2000 by agreement and registra-
tion in a designatedpublic register; priority is determined either by the date
of the agreement or by thedateof registration.
3.2. Division of real property
Propertiesmay be divided into the following types of property:
