Any person whose claim appears to be founded may, apply to the competent court of the residence or place of abode of the debtor for leave to take protective measures on all the tangible or intangible personal property of his debtor, without prior summons to pay, where he can show proof of circumstances likely to jeopardize the recovery of the debt.
Prior leave of the competent court shall not be necessary where the creditor holds a writ of execution.
The same shall apply in the case of default in payment, duly established by an accepted bill of exchange, promissory note, cheque or unpaid rents after a summons to pay as soon as they fall due by virtue of a written lease over immovable property.
Sequestration may be carried out on all the tangible or intangible personal property of the debtor. It shall render such property inalienable.
Where the sequestered property is a monetary claim, such sequestration shall render the sum claimed inalienable up to the sum authorized by the competent court or, where such authorization is unnecessary, up to the sum attached.
Sequestration shall, as of right, render the sums deposited inalienable and shall confer on the distrainor a possessory lien.
Where the sequestration is carried out on money in a banking establishment or similar financial establishment, the provisions of Article 161 of the OHADA Law shall apply.
The decision ordering sequestration shall, under pain of nullity, specify the amount guaranteed by the said protective measure and also specify the nature of the property involved.
The sequestration order of the competent court shall lapse where it is not executed within a period of three months from the date on which it was made.
Save where the sequestration was carried out with a writ of execution, the creditor shall, within one month following the said sequestration and under pain of being declared null and void, institute proceedings or complete the necessary formalities aimed at obtaining a writ of execution.
Where the sequestration is carried out on property in the hands of a third party, copies of the documents in support of the process shall be forwarded to the third party within a period of eight days from the date on which they were issued.