Тhe legal gaps in regulating the right of pledge in Macedonian property law

Abstract

The right of pledge in the Macedonian legal system is a right in rem regu lated by the basic Law on Ownership and Other Real Rights and several spe cial laws such as the Law on Securing of Claims, the Law on Contract Pledge, the Law on Obligations and Property Relations in Air Traffic, and others. Even though numerous laws regulate the right of pledge, there are still im portant issues that are underregulated or unregulated. This paper aims to analyze the existing regulation regarding the right of pledge in the Macedoni an property law and to pinpoint the legal gaps in that regulation that caused problems in acquiring and exercising the right of pledge in legal practice. By analyzing the causes and effects of the existing legal gaps, the paper demon strates the scope of the problem and suggests possible ways to address and overcome it. As the paper will demonstrate, overcoming the problem of the existing legal gaps in the regulation of the right of pledge will require revising and amending all the laws regulating the right of pledge so that a complete, comprehensive, and harmonized regulation can be created.