Fiducie practice — Security fiducie

Security fiducie

The security fiducie is a French-law security tool through which an asset is temporarily transferred to a fiduciary to secure a financing. It is often used where the parties are seeking a robust security, quick to enforce and tightly framed by contract. BENSAID Avocats supports the setting-up of asset-backed financings, fiducies, asset refinancings and structured transactions under French law.

Request support See the fiducie practice
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— 01

Why use a security fiducie?

The security fiducie is sought for its efficiency. The temporary transfer of ownership to the fiduciary strengthens the creditor's position and allows for a finely tuned contractual organisation of events of default.

It facilitates the governance of the security, improves the clarity of the structure and can offer more flexible and faster enforcement than certain classic security interests. Under article 2011 of the Civil Code, the fiducie is the operation by which a settlor transfers assets, rights or security to a fiduciary, tasked with managing them autonomously for defined purposes, for the benefit of one or more beneficiaries.

The security fiducie is governed in particular by article 2372-1 of the Civil Code for movable assets and by article 2488-1 for immovable assets. It serves to secure a debt or a financing through a legally framed temporary transfer of ownership. It is particularly used in real-estate, securities or complex-asset financings.

— Explainer · 30 secondes —

Comment la fiducie-sûreté
protège votre capital.

Un mécanisme juridique sophistiqué résumé en quatre temps : l'investissement, la mise en fiducie, le versement des coupons, et la protection en cas de défaut. L'animation se lance automatiquement.

— Explainer · 30 secondes —
La fiducie-sûreté,
expliquée.
Quatre temps · Animation typographique
BENSAID AVOCATS
01 / 04
L'INVESTISSEMENT
FIDUCIE-SÛRETÉ · 2026
Bensaïd Avocats
UNE GARANTIE. UN MÉCANISME.
LA fiducie SÛRETÉ.
Comprendre en quatre temps.
01
Vous engagez
un capital.
1 000 000 €
EMPRUNT OBLIGATAIRE
VOUS
LE PROJET
02
Vos garanties
sont placées
en fiducie.
ACTIFS APPORTÉS TRÉSORERIE · IMMOBILIER
VOUS
INVESTISSEUR
TIERS DE CONFIANCE
L'AVOCAT
fiduciaire
EMPRUNTEUR
LE PROJET
03
Le projet
verse les coupons.
1 000 000 €
+ COUPONS RÉGULIERS
PROJET
VOUS
04
Si le projet
fait défaut — vous récupérez.
1 000 000 € RESTITUÉS · SANS PROCÉDURE COLLECTIVE
PROJET
DÉFAUT
→
FIDUCIE
ATTRIBUTION
→
VOUS
CAPITAL + INTÉRÊTS
LA FIDUCIE—SÛRETÉ
INVESTIR protégé.
SÉCURITÉ JURIDIQUE · DE VOTRE CAPITAL
— 02

Parties, cost and enforcement

01

The key parties

Three roles structure every security-fiducie transaction.

  • The settlor, transfers present or future assets, movable or immovable, tangible or intangible, to the fiduciary.
  • The fiduciary, manages the fiduciary assets within its powers and renders account. It acts within the framework of the contract and states its capacity in its acts.
  • The beneficiary, receives the fruits of the transferred assets or the assets themselves, in accordance with the contract and the economics of the security.
02

The scope: which assets to transfer?

The security fiducie can cover many types of asset.

  • Company shares, businesses (fonds de commerce), trademark portfolios
  • Real-estate assets (built property, land, real property rights)
  • Receivables and bank accounts
  • Artworks and collections
  • Can substitute for or combine with a mortgage or a pledge
  • The transferred assets are isolated from the settlor's creditors through estate segregation
03

Cost of a security fiducie

The cost depends on several factors and should be assessed as an overall cost.

  • Nature of the assets, securities, real estate, receivables, businesses or other property
  • Complexity of the structure, documentation, governance, taxation, interaction with other security
  • Enforcement and monitoring, reporting, management by the fiduciary, preparation of default scenarios
  • Comparison with the mortgage: consider the overall cost of structuring and enforcement
04

Enforcement upon default

The enforcement procedure is entirely defined in the contract.

  • Determination of the default according to the contractual terms
  • Independent valuation of the assets
  • Realisation of the assets according to the agreed terms
  • Balancing payment to the settlor if the value exceeds the secured debt
  • Coordination with any insolvency proceedings
— 03

Typical situations

The firm sets up and enforces security fiducies for the benefit of lending institutions and investors, on structured financings and demanding transactions. A few anonymised situations.

01

Securing an acquisition financing

A bank pool finances the acquisition of a group. To offer the lenders a security unaffected by a subsequent failure of the borrower, the firm sets up a security fiducie over the key shares and assets, held in an isolated dedicated estate, bankruptcy-remote.

02

Securing a structured real-estate loan

A large financing is backed by a set of real-estate assets. The security fiducie offers a first-ranking security, out of the reach of other creditors, allowing an unwinding on better terms than the mortgage alone.

03

Backing a loan with an atypical asset

Unlisted shares, receivables, artworks: where classic security reaches its limits, the firm structures a security fiducie suited to the nature of the asset.

04

Strengthening or replacing an existing security

A security regarded as fragile by a lender is replaced by a security fiducie, clearer and more quickly realisable, in order to secure the refinancing of an existing facility.

05

Realising the security upon default

On the borrower's default, the creditor must take hold of the asset without being exposed to the competing claims of other creditors or the delays of insolvency proceedings. The firm supports the realisation of the security, from the determination of default to the attribution of the asset.

Discuss your transaction

— 04

Security fiducie or mortgage?

Two tools, two logics: the comparison is central in practice.

A comparison across four criteria

Both tools follow a security logic, but their legal technique and practical efficiency differ significantly. The choice depends on the nature of the assets, the financing context and the flexibility sought by the parties.

Four criteria of comparison

Legal technique

Security fiducie: temporary transfer of ownership into a separate fiduciary estate.

Mortgage: an in rem security interest, without transfer of ownership.

Handling of default

Security fiducie: tightly framed by the contract, with often more flexible scenarios.

Mortgage: more classic enforcement, often more procedural.

Economic clarity

Security fiducie: often strong, notably in structured financings.

Mortgage: classic and well known, but sometimes less flexible in the structure.

Cost

Security fiducie: can be competitive depending on the nature of the assets and the structure.

Mortgage: depends notably on the duties and formalities attached to the mortgage.

— 05

Site dedicated to the security fiducie

To go deeper into every aspect of the security fiducie: structuring, implementation, default scenarios, interaction with other security.

fiduciesurete.com

Everything on the security fiducie

The reference site on the security fiducie: structuring, implementation, default scenarios, realisation, interaction with other security and operational feedback.

Découvrir le site dédié
— 06

Lead counsel

The firm's security-fiducie practice is led by Jonathan Bensaid (founding partner) and Lauren Bensaid (Banking & Finance partner), in coordination with a network of multidisciplinary experts (notaries, bankers, chartered accountants, financial advisers).

  • Article 2011 of the Civil Code
  • Article 2372-1 — movable assets
  • Article 2488-1 — immovable assets
  • Separate estate
  • Contractual realisation
  • France · Switzerland
— 07

Frequently asked questions

What is a security fiducie?

The security fiducie is a temporary transfer of ownership by way of security for the benefit of a fiduciary, in order to secure a debt or a financing.

How is the security fiducie enforced upon default?

Enforcement follows the procedure set out in the contract: determination of the default, independent valuation, then realisation of the assets according to the agreed terms. If the value exceeds the debt, a balancing payment may return to the settlor.

What is the difference between a security fiducie and a mortgage?

The security fiducie rests on a temporary transfer of ownership into a separate estate, whereas the mortgage is an in rem security interest without transfer of ownership. Their cost and their practical efficiency depend on the matter.

Are the assets placed in fiducie protected in the event of insolvency proceedings?

The security fiducie rests on an estate segregation that strengthens the protection of the transferred assets. For the overall implementation, see the fiducie practice.

How much does a security fiducie cost?

The cost depends on the nature of the assets, the complexity of the structure, the formalities, the taxation and any fiduciary administration. It is more relevant to reason in terms of the overall cost of structuring and enforcement than in terms of a headline fee.

What are the mandatory particulars in a security-fiducie contract?

Transferred assets, duration, parties, powers of the fiduciary, secured debt, terms of realisation and objectives. Any omission may weaken the act.

Cité par

Securing your financing through the security fiducie

Present the context, the asset profile and the counterparties, to assess the relevance of a security fiducie and arrange an initial consultation.

Contact us See the fiducie practice
Jonathan Bensaid, avocat fondateur

Written by

Me Jonathan Bensaid, avocat fiscaliste, fondateur du cabinet Bensaid Avocats, inscrit aux Barreaux de Paris & Genève.

© BENSAID Avocats — The information on this site does not constitute legal advice. Civil Code, articles 2011 to 2030, 2372-1 and 2488-1. Editorial update: April 2026.