Pledging dividends from a previously pledged share in a Catalonian company

We address here the question of whether a shareholder’s right to dividends can be pledged separate from the pledge of the share itself. Such hypothesis comes to the fore when the company share has already been pledged and another creditor accepts the financial (equity holding) right attached to the same as collateral «in the second degree». We will assume that under the agreement, as is usually the case, the first pledge extends to dividends as proceeds of the subject matter (art. 1868 of the Civil Code [CC]), regardless of whether, vis-à-vis the company (art. 132(1) of the Companies Act [LSC]), the right to dividends is attached to the shareholder or to the creditor…