French Monetary and Financial Code
In forceAppraisers are liable to the Caisse for the consequences of their appraisals.
Consequently, if an item is not released or the pledge is not renewed, it is sold and the proceeds of the sale are not sufficient to reimburse the Caisse for the sums it has lent on the basis of these valuations and for what is owed to it, both in respect of the interest for the duration of the loan, increased by one month if this duration is six months and by two months if it is one year, and in respect of the ancillary duties owed for the duration of the loan, the appraisers are required to reimburse the Caisse for the difference.
However, if this difference is attributable in whole or in part to special circumstances beyond the control of the appraisers, the Guidance and Supervisory Board may grant the appraisers full or partial remission of the debt.
Under no circumstances may the liability of the assessors be eliminated or mitigated in advance, directly or indirectly, by a decision of the institution's management. The only exception to this rule is for special garage and storage rights, for which the liability of appraisers is limited to 10% of the amount of the loan granted.
When the appraisal is carried out by several auctioneers, their liability is joint and several.
To guarantee this liability, judicial auctioneers attached to a municipal credit fund must either pay a guarantee to the fund, or obtain a guarantee from an insurance company, a credit institution, a finance company or a professional body authorised for this purpose. The minimum amount of the guarantee is set by the Guidance and Supervisory Board.
