Summary

The Association of German Pfandbrief Banks (Verband deutscher Pfandbriefbanken) has initiated round table meetings to discuss the flexibility of the rights of real securities, which have been taking place since 2005. As many as 29 countries participated in the work of the round table in spring 2012. The questions expressed at the round table discussion and the answers given to them by countries allow for a quantitative comparison of the right of real securities of different countries. Based on the results of the round table operations in 2012, the general opinion was that the German land charge Sicherungsgrundschuld was the best right of real security, to be closely followed by the Estonian mortgage. According to the responses submitted in 2012, the Estonian mortgage occupied a lower rank, mostly due to ratings related to compulsory execution and bankruptcy. The article sets out to analyse the legal provisions that caused lower ratings than before for the Estonian mortgage in the light of the recent outcomes of the round table.