Article 2511

Any agreement, even subsequent to the furnishing of the pledge, authorizing the creditor, in the event of nonpayment on the due date, to take possession of the pledge or to sell it without complying with the formalities required by law shall be of no effect.

It may however be agreed, after the obligation has become due, that the debtor shall make over the pledge to the creditor in settlement of the obligation. Where the pledge is encumbered with another right of pledge or is under attachment, the cooperation of the other pledgee or of the attachor is also required.