A mortgage on imrmovable property is only valid and has legal effect if it is registered in the property register (Article 3052 of the Civil Code). An agreement to transfer immovable property as security for a loan does not constitute a valid mortgage unless it is registered.

Unregistered agreements even those involving
possession, do not create a valid mortgage. Even if an agreement could be construed as ‘Antichresis, it would stllrequire registration tc be valid and enforceable. While the mortgage agreement was nvalid due to lack of registration, the underlying loan agreement itself may still be valid.