The creditor intending to exercise a hypothecary right shall file a prior notice at the registry office. The notice of the exercise of a hypothecary right shall indicate any failure by the debtor to fulfil his obligations, along with a reminder, where necessary, that the debtor or a third person has a right to remedy the default. It shall also indicate the amount of the claim in capital, and in interest, if any, and the nature of the hypothecary right which the creditor intends to exercise, provide a description of the charged property, and demand from the person against whom the hypothecary right is to be exercised that he surrender the property before expiry of the time limit specified in the notice.
For an immovable property, the time limit is 60 days from the publication of the notice.