Item 5, Art. 1233 of the Russian Civil Code establishes that an exclusive right may be an object of pledge. By virtue of Item 2, Art. 1232 a pledge of an exclusive right to the trademark is subject to the state recordal and is considered null and void without such recordal. Any provision introducing another effective date for entry into force is void.24 Pending applications as well as the trademarks transfer of which to the pledge holder can mislead the consumers (for instance, the trademarks which are identical to the company name of the pledgor) cannot be a subject of the pledge contract.
