State Act

Portuguese Civil Code, 1867

Article 864 – Extra judicial sale or adjudication of the pledged object by mutual consent - It is not lawful for the creditor to retain the thing pledged, in payment of the debt, without valuation, or on the basis of his own valuation; but the parties may agree that the sale be done outside the Court, or that the creditor retains the pledged thing, as per valuation done by the assessors appointed by agreement between the parties.