Article 354. Transfer of rights and obligations under the contract of bail

1. A pledge holder may, without the consent of the pledgeor, transfer his rights and obligations under the contract of bail to another person in accordance with the rules established by Chapter 24 of this Code. by the holder of his rights and obligations under the contract of lien to another person, provided that the right to claim against the debtor in respect of the underlying obligation secured by the same person is simultaneously assigned to the same person. Unless otherwise provided by law, the pledge shall be terminated if the said condition is not met.