The second part of the work is devoted to (1) the exercise of the power to dispose of a security asset and (2) guarantees of rights to it when it is forcibly transferred to public ownership (seizure for public use, confiscation).The title of the owner at the same time serves as a symbol and center of gravity of the set of rights of the owner (creditor) resulting from the contract with the debtor. The disposition of the title is often seen as a similar disposition to the contractual position of the creditor. The owner is free to exercise the right to dispose of the security asset, but the debtor retains a set of rights and obligations related to the property, including with respect to the acquirer. The right of disposition includes not only alienation, but also pledge, which, upon the fair full performance by the debtor of its liabilities and receipt of the asset thereby as property, discontinues, whereas the general rule on the preservation of pledge in the case of transfer of the rights to the charged property does not apply. Upon termination of the contract with the debtor, the said specifics of the collateral rights disappear.The debtor also has rights of disposition, which it may exercise by transferring, with the consent of the owner of the contractual position, to a third party or by subleasing the asset. Both transactions are made between the debtor and the third party without the participation of the owner (creditor) and, therefore, the consequences of the possible invalidity of such transactions should also consist in the transfer of assets between the property areas only of the parties to the transactions.Different compensation models are possible if the security asset is seized for public use. Separate compensation to the owner (creditor) and the user (debtor) is preferable.Confiscation of a security asset in view of the user’s (debtor’s) wrongdoing in the case of the good faith of the owner (creditor) should be considered inadmissible. In the case of seizure of the collateral because of the delinquency of the owner, the rights of creditors should be retained.The final part of the article will be published in the following issue of the journal.