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ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of June 19, 2017 No. 387

About Rules of depositary accounting of mortgage mortgages and order of registration of mortgage mortgages

For the purpose of establishment of procedure for state registration and depositary accounting of mortgage mortgages, according to article 36 of the Law of the Kyrgyz Republic "About pledge", the Law of the Kyrgyz Republic "About mortgage securities", articles 10 and 17 of the constitutional Law of the Kyrgyz Republic "About the Government of the Kyrgyz Republic" the Government of the Kyrgyz Republic decides:

1. Approve Rules of depositary accounting of mortgage mortgages according to appendix.

2. Bring in the order of the Government of the Kyrgyz Republic "About approval of Rules of state registration of the rights and encumbrances (restrictions) of the rights to real estate and transactions with it" of February 15, 2011 No. 49 the following amendment:

in Rules of state registration of the rights and encumbrances (restrictions) of the rights to real estate and the transactions with it approved by the above-stated resolution:

- add Chapter 7 with paragraph 27-1 of the following content:

"§27-1. Registration of the mortgage mortgage

195-2. In case of creation by the owner of the residential real estate of the mortgage mortgage, on registration the mortgage mortgage which shall contain conditions, the stipulated in Article 36-2 Laws of the Kyrgyz Republic "About pledge" is provided.

If the mortgage mortgage is provided on registration together with the pledge agreement, documents are accepted based on one statement. At the same time the stamp about state registration is put both on the pledge agreement, and on the mortgage mortgage.

The mortgage mortgage concluded separately during validity about pledge is subject to state registration.".

3. This resolution becomes effective after fifteen days from the date of official publication.

Prime Minister

S. Zheenbekov

Appendix

Rules of depositary accounting of mortgage mortgages

1. General provisions

1. These rules are developed for the purpose of determination of procedure for depositary accounting of mortgage mortgages, and also according to the laws of the Kyrgyz Republic "About pledge" and "About mortgage securities".

2. In these rules the following concepts are used:

internal documents of depositary - the documents approved by depositary on implementation of the depositary and accompanying it activities, the statutory rules and standards of conducting depository operations and their accounting containing, in particular;

the initiator of transactions - the depositor or its authorized representative, the issuer, registry holder, administration of depositary, state bodies, third-party depositary and other persons acting within the powers;

the mortgage mortgage - the personalized security certifying the following rights of her legal owner:

a) the right to execution according to the monetary commitments provided with mortgage without submission of other proofs of existence of these obligations;

b) the right to satisfaction of the obligations provided with mortgage at the expense of the property encumbered with mortgage;

mortgage covering - the requirements about return of the main amount of debt and about interest payment for credit agreements and loan agreements provided with mortgage certified by mortgage mortgages and also money in national currency of the Kyrgyz Republic and (or) foreign currency, government securities of the Kyrgyz Republic, real estate in the cases established by the Law of the Kyrgyz Republic "About mortgage securities";

the order to depositary - the document containing instructions to depositary and forming the basis for accomplishment of depository operation or group of the connected depository operations;

the register - the book of registration of transactions (changes) made in system of conducting depositary accounting of mortgage mortgages in chronological procedure;

the custody account - the set of entries in accounting registers of depositary providing registration of details of depositors, accounting of its valuable papers / money and valuable papers / money of his clients, and fixing of the rights affirmed by these securities.

3. The owner of the mortgage mortgage has the right to transfer the mortgage mortgage for accounting to licensed depositary.

The owner of the mortgage mortgage independently performs the choice of depositary and signs the contract for conducting depositary accounting with one depositary.

4. The organization of document flow when accounting mortgage mortgages by depositary is performed according to internal documents of depositary.

2. Acceptance on depositary accounting and storage of mortgage mortgages

5. Acceptance on storage of mortgage mortgages is performed on the basis:

- orders of the initiator of transaction;

- mortgage mortgages, and also documents, being integral part of the mortgage mortgage, determining conditions of mortgage or necessary for implementation by the pawnbroker of the rights by the mortgage mortgage. The list of such documents is determined by internal documents of depositary.

6. Acceptance of the mortgage mortgage on depositary accounting and storage are performed only in the presence in it the corresponding record about registration of the mortgage mortgage in the authorized state body performing registration of the rights to real estate and availability of record (endorsement) about assignment of rights to the owner of the mortgage mortgage.

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