LAW OF THE KYRGYZ REPUBLIC

of August 2, 2017 No. 171

About introduction of amendments to the Law of the Kyrgyz Republic "About pledge"

Accepted by Jogorku Kenesh of the Kyrgyz Republic on June 29, 2017

Article 1.

Bring in the Law of the Kyrgyz Republic "About pledge" (Sheets of Jogorku Kenesh of the Kyrgyz Republic, 2005, No. 6, the Art. 377) the following changes:

Article 2 to add 1) with Item 2-1 of the following content:

"2-1. Citizens and legal entities are free in establishment of the rights and obligations on the basis of the agreement and in determination of any, not contradicting the civil legislation, terms of the contract.";

2) in item 4 of Article 10:

a) add Item with the subitem 5 of the following content:

"5) assessment of pledged property at the time of collection which is determined by the agreement of the pawnbroker with the pledger and concerning real estate - it is determined by the supplementary agreement of the pawnbroker with the pledger with involvement of the independent appraisers having the appropriate certificate according to requirements of the legislation.";

b) third after the word "conditions" to add the paragraph with words ", not contradicting the legislation";

To replace 3) in Item 2 of article 16 of figure "15" with figures "30";

Shall be replaced with words 4) in the subitem 2 of Item 2 of Article 58 of the word "15 days" "30 calendar days";

5) in Item 2 of Article 59:

subitem 1 after the word "procedure;" to add with the word "or";

state subitems 2 and 3 in the following edition:

"2) to sign notarially certified agreement with the pawnbroker on voluntary transfer of pledged property on account of debt repayment after emergence of the bases for the address of collection regarding pledge; or

3) to take a legal action with the statement for holding procedure of the address of collection and realization of subject of pledge judicially if the extrajudicial procedure for the address of collection of property is not provided by the pledge agreement and/or the agreement on satisfaction of requirements, or the arbitration agreement.";

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