of December 22, 2005 No. 3273-IV
About mortgage bonds
1. This Law determines the legal basis of issue and the circulation of mortgage bonds, requirements to their mortgage covering, and also feature of state regulation and supervision in this sphere.
1. In this Law terms are used in such value:
1) the debtor - the borrower according to the credit agreement (the agreement of the loan), accomplishment of obligations on which is provided with mortgage;
2) excerpt from the register of mortgage covering - the document which contains information on the size, condition and general characteristics of mortgage covering of the corresponding release of mortgage bonds;
3) the agreement on preserving actual cost of the obligations of debtors provided with mortgage - currency, percentage and other derivative (derivatives) which are used for minimization of currency and interest risks and providing regularity of payments on mortgage covering;
4) the issuer - financial institution which performs issue of mortgage bonds according to the requirements established by this Law;
5) mortgage covering - mortgage assets, and also other assets which according to this Law, the prospectus of the issue and the register of mortgage covering provide accomplishment of obligations of the issuer according to mortgage bonds;
6) mortgage asset - right to claim according to the monetary commitment of the debtor provided with mortgage;
7) the mortgage provider - financial institution, except specialized mortgage agency which according to the legislation has the right to grant the loans (loans), accomplishment of obligations of debtors on which is provided with mortgage and/or which acquired the right to claim on the credits (loans) provided with mortgage from other persons;
8) coefficient of mortgage covering - ratio size between the unpaid issuer the main amount of debt on the corresponding release of regular mortgage bonds and the size of their mortgage covering;
9) the connected persons are:
legal entities provided that one of them exercises control over another or both are under control of the third party;
members of the family of physical person - the husband (wife), and also parents (adoptive parents), guardians (custodians), brothers, sisters, children and their husbands (wives);
the physical person and members of his family and the legal entity, if such physical person and/or members of his family exercise control over the legal entity;
legal entities who directly or mediately own one in another share of the authorized capital which constitutes 10 and more percent of the authorized capital of such legal entity;
10) the percentage period of regular mortgage bonds - the period (in calendar days) between interest payment according to mortgage bonds for which interests in accordance with the terms of the prospectus of the issue of mortgage bonds are and paid;
11) the size of mortgage covering - the amount of the principal debt which is not paid by debtors on all mortgage and other assets as a part of mortgage covering created taking into account the features provided by part four of article 13 of this Law.
1. Mortgage bonds are bonds, accomplishment of obligations of the issuer behind which is provided with mortgage covering according to the procedure, established by this Law. Mortgage bonds are personalized securities. The mortgage bond certifies introduction of money by its owner and confirms the obligation of the issuer to compensate to it nominal value of this bond and cash income according to the procedure, established by this Law and the prospectus of the issue, and in case of failure to carry out by the issuer of obligations for the mortgage bond grants to its owner the right to meet the requirement at the expense of mortgage covering.
2. Such types of mortgage bonds can be issued:
1) regular mortgage bonds;
2) the structured mortgage bonds.
3. Issuer of regular mortgage bonds is the mortgage provider who bears responsibility for accomplishment of obligations for such mortgage bonds mortgage covering and all other property on which according to the legislation collection can be turned.
4. Issuer of the structured mortgage bonds is the specialized mortgage agency which bears responsibility for accomplishment of obligations for such mortgage bonds only mortgage covering.
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
Database include more 38000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
If you cannot find the required document, or you do not know where to begin, go to Help section.
In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.
You also may open the section Frequently asked questions. This section provides answers to questions set by users.