of November 12, 2016 No. ZR-190
About modification and amendments in the Civil code of the Republic of Armenia
Accepted by National Assembly of the Republic of Armenia on October 27, 2016
Article 1. To state Item 2 of Article 225.1 of the Civil code of the Republic of Armenia of May 5, 1998 (further - the Code) in the following edition:
"2. The relations connected with pledge of real estate, the vehicle, the bank account, deposit (contribution), and also security are regulated by Chapter 15 of this Code".
Article 2. To state Item 3 of article 226 of the Code in the following edition:
"3. The claimant (pawnbroker) of the obligation provided with pledge of real estate, the vehicle, the bank account, deposit (contribution) or security in case of non-execution by the owner of property (pledger) of this obligation has the preferable right in case of receipt of satisfaction from the cost of pledged property in relation to other claimants. The pawnbroker, before others registered in the magazine of registration of pledge which conducts authorized body, the right following from the agreement of pledge of real estate, the vehicle, the bank account, the deposit (contribution), and also security has the preferable right to satisfaction from the cost of pledged property in relation to other pawnbrokers who registered later or did not register the rights following from agreements of pledge of the corresponding property.".
Article 3. To add article 249 of the Code with part 4 following of content:
"4. In case of financial transactions of feature of collection of pledge are established by Article 252.1.".
Article 4. To add the second paragraph of part 1 of article 250 of the Code after the word "from consent" with words "(except for case, stipulated in Article 252.1 of this Code)".
Article 5. To state Item 1 of article 251 of the Code in the following edition:
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