of December 29, 2017 No. ZR-319
About modification and amendments in the Civil code of the Republic of Armenia
Accepted by National Assembly of the Republic of Armenia on December 14, 2017
Article 1. The third paragraph of Item 2 of Article 249 of the Civil code of the Republic of Armenia of May 5, 1998 (further - the Code) after the first offer to add with new offers of the following content:
"The pawnbroker can realize pledge subject before the expiration two month, provided by this paragraph if the debtor to the pledger (if the pledger and the debtor are different subjects) after receipt of the notice on the collection according to the procedure established by Chapter 20.1 of this Code gave the written consent to collection of subject of pledge. Consent to the collection of subject of pledge this before receipt of the notice on collection is invalid.".
Article 2. In article 251 of the Code:
Shall be replaced with words 1) in Item 1 of the word "it is given to the pledger" "according to the procedure, stipulated in Item 3 Articles 243.1 of this Code, to ten-day time it is transferred to the pledger if the agreement of pledge does not provide other procedure for transfer of this amount";
To add 2) with Items 7-9 of the following content:
"7. In week time after transition of the pledged property belonging to the citizen, to property of bank (credit institution) or person specified to them the pawnbroker in due form informs the pledger and the debtor if the pledger is not debtor, then about day and the price of acceptance of subject of pledge in property, the amount of repayment of the obligation provided with pledge, and in case of incomplete debt repayment - on debt remaining balance.
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