LAW OF THE REPUBLIC OF TAJIKISTAN

of January 2, 2019 No. 1576

About pledge of personal estate and registration of secured liabilities

Accepted by the Resolution MH MOPT of October 17, 2018, No. 1185

Approved by the Resolution MM MORT of December 25, 2018, No. 605

This Law governs the public relations connected with use of personal estate as pledge and registration of secured liabilities.

Chapter 1. General provisions

Article 1. Basic concepts

In this Law the following basic concepts are used:

- pledge - method of ensuring obligation fulfillment according to which the creditor according to the obligation provided with pledge (pawnbroker) has the privilege before other creditors to satisfaction of the requirements from the cost of pledged property of person to whom he belongs this property (pledger), in case of non-execution by the debtor of this obligation, except as specified, established by the law;

- pledge - pledge type when the pledged property is transferred by the pledger to ownership to the pawnbroker according to the pledge agreement;

- the pledger - person having the property right or other corporeal right regarding pledge including the debtor, according to the obligation provided with pledge or the third party who is not participating in this obligation;

- the pawnbroker - person whose requirements for primary obligation are provided with pledge;

- pawnshop - the legal entity (the specialized organization) occupied with provision of short-term loans instead of the personal estate of citizens which is under pledge, and also storage of personal estate of citizens;

- pledged property - the personal estate which is not withdrawn from civil circulation and also the property rights specified in article 5 of this Law, provided as a deposit;

- personal estate - the things which are not relating to real estate;

- the income from pledge subject - the property received as a result of transactions with subject of pledge or transactions with the income from pledge subject;

- The unified state register of secured liabilities (further - the Unified state register) - the single electronic information database of secured liabilities;

- the mortgage notification - the message of the creditor on its right to property of the debtor or the third parties which is entered according to this Law in the Unified state register electronically;

- registering body - the authorized state body determined by the Government of the Republic of Tajikistan which shall keep the Unified state register;

- the registered pledge - pledge or other providing concerning which in established by this Law procedure the mortgage notification is registered;

- the managing director of pledge - person authorized by the pawnbroker on use and the order pledged property from his name and the solution of any related question;

- receivables - the amount of the debts which are due to person, received as a result of economic relations with physical persons and legal entities;

- mixed goods - the inseparable goods connected to other goods which lose the identification physical signs in ready-made product;

- the developped goods - the razdelimy goods connected to other goods, which at the same time are not losing the identification physical signs in ready-made product;

- the creditor - the pawnbroker, the lessor or other physical person or legal entity which property requirements are provided with personal estate of the debtor;

- the debtor - the pledger or other physical person or legal entity providing personal estate in ensuring execution of the obligations, or obligations of the third parties;

- the pledge agreement - the written agreement about provision as proof of personal estate in ensuring obligation fulfillment of the pledger or the third parties which can be concluded in the form of the separate agreement or is included in other agreement containing conditions about pledge.

Article 2. Scope of this Law

1. This Law extends to the relations arising in connection with use of personal estate as pledge.

2. If the law does not provide other, for the purpose of ensuring transparency and single approach to protection of interests of creditors and debtors in the relations on use of personal estate, provisions of this Law regarding registration of the mortgage notification and priority of satisfaction of requirements of creditors from the same property are applied to:

1) to the Relations, irrespective of their legal form in which the personal estate actually provides execution of the following obligations:

- deduction, leasing, sale of goods with preserving for the seller of the property right to goods before its payment, transfer of property on property on condition of approach of certain event in the future, purchase and sales of goods with delay or payment by installments of payment;

- the court resolution which took legal effect about the address of claim to property of the debtor;

- restriction of the rights of the debtor on the order with property and use of it (the servitude, seizure of property, suspension of transactions according to bank accounts);

- the requirement about debt repayment for taxes and other obligatory payments of the debtor in the budget;

- other relations in which according to the law the personal estate is used for ensuring obligation fulfillment.

2) to the Relations connected with transition of right of possession personal estate:

- factoring;

- lease for the term of over one year;

- commission;

- other relations on transfer of right of possession personal estate.

3. This Law extends to the relations which are subject of regulation of this Law, arose after its enforcement.

Article 3. Legislation of the Republic of Tajikistan on pledge of personal estate and registration of secured liabilities

The legislation of the Republic of Tajikistan on pledge of personal estate and registration of secured liabilities is based on the Constitution of the Republic of Tajikistan and consists of this Law, other regulatory legal acts of the Republic of Tajikistan and the international legal acts recognized by Tajikistan.

Article 4. Subjects of the relations connected with pledge of personal estate, and the bases for their origin

1. Subjects of the mortgage relations are pledgers and pawnbrokers which can be the state, physical persons and legal entities.

2. Credit institutions perform the transactions connected with pledge according to this Law and other laws of the Republic of Tajikistan.

3. Pledge arises based on the law or the agreement (pledge agreement) signed between the pledger and the pawnbroker according to provisions of the Civil code of the Republic of Tajikistan and this Law. Such agreement can be either the separate agreement, or part of the agreement leading to emergence of the obligation provided with pledge.

4. Pledge of personal estate arises in the presence of the following conditions:

- possession of the pledger of the property right or other corporeal right regarding pledge;

- pledge agreement or other bases, stipulated by the legislation Republic of Tajikistan.

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