LAW OF THE REPUBLIC OF ARMENIA

of December 30, 2014 No. ZR-263

About registration of the secure rights to personal estate

Accepted by National Assembly of the Republic of Armenia on December 17, 2014

Chapter 1. General provisions

Article 1. Law coverage

1. This Law governs the relations arising in the sphere of registration of the secure rights to personal estate, establishes competences of the body performing registration of the secure rights to personal estate, features of registration of the rights concerning personal estate, both conditions and procedure for provision of information about them.

2. This Law does not govern the relations connected with registration of the rights to bank accounts, and also for deposits.

3. This Law does not govern the relations connected with registration of the securities established by the Law of the Republic of Armenia "About the security market".

4. Requirements of this Law do not extend to the data which are considered as the state, office, bank and protected by the law other secret.

Article 2. Legislation on registration of the secure rights to personal estate

1. The relations arising in the sphere of registration of the secure rights to personal estate are regulated by the Civil code of the Republic, this Law and other laws.

2. The relations connected with obligatory registration of the rights to pledge of personal estate and other rights are regulated by other laws and legal acts.

Article 3. The basic concepts used in the Law

1. In this Law the following basic concepts are used:

1) personal estate – any property which is not considered immovable, including cash, the personal estate acquired in the future and property rights, property rights on intellectual property item, the rights to lease arising from the agreement on leasing of personal estate, the right to purchase and sale with observance of the property right, the goods which are in circulation, rights to claim, the right to the lease of personal estate concluded for a period of one year and more, the rights to the personal estate which is subject of the commission, planes, machines, the equipment, agricultural machinery, agricultural products, the animals and birds imported, but not cleared personal estate and other personal estate;

2) authorized body – the body performing registration of the secure rights to personal estate;

3) encumbrance – measure of ensuring obligation fulfillment of the debtor who arose owing to the agreement or the law which causes property right of the creditor on personal estate;

4) restriction – restriction of implementation of property rights of physical persons or legal entities in the cases and procedure provided by the Law, based on court resolutions, decisions of the bodies providing forced execution of court resolutions, the bodies performing pretrial investigation and also other state bodies provided by the Law (further – the competent authorities applying restriction);

5) registration – registration of the secure rights to personal estate, including change, the termination of the rights;

6) the unified register (further – the Register) – system of electronic data which contains the data on the secure rights to personal estate provided by this Law;

7) the inventory list – the list more than one personal estate of the debtor who is subject to registration under this Law;

8) primary registration – the registration about encumbrance of personal estate made in the Register;

9) identification of personal estate – the invariable number numbering personal estate in digital form and the alphabetic procedure corresponding to classification of types of personal estate;

10) the signature of the applicant – the digital signature appended on the statement by the applicant or the digital signature appended by office of servicing based on the paper statement;

11) office of servicing – the sphere of authorized body, available to all, on the Internet, the notary performing functions of office of servicing, the department of the State register of legal entities of the Ministry of Justice of the Republic of Armenia performing functions of office of servicing, according to the procedure and the cases established by the Government of the Republic of Armenia – the lawyer and lawyer office, single office of provision of the state services which perform registration of the secure rights to personal estate.

Article 4. Registration purpose

1. The purpose of registration is to promote by information collection:

1) availability of information connected with the secure rights to personal estate;

2) to creation of the single electronic database of the secure rights to personal estate;

3) to registration of the rights of participants of the legal relationship connected with personal estate and storage of information;

4) realization of the right of the preference connected with personal estate;

5) to collection of statistical data.

Article 5. Publicity of the data which are stored in the Register

1. Information of the Register is public.

2. Any person can examine entries in the Register.

3. Information of the Register, as well as the statement are provided according to the procedure, provided by the Government of the Republic of Armenia.

Article 6. Electronic maintaining Register and provision of data

1. The register conducts authorized body by electronic method. The authorized body performs functions on registration by electronic method.

2. The acts adopted as a result of implementation of functions of authorized body of the statement from the Register are provided by electronic method.

3. Information from the register is on paper provided based on the statement of person.

Article 7. Principle of unity of system of registration

1. In the Republic of Armenia the single system of registration of the secure right to personal estate, the cases except for provided by the law is effective. Everyone has the right to address to authorized body by means of office of servicing for the purpose of registration implementation according to the procedure, established by this Law.

Article 8. Principle of updating of data of the Register

1. If the data kept and stored by the Republic of Armenia in electronic procedure are subject also to entry in the Register, then in case of change of these data the relevant information is automatically updated also in the Register.

2. The list of the data which are subject to automatic updating establishes the Government of the Republic of Armenia.

Article 9. State fee and paid nature of additional services of authorized body

1. For the registration and other services provided by this Law the state fee in the amount of and procedure, established by the Law of the Republic of Armenia "About the state fee" is collected.

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