of February 11, 2021 No. ZR-35
About modification and amendments in the Civil code of the Republic of Armenia
Accepted by National Assembly of the Republic of Armenia on January 19, 2021
Article 1. Article 375 of the Civil code of the Republic of Armenia of May 5, 1998 (further - the Code) to add with part 3 following of content:
"3. For ensuring the obligation fulfillment arising from the credit agreement or the loan agreement according to which the bank or credit institution acts as the creditor or the creditor in the guarantee agreement signed with the guarantor physical person who is not the individual entrepreneur the maximum scope of responsibility of the guarantor in total expression, and also the term for which the guarantee is provided shall be specified.".
Article 2. To state article 377 of the Code in the following edition:
"Article 377. Vicarious liability
1. In case of non-execution or improper execution by the debtor of the obligation provided with the guarantee, the guarantor bears subsidiary responsibility to the creditor if joint liability of the guarantor is not provided by the law or the guarantee agreement.
2. In case of non-execution or improper execution by the debtor of the obligation provided with the guarantee according to the credit agreement or the loan agreement according to which the bank or credit institution, the guarantor acts as the creditor or the creditor - the physical person who is not the individual entrepreneur bears subsidiary responsibility to the creditor, except as specified, provided by part 3 of this Article.
3. In case of non-execution or improper execution by the debtor of the obligation provided with the guarantee according to the credit agreement or the loan agreement according to which the bank or credit institution, the guarantor acts as the creditor or the creditor - the physical person who is not the individual entrepreneur bears joint liability to the creditor if it is provided by the guarantee agreement, and at the same time at the time of the conclusion of the agreement there is, at least, one of the following conditions:
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