of October 4, 2006 No. ZRU-58
About mortgage
Accepted by Legislative house on June 28, 2006
Approved by the Senate on August 25, 2006
The purpose of this Law is regulation of the relations arising in case of application of pledge of real estate (further mortgage).
The legislation on mortgage consists of this Law and other acts of the legislation.
If the international treaty of the Republic of Uzbekistan establishes other rules, than those which are stipulated by the legislation the Republic of Uzbekistan about mortgage then are applied rules of the international treaty.
The mortgage arises based on the agreement on mortgage (mortgage based on the agreement) or based on the law (mortgage based on the law).
Under the agreement on mortgage one party - the pawnbroker (further - the mortgage holder) who is the creditor according to the obligation provided with mortgage has the right to have satisfaction of the monetary claims to the debtor according to this obligation from the cost of the pledged real estate of other party - the pledger (further - ipotekodatel) mainly before other creditors of ipotekodatel, except as specified, established by this Law.
Rules about the mortgage arising based on the agreement on mortgage are applied to mortgage based on the law in case of approach of the circumstances specified in it if other is not established by the law.
The mortgage has derivative nature from primary obligation and is valid before the termination of primary obligation.
The general rules about pledge containing in the Civil code of the Republic of Uzbekistan and the Law of the Republic of Uzbekistan "About pledge" are applied to the relations on mortgage if other rules are not established by this Law.
The debtor according to the obligation provided with mortgage or the third party who is not participating in this obligation (the real guarantor) can be Ipotekodatel.
The property on which the mortgage is established remains in ownership and use of ipotekodatel if other is not provided by the agreement on mortgage.
The mortgage can be established in ensuring obligation fulfillment according to the credit agreement, the loan agreement or other agreement, including the obligation based on purchase and sale agreements, leases, the contract, and also arising from damnification if other is not established by the law.
Real estate, including buildings, constructions, apartments in apartment houses can be subject of mortgage, the companies, other property complexes, and also the parcels of land of nonagricultural appointment which are in property of legal entities and physical persons other property carried by the law to immovable and it is right on which are registered in the procedure established by the legislation.
Rules about mortgage are applied also to pledge:
incomplete construction of the property built on the parcel of land according to the requirements established by the legislation;
the rights to the parcels of land provided according to the legislation for individual housing construction or maintaining Dehkan economy;
the rights of the lessee according to the lease of real estate (the lease right) if other is not provided by the agreement or the law;
the rights of lease of the parcel of land if other is not provided by the agreement or the law.
The real estate withdrawn from circulation and which is not subject to alienation cannot be subject of mortgage.
Types and groups of companies cannot be subject of mortgage and property concerning which the legislation provides obligatory privatization or privatization it is prohibited or limited.
The mortgage provides payment to the mortgage holder of the main amount of debt according to the obligation provided with mortgage in full or in the part provided by the agreement on mortgage.
The mortgage established in ensuring obligation fulfillment according to the credit agreement or the loan agreement with interest payment condition provides also payment to the creditor (creditor) of the interests on credit which are due to it (borrowed funds).
If other is not provided by the agreement, the mortgage provides also payment to the mortgage holder of the amounts which are due to it in compensation:
losses and (or) as penalty (penalty, penalty fee) owing to non-execution, delay of execution or other improper execution of the obligation provided with mortgage;
the legal costs and other expenses caused by the address of collection on pledged property;
selling expenses of pledged property.
If in the agreement on mortgage the total firm amount of the requirements of the mortgage holder provided with mortgage is specified, obligations of the debtor to the mortgage holder in the part exceeding this amount are not considered provided with mortgage, except for the requirements specified in paragraphs the second and fourth to part three of this Article or in article 8 of this Law.
In cases when the mortgage holder in accordance with the terms of the agreement on mortgage or owing to need to provide preserving the property pledged under this agreement is forced to incur expenses on its content and (or) protection or on debt repayment of ipotekodatel on the taxes connected with this property, charges or utility payments, compensation is provided to the mortgage holder of such necessary expenses due to pledged property.
The mortgage can be established on the property specified in article 6 of this Law which belongs to ipotekodatel on the property rights and other corporeal rights or on contractual basis if other is not established by the legislation.
The list of objects concerning which owing to their historical, scientific, art or other cultural value, or for the benefit of ensuring state security application of mortgage is not allowed, established by the Cabinet of Ministers of the Republic of Uzbekistan.
If subject of mortgage is the property on which alienation consent or permission of other person or body is required, the same consent or permission it is necessary for mortgage of this property.
The property which is in common joint property (without determination of share of each of owners in the property right), can be transferred to mortgage only from written consent of all owners.
The participant of common ownership can give to mortgage the share in the right to common property without the consent of other owners.
The agreement on mortgage is signed with observance of provisions of this Law and other acts of the legislation.
In the agreement on mortgage shall be specified mortgage subject with indication of its name, the location and the description, sufficient for its identification, its assessment, being, the size, completion date of the obligation provided with mortgage and specifying what of the parties has pledged property, and also other data concerning which the consent of the parties is reached.
In the agreement on mortgage shall be specified the right owing to which the property which is mortgage subject belongs to ipotekodatel, and the name of the body of state registration of the rights to the real estate (further - registering body) which registered this right of ipotekodatel.
If subject of pledge is the lease right belonging to the pledger, the leased property shall be determined in the agreement of pledge the same as if it was mortgage subject, and the lease term shall be specified.
Assessment of subject of mortgage is performed under the agreement between ipotekodatel and the mortgage holder or by evaluating subject of mortgage according to requirements of the legislation on estimative activities.
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