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The document ceased to be valid since  July 1, 2014 according to article 2 of the Federal Law of the Russian Federation of  December 21, 2013 No. 367-FZ.

LAW OF THE RUSSIAN FEDERATION

of May 29, 1992 No. 2872-I

About pledge

(as amended on 21-11-2011)

Section I. General provisions

Article 1. Concept of pledge

Pledge - method of providing the obligation in case of which the creditor pawnbroker acquires the right in case of non-execution by the debtor of the obligation to have satisfaction due to pledged property mainly before other creditors behind the withdrawals provided by the law.

Article 2. Legislation of the Russian Federation on pledge

This Law determines basic provisions about pledge.

The pledge relations which are not settled by this Law are regulated by other acts of the legislation of the Russian Federation.

If the international treaty of the Russian Federation establishes other rules about pledge, than those which contain in acts of the legislation of the Russian Federation then are applied rules of the international treaty.

Article 3. Bases of emergence of pledge

1. Pledge arises owing to the agreement or the law.

2. The law providing emergence of pledge shall contain specifying on owing to what obligation and what property shall be recognized being in pledge.

Article 4. Scope of pledge

1. The valid requirement, in particular, following from the loan agreement, including bank loan, purchase and sale agreements, property hiring, transportation of goods and other agreements can be provided with pledge.

2. Things, securities, other property and property rights can be subject of pledge.

The requirements having personal character, and also other requirements which pledge is forbidden by the law cannot be subject of pledge.

3. Pledge can be established concerning requirements which will arise in the future, under condition if the parties agree about the amount of providing with pledge of such requirements.

4. Pledge is derivative of the obligation provided to them. Existence of the rights of the pawnbroker is depending on destiny of the obligation provided with pledge.

Article 5. Pledge types

The law or the agreement can provide that the pledged property remains at the pledger or is transferred to ownership to the pawnbroker (pledge).

Pledge of goods can be performed by transfer to the pawnbroker of the tovarorasporyaditelny document which is security. Pledged securities can be transferred to the deposit of notary office or bank.

Article 6. Property as pledge subject

1. Any property which can be in accordance with the legislation of the Russian Federation alienated by the pledger can be subject of pledge.

2. The mortgage right to things covers their accessories and inseparable fruits if other is not provided by the law or the agreement. The mortgage right to things can include separable fruits only in cases, in limits and according to the procedure, provided by the law or the agreement.

3. By the agreement or the law distribution of pledge on things which can be acquired by the pledger in the future can be provided.

Article 7. Pledge of the property which is in common property

1. The property which is in common joint property can be pledged only with the consent of all owners.

2. Pledge by the owner of the share in common ownership does not require the consent of other owners.

3. The owner of the apartment independently resolves issue of delivery it as a deposit.

Article 8. Replacement of subject of pledge

Replacement of subject of pledge is allowed only with the consent of the pawnbroker. The pledge subject replacement procedure in case of pledge of goods in turnover is regulated by articles 46 and 47 of this Law.

Article 9. Pledge and insurance

1. The obligation can be assigned by the law or the contract for the pawnbroker to insure the pledged property transferred to its ownership.

2. By the law or the contract for the pledger the insurance obligation can be assigned to case of making by state bodies of actions and adoption of the acts which are stopping its economic activity, either interfering it, or adversely influencing it (confiscation, requisition of property) by them, and also liquidations or recognitions by the insolvent debtor.

3. In case of approach of insured events the pawnbroker has the right of preferential satisfaction of the requirements from the amount of insurance indemnity.

Article 10. Content and form of the pledge agreement

1. The pledge agreement shall contain the conditions providing pledge type, being of the requirement provided with pledge, its size, completion dates of the obligation, structure and cost of pledged property, and also any other conditions concerning which according to the statement of one of the parties consent shall be reached.

2. The pledge agreement shall be made in writing.

3. The pledge agreement, providing the obligations arising from the basic agreement which is subject to the notarial certificate or notarially certified by agreement of the parties, shall be also certified in the body which certified the basic agreement.

4. The condition about pledge can be included in the agreement under which there is obligation provided with pledge. Such agreement shall be made in the form established for the pledge agreement.

5. The form of the pledge agreement is determined by the legislation of the place of its conclusion. The pledge agreement signed outside the Russian Federation cannot be nullified owing to non-compliance with form if the requirements established by the legislation of the Russian Federation are observed.

The form of the pledge agreement of the buildings, constructions, the companies, the parcels of land and other objects which are in the territory of the Russian Federation and also railway rolling stock, civil air, ocean and river crafts, space objects registered in the Russian Federation irrespective of detention center of such agreement is determined by the legislation of the Russian Federation.

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