RESOLUTION OF THE CABINET OF MINISTERS OF THE AZERBAIJAN REPUBLIC

of February 13, 2006 No. 44

About approval of Rules of state registration of mortgage leaf

For the purpose of execution of Item 5.4 of the Presidential decree of the Azerbaijan Republic "About creation of system of mortgage loans in the Azerbaijan Republic" of September 16, 2005 299, the Cabinet of Ministers of the Azerbaijan Republic decides No.:

1. Approve "Rules of state registration of mortgage leaf" (are applied).

2. This resolution becomes effective from the date of signing.

Approved by the Resolution of the Cabinet of Ministers of the Azerbaijan Republic of February 13, 2006 No. 44

Rules of state registration of mortgage leaf

I. General provisions

1.1. These rules are prepared according to the Presidential decree of the Azerbaijan Republic "About creation of system of mortgage loans in the Azerbaijan Republic" of September 16, 2005 No. 299 and regulate the simplified state registration of mortgage leaf.

1.1-1. These rules do not extend to the mortgage leaf confirming the mortgage right to real estate.

1.2. State registration of mortgage leaf is conducted in the state register of mortgage leaf by the Central bank (further - the Central bank).

1.3. The state register of mortgage leaf - reflects data (record) about the mortgage sheets confirming the mortgage right to movable things.

1.4. Only mortgage sheets printed by the typographies which obtained the license for activities for production and sale of forms of securities of all types are registered.

II. State registration of mortgage leaf

2.1. For state registration in the Central bank of mortgage leaf the following documents are enclosed to the application of the mortgage holder:

2.1.1. the copy of the statement from the state register about personal estate;

2.1.2. the constituted and signed mortgage leaf (the signature of the physical person which constituted mortgage leaf is certified of notarial procedure);

2.1.3. the copy of the agreement on mortgage certified of notarial procedure and which underwent state registration;

2.1.4. the document confirming payment of the state fee for registration.

2.2. The submitted documents are considered within 3 (three) working days. If in documents shortcomings, discrepancies or any defects are not revealed, the mortgage leaf undergoes state registration. It makes sure behind the sign and seal of the authorized person, with indication of of the place of the name of registration body, specially allotted on the face of mortgage leaf, the Central bank, registration dates and numbers, and returns to the mortgage holder.

2.3. If the mortgage leaf does not contain the details provided by the law or does not meet the demands made to securities, does not conform to other requirements of the current legislation, the Central bank can suspend state registration of the mortgage security before elimination of these defects, and also to the decision in court of dispute over mortgage subject.

2.4. If documents are submitted by incompleteness or the right of ipotekodavatel according to the order is limited to subject of mortgage, the mortgage holder within 2 (two) working days is in writing notified on refusal in state registration of mortgage leaf with indication of causes of failure.

III. Additional state registration of mortgage leaf

3.1. In case of change of the main essence of the obligation on mortgage, the amount, completion date, change of subject of mortgage or its alienation, additional state registration of mortgage leaf with entering of corresponding changes into mortgage leaf is carried out. On additional state registration of mortgage leaf are enclosed to the application of the mortgage holder the following documents:

3.1.1. original of mortgage leaf;

3.1.2. the copy of the agreement of the transaction which served as the reason additional state registration certified of notarial procedure;

3.1.3. the document confirming payment of the state fee for additional state registration.

3.2. In case of assignment of rights on mortgage leaf the endorsement is registered additional state by the corresponding register in which the mortgage leaf is registered. Assignment of rights on mortgage leaf is performed by performing record (endorsement) on mortgage leaf about concession for benefit of other person and transfer of the mortgage sheet to it. If the endorsement is performed by physical person, its signature is certified of notarial procedure.

In case of assignment of rights on mortgage leaf if primary obligation is partially fulfilled, the legal owner of mortgage leaf makes the corresponding record about it in mortgage leaf and unexecuted part of primary obligation is considered preferential.

In endorsement the name of person to which the rights to mortgage leaf are transferred shall be specified completely and precisely. The endorsement without specifying in mortgage leaf of name of the owner of the right is not allowed.

3.3.  The Central bank enters additional state registration of mortgage leaf within 2 (two) working days in the register, in mortgage leaf the corresponding record is made, affirms for the signature and seal of the authorized person and returns to the mortgage holder.

3.4. Central Bank within 1 (one) working day represents data on registration and additional state registration of mortgage leaf to body of registration of mortgage.

IV. Cancellation of mortgage leaf

4.1. In cases, the stipulated in Clause 48 Laws of the Azerbaijan Republic "About mortgage", the mortgage holder within 5 (five) calendar days from the date of the termination of mortgage leaf shall address to the Central bank with submission of the statement and the original of mortgage leaf.

4.2. Central Bank as soon as will receive the stopped mortgage leaf, after introduction of record about cancellation of entry of mortgage leaf in the state register, on the same day sends mortgage leaf to the body which is carrying out state registration of mortgage.

4.3. The body which is carrying out state registration of mortgage as soon as receives mortgage leaf immediately cancels it putting down on its face of stamp "Is stopped" and stores in the archive.

V. Final provisions

5.1. Central Bank shall create the database about mortgage sheets and ensure safety of information.

5.2. The copy of the state registration mortgage leaf is stored in archive of the Central bank.

5.3. Abuse of regulations of state registration of mortgage leaf can be appealed in administrative and (or) legal process.

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