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of March 20, 2008 No. 364

About mortgage

(In edition of the Laws of the Republic of Tajikistan of 21.07.2010 No. 625, 22.07.2013 No. 994)

This Law regulates legal, economic and organizational basis of the relations connected with origin, action and the termination of mortgage.

Chapter 1. General provisions

Article 1. Basic concepts

In this Law the following basic concepts are used:

mortgage - pledge of the real estate which underwent state registration in the procedure established by the law;

pledge - method of ensuring obligation fulfillment in connection with which the creditor according to the obligation provided with pledge (pawnbroker) has the right in case of non-execution by the debtor of this obligation to have satisfaction from the cost of pledged property mainly before other creditors of person to whom belongs this property (pledger), except as specified, established by the law;

the pledger - person having the property right or other corporeal right to pledged property;

the pawnbroker - person whose requirements for primary obligation are provided with pledge.

Article 2. Bases of emergence of mortgage

1. Under the agreement on mortgage one party - the pawnbroker 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 or the corporeal rights of other party - the pledger mainly before other creditors of the pledger, except as specified, established by the law.

The debtor according to the obligation provided with mortgage or person who is not participating in this obligation can be the pledger.

The property on which the mortgage is established remains at the pledger in its ownership and use.

The mortgage as encumbrance of property arises from the moment of state registration of the agreement according to the procedure, established by the law.

2. To the pledge of real estate arising based on the law in case of approach of the circumstances specified in it (further - mortgage by law), rules about the pledge arising owing to the agreement on mortgage are respectively applied if the law does not establish other.

3. The general rules about pledge containing in the Civil code of the Republic of Tajikistan are applied to the relations under the agreement of mortgage in cases when the specified Code or this Law do not establish other rules.

Article 3. Legislation of the Republic of Tajikistan on mortgage

The legislation of the Republic of Tajikistan on mortgage is based on the Constitution of the Republic of Tajikistan and consists of the Civil code of the Republic of Tajikistan, this Law, other regulatory legal acts of the Republic of Tajikistan, and also international legal acts recognized by Tajikistan.

Article 4. The obligation provided with mortgage

The mortgage can be established in providing the obligation according to the credit agreement, according to the loan agreement or other obligation, including the obligation based on purchase and sale, lease, the contract, other agreement or damnification if other is not provided by the law.

Article 5. The requirements provided with mortgage

1. The mortgage provides payment to the pawnbroker of the main amount of debt according to the credit agreement or other obligation provided with mortgage completely or in the part provided by the agreement on mortgage.

2. The mortgage established in ensuring execution of the credit agreement or 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).

3. If the agreement does not provide other, the mortgage provides also payment to the pawnbroker of the amounts which are due to it:

a) in indemnification (penalty, penalty fee, penalty) owing to non-execution, delay of execution or other improper execution of the obligation provided with mortgage;

b) in the form of the percent for unauthorized use by others money provided by the obligation provided with mortgage or the law;

c) in compensation of the legal costs and other expenses caused by the address of collection on pledged property;

d) in expense recovery, connected with realization of pledged property.

4. If the agreement does not provide other, the mortgage provides requirements of the pawnbroker in that amount what they have by the time of their satisfaction due to pledged property.

5. If in the agreement on mortgage the total firm amount of the requirements of the pawnbroker provided with mortgage is specified, obligations of the debtor to the pawnbroker in the part exceeding this amount are not considered provided with mortgage.

Article 6. Providing pawnbroker with mortgage of additional expenses

In cases when the pawnbroker 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 or protection, or on debt repayment of the pledger on the taxes connected with this property, charges or utility payments, compensation is provided to the pawnbroker of such necessary expenses due to pledged property.

Article 7. Mortgage subject

1. The property right or other corporeal right to real estate can be subject of mortgage:

a) buildings, constructions and other real estate used in business activity;

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