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of October 1, 1993 No. 862-XII

About pledge

(as amended on 23-05-2015)

Section I. General provisions

Article 1. Concept of pledge

Pledge - one of methods of ensuring obligation fulfillment in case of which the creditor - the pawnbroker acquires the privilege before other creditors to have satisfaction due to pledged property in case of non-execution by the debtor of the obligation behind the withdrawals provided by the current legislation of Turkmenistan.

Article 2. Legislation of Turkmenistan on pledge

1. The legislation of Turkmenistan on pledge is based on the Constitution of Turkmenistan and consists of this Law and other regulatory legal acts of Turkmenistan governing the mortgage relations.

2. If the international treaty of Turkmenistan establishes other rules than provided by this Law, then rules of the international treaty are applied.

Article 3. Pledge subject

1. Any property which is not withdrawn from civil circulation (the company, the building, constructions, the equipment, other business assets, securities, money) on which according to the legislation of Turkmenistan the address of collection, and also property rights, intellectual property items is allowed can be subject of pledge.

2. The requirements having personal character cannot be subject of pledge.

3. The Cabinet of Ministers of Turkmenistan establishes the list of objects which owing to their historical, cultural or other value or for reasons of state security cannot be pledge subject.

4. The rights of the pawnbroker are made from its rights of the creditor in the obligation provided with pledge and their existence is depending on destiny of the obligation provided with pledge.

Article 4. Pledger and pawnbroker

1. Physical, legal entities and the state can be the pledger and the pawnbroker (the pledge agreement party).

2. Both the debtor, and the third party (the real guarantor) can be the pledger. Person to whom the subject of pledge belongs on the property right or complete economic maintaining or operational management can be the pledger. The company to which the property is assigned on the right of complete economic maintaining performs pledge of the company in general, its structural units and divisions as property complexes, and also certain buildings and constructions with the consent of the owner of this property. The organization (organization) for which the right of operational management is reserved by property has the right to pledge property or the rights acquired for the income account from the economic activity permited organization (organization).

3. In case of pledge of the rights by the pledger there can be person to whom they belong. The right belonging jointly to several persons can be pledged only from written consent of all its owners.

4. The specialized organizations (pawnshops) as which issue of money loans on the security of property enters can be created by the state, legal entities or physical persons.

Non-state pawnshops perform the activities based on permissions of executive bodies on places.

Banks, licenses for making of banking activities which are granted by the Central bank of Turkmenistan treat the specialized organizations making issue of loans on the security.

Article 5. Bases of emergence of pledge

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

2. If pledge arises by law, then in the law shall be specified owing to what obligation and what property is recognized being in pledge.

Article 6. 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) or to the third party. Pledge of goods can be performed by transfer to the pawnbroker of the tovarorasporyaditelny document which is security.

Article 7. Property as pledge subject

1. Any property which according to the legislation of Turkmenistan can be alienated by the pledger can be subject of pledge.


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