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LAW OF THE REPUBLIC OF UZBEKISTAN

of October 23, 2013 No. ZRU-356

About the mortgage register

Accepted by Legislative house on July 19, 2013

Approved by the Senate on August 22, 2013

Article 1. Purpose of this Law

The purpose of this Law is regulation of the relations in the field of maintaining the mortgage register.

Article 2. Legislation on the mortgage register

The legislation on the mortgage register 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 the mortgage register then are applied rules of the international treaty.

Article 3. Basic concepts

In this Law the following basic concepts are applied:

the mortgage register - the single information database containing records about the rights of creditors to the property of debtors provided as ensuring obligation fulfillment and also about the restriction of the rights of the debtor on the order with property and use imposed according to the law it and other requirements connected with ensuring proper execution by the debtor of the obligations (further - records);

 the creditor - the legal entity or physical person having the right to demand from the debtor of execution of its obligations, and in cases of non-execution of obligations - on preferential satisfaction of the requirements at the expense of property of the debtor presented as ensuring obligation fulfillment;

the debtor - the legal entity or physical person obliged to make action for benefit of the creditor, connected with cession of property, performance of works, rendering services, payment of money or execution of other obligations which violation attracts creditor preference to turn the claim to property of the debtor provided to them as ensuring obligation fulfillment;

users - the legal entities and physical persons which are acting as the creditor, the debtor, having the right to entering of record into the mortgage register based on the agreement signed with the organization for maintaining the mortgage register and also the investigation authorities and inquiries having according to the law rights to impose restriction for the order with property and use of it, bodies of the public Tax and Customs Service;

unique registration number - the individual registration number assigned to the record entered in the mortgage register.

Article 4. Maintaining the mortgage register

Maintaining the mortgage register includes introduction, change and exception of records.

Maintaining the mortgage register is assigned to the organization for maintaining the mortgage register created under the Central bank of the Republic of Uzbekistan.

Article 5. Powers of the organization for maintaining the mortgage register

Organization for maintaining the mortgage register:

provides access to the mortgage register for introduction of record based on the agreement signed with each addressed legal entity or physical person and also for use to them in real time, including through information network the Internet;

provides to legal entities and physical persons consulting services in use of the mortgage register;

explains to the addressed legal entities and physical persons of effect of entering of record into the mortgage register;

 provides information search capability in the mortgage register on identification taxpayer number - the debtor or to unique registration number of record;

 provides to the user information electronically, and in necessary cases on paper about the made record.

Article 6. Rights of users

Users have the right:

enter records in the mortgage register and change them;

exclude records from the mortgage register;

receive statements from the mortgage register.

Users can have and other rights according to the legislation.

Article 7. Obligations of users

Users shall:

 enter the records in the mortgage register containing objective and authentic data;

provide regular updating of the record entered by them in the mortgage register.

 Users can perform also other duties according to the legislation.

Article 8. The record entered in the mortgage register

Record is entered in the mortgage register about:

the rights of creditors to the property of debtors provided by them as ensuring obligation fulfillment (pledge) and also the rights arising from other bases provided by the law including deduction, leasing, sale of goods with preserving for the seller (creditor) of the property right to goods before its payment, transfer of property on property on condition of approach of certain event in the future, purchase and sale of goods with delay or payment by installments of payment;

the judgment which took legal effect about the address of claim to property of the debtor;

restriction of the rights of the debtor on the order with property and use of it (the servitude, seizure of property, suspension of transactions according to bank accounts);

requirements about debt repayment for taxes and other obligatory payments of the debtor;

other requirements arising in case of non-execution of secured liability of the debtor.

Article 9. Entering of record into the mortgage register

Entering of record into the mortgage register is performed by the user electronically.

The record entered in the mortgage register shall contain:

 information on the debtor and the creditor (identification taxpayer number, surname, name and middle name - for physical persons or the name and form of business - for legal entities);

description of property of the debtor and creditor's rights to this property.

The record entered according to part two of this Article automatically is fixed in the mortgage register with indication of time and date of introduction of record and assignment of unique registration number by it.

If other is not provided by the law, time and date of entering of record into the mortgage register are the basis for determination of priority, creditor preference before other creditors and the third parties on the address of claim to property of the debtor, satisfaction of other requirements in cases of non-execution by the debtor of the obligations.

For entering of record into the mortgage register the payment, conditions of collection and which size are determined by the Cabinet of Ministers of the Republic of Uzbekistan is levied.

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