Document from CIS Legislation database © 2003-2022 SojuzPravoInform LLC

RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of December 4, 2002 No. 422

About approval of procedure for the address of collection on liquid property of borrowers in case of untimely debt repayment on the credits of banks

(as amended on 16-06-2020)

In pursuance of the Presidential decree of the Republic of Uzbekistan of March 30, 2002 the No. UP-3047 "About Measures for Restriction of Growth of Money Supply and Increase in Responsibility for Respect for Financial Discipline" Cabinet of Ministers decides:

1. Approve the Procedure for the address of collection on liquid property of borrowers in case of untimely debt repayment on the credits of banks according to appendix.

2. To Central Bank, the State Property Committee, the Ministry of Internal Affairs of the Republic of Uzbekistan, Uzgeodezkadastr and the State committee on land resources together with the Ministry of Justice to bring the regulatory legal acts into accord with this resolution.

3. Ceased to be valid according to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of 16.06.2020 No. 384

4. To impose control over the implementation of this resolution on the Chairman of the Central bank of the Republic of Uzbekistan Mullazhanov F. M.

Chairman of the Cabinet of Ministers

I. Karimov

Appendix

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of December 4, 2002 No. 422

Procedure for the address of collection on liquid property of borrowers in case of untimely debt repayment on the credits of banks

1. This Procedure N UP-3047 "About Measures for Restriction of Growth of Money Supply and Increase in Responsibility for Respect for Financial Discipline" is developed according to the Presidential decree of the Republic of Uzbekistan of March 30, 2002 and regulates the procedure of the address of collection on other, free from pledge, liquid property of borrowers in case of untimely execution by borrowers of the obligations on the credit if the cost of pledged property is insufficient for covering of the requirement of creditor bank.

2. For the purpose of this Procedure the following concepts are applied:

creditor bank - the bank which granted the loan;

the borrower - the legal entity or physical person which obtained the credit in creditor bank;

liquid property - easily implementable property of the borrower, including objects of social infrastructure, vehicles, computer and other equipment, and also other property of the borrower.

3. In case of shortcoming at the funds borrower, the creditor bank has the right to repay the debt on the credit at the expense of liquid property of the borrower based on the written agreement signed and notarially certified according to the procedure, established by the legislation, or by the address of collection on liquid property of the borrower judicially.

The written agreement between creditor bank about debt repayment on the credit at the expense of liquid property of the borrower can be signed before complete debt repayment on the credit and interest payments at any time.

4. The right of creditor bank to debt repayment on the credit at the expense of liquid property of the borrower, the list of liquid property of the borrower who is subject to realization in case of default of debt on the credit, and also procedure for realization of this property are determined by the agreement between creditor bank and the borrower.

5. In case of untimely repayment by the borrower of debt on the credit in connection with lack of money, the creditor bank in writing notifies the borrower on the intention to repay the debt on the credit at the expense of its liquid property with indication of types of property which the bank agrees to count debt repayments on the credit.

6. No later than 15 days from the date of receipt of the notification the borrower shall send to creditor bank the written answer.

7. In case of the borrower's disagreement the creditor bank has the right to take a legal action with the claim for the address of collection on liquid property of the borrower for the purpose of debt repayment on the credit according to the procedure established by the legislation.

8. The liquid property of the borrower is implemented through the electronic online auctions organized SUE Center for the Organization of Electronic Online Auctions under the Agency on management of the state assets of the Republic of Uzbekistan, according to the procedure established by the legislation and is not removed from auction before its realization.

9. Initiator of the organization of the public biddings for the purpose of realization of liquid property of the borrower is the creditor bank.

10. Not later than 15 days before carrying out the public biddings the creditor bank shall notify the borrower on date and the place of their carrying out.

11. The borrower has the right to participate in the public biddings in accordance with general practice.

12. The payment amount which is subject to transfer to creditor bank is transferred into the special account opened by creditor bank for realization of liquid property of the borrower.

13. Distribution of the means which arrived from the public biddings is performed in the procedure established by the legislation.

14. If the sum realized in case of realization of property is insufficient for covering of requirements of creditor bank, it has the right, in the absence of other specifying in the legislation or the agreement, to receive the missing amount from other property of the borrower in accordance with general practice.

15. If the sum realized in case of realization of liquid property of the borrower exceeds debt of the borrower on the credit to creditor bank, the difference returns to the borrower.

16. Disagreements between creditor bank and the borrower are permitted in accordance with the terms of the agreement. In case of impossibility of permission of the arisen disagreements by mutual consent, the parties have the right to take a legal action.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

Effectively work with search system

Database include more 50000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SojuzPravoInform LLC. UI/UX design by Intelliants.