of March 12, 2005 No. 49
Accepted by General Court of Jogorku Kenesh of the Kyrgyz Republic on January 20, 2005
1. Pledge is method of ensuring execution of the cash or expressed in cash obligation on the security of the property right or other corporeal right to property. Owing to pledge the creditor according to the obligation provided with pledge (pawnbroker) has the right in case of non-execution, improper execution by the debtor of the obligation to have satisfaction of the requirements from the cost of pledged property mainly before other creditors of the pledger behind the withdrawals established by this Law.
2. Pledge arises based on the law or the agreement signed between the pledger and the pawnbroker according to provisions of the Civil code of the Kyrgyz Republic and this Law. Such agreement can be either the separate agreement, or part of the agreement leading to emergence of the obligation provided with pledge.
Pledge gives to the pawnbroker the rights to pledged property according to this Law. The pawnbroker performs the rights in accordance with the terms, provided in the pledge agreement.
3. With pledge execution of any the obligation, valid on the law, between any persons of law (physical persons and/or legal entities, the state) can be provided.
All subsequent references in this Law to pledges include also mortgage if other does not follow from being of the agreement and any reference to the pawnbroker or the pledger is the reference to the pawnbroker or the pledger on pledge or on mortgage.
4. The pawnbroker has the right to have on the same beginnings satisfaction from insurance indemnity for loss or damage of pledged property irrespective of in whose advantage it is insured if only loss or damage did not happen because of the pawnbroker.
1. The legislation of the Kyrgyz Republic on pledge consists of the Civil code of the Kyrgyz Republic, this Law and other regulatory legal acts of the Kyrgyz Republic.
If other is not provided in the Civil code of the Kyrgyz Republic, features of legal relationship on pledge are regulated by the land, bank law and the legislation on bankruptcy.
2. If the international treaties which became effective in the procedure established by the law establish other rules, than those which are provided by this Law are applied rules of the international treaty.
2-1. Citizens and legal entities are free in establishment of the rights and obligations on the basis of the agreement and in determination of any, not contradicting the civil legislation, terms of the contract.
3. Foreign physical persons and legal entities, and also stateless persons in the relations on pledge have the same rights and perform the same duties, as physical persons and legal entities of the Kyrgyz Republic, considering the features provided by the laws of the Kyrgyz Republic.
The pledge agreement - the agreement under which one party - the pawnbroker who is the creditor according to the obligation provided with pledge (primary obligation) has the right to have satisfaction of the monetary claims to the debtor according to this obligation from the cost of pledged property or the corporeal rights (pledge subject) of other party - the pledger mainly before other creditors of the pledger behind the withdrawals established by this Law.
The pledger - person having the property right or other corporeal right regarding pledge. The debtor according to the obligation provided with pledge or the third party who is not participating in this obligation can be the pledger.
The pawnbroker - person whose requirements for primary obligation are provided with pledge.
Pledged property - any property specified in article 4 of this Law, provided as a deposit.
Personal estate - the things which are not relating to the real estate including money and securities.
Real estate - the parcels of land, subsoil plots, the isolated water objects and everything that is firmly connected with the earth, that is objects which movement without disproportionate damage to their appointment is impossible, including, the woods, long-term plantings, buildings, constructions, etc.
Registration of right to claim on obligation fulfillment (under the agreement) concerning personal estate - the voluntary procedure performed electronically by means of which the right to claim on obligation fulfillment (under the agreement) concerning personal estate is registered in the Unified State Register of Rights of the requirement of personal estate. Registration of right to claim (under the agreement) concerning personal estate determines the priority right of the pawnbroker by obligation fulfillment.
Registration of the rights to the pledged real estate - compulsory procedure of registration of the rights and encumbrances (restrictions) for real estate by means of which the mortgage arising based on the law, or the rights following from the pledge agreement of real estate (mortgage) are registered in the Unified State Register of Rights on real estate, according to requirements of the legislation of the Kyrgyz Republic about state registration of the rights to real estate. Registration of pledge allocates the previous pawnbroker who registered pledge, privileges over creditors (pawnbrokers) of the subsequent pledges to the same subject of pledge and also in relation to any third parties.
Pledge of real estate based on the law (mortgage by law) - the pledge arising in case of real estate acquisition with use of loan money (credit) of bank or other credit institution or means of the target loan granted by other legal entity or physical person. Pawnbroker at the same time is the bank or other credit institution which provided money (credit), or other legal entity or physical person which granted target loan on real estate acquisition. Rules about the pledge arising owing to the agreement on mortgage by law are respectively applied to mortgage if the law does not establish other.
The registered pledge - the pledge which underwent the procedure of registration according to Chapter 2 of this Law.
Mortgage registration office - the state body operating according to this Law which obligations is maintaining the Unified State Register of Rights of the requirement of personal estate and entering of record into the mortgage notification based on the statement of the pawnbroker which is registered in the Unified State Register of Rights of the requirement of personal estate.
The mortgage notification - the record registered in the Unified State Register of Rights of the requirement of personal estate electronically, containing data on registration, modification and the termination of right to claim on obligation fulfillment (under the agreement) concerning personal estate.
The statement - the form of the established sample containing the main information on right to claim on obligation fulfillment (under the agreement) concerning personal estate, provided by the pawnbroker in Mortgage registration office which is registered in the Unified State Register of Rights of the requirement of personal estate. The statement is the basis for entering of the corresponding record into the mortgage notification Mortgage registration office.
The Unified State Register of Rights of the requirement of personal estate - the single electronic database of the registered rights of requirements for obligation fulfillment (under the agreement) concerning personal estate.
The Unified State Register of Rights on real estate - the single state system of registration of the rights to real estate installed according to the Law of the Kyrgyz Republic "About state registration of the rights to real estate".
The mortgage mortgage - the documentary order security certifying the rights of its owner on:
- receipt of execution according to the monetary commitment provided with mortgage without submission of other proofs of existence of this obligation;
- receipt of satisfaction of the obligations provided with mortgage, at the expense of the property encumbered with mortgage according to the procedure, established by the legislation of the Kyrgyz Republic.
1. The property right or other corporeal right to any personal or real estate, things or the rights which can be aloof according to the procedure, established by the legislation of the Kyrgyz Republic can be subject of pledge.
2. Any personal or real estate, including any goods, fixed assets and current assets, structures, buildings, constructions, including incomplete construction the equipment, inventory stocks, finished goods, precious metals without any limit, plantings, objects material and objects of spiritual culture, cash liquidity (both in national, and in foreign currency), credit and monetary tools and their derivatives, certificates on securities and other property which is not withdrawn from civil circulation can be subject of pledge.
3. The property rights belonging to the pledger, including royalty on use of property right, the rights to money, rights to use, including the rights of the lessee, the right of receipt of benefit from things which do not belong to the pledger on the property right, the intellectual property rights, the rights to securities in the form of record, debt requirements and other rights (requirements) following from contractual commitments can be subject of pledge. The right with certain effective period can be pledge subject only before the expiration of its action.
4. As subject of pledge also things or the rights which will arise in the future, including future inventories of the made products of the pledger, or receivables without any limit can act.
5. Rules about pledge of real estate are respectively applied to guarantee of right to use by the parcel of land, the rights of the lessee according to the lease of such property (the lease right) as other is not provided by the law and does not contradict being of the relations.
6. If other is not provided by the pledge agreement, the main thing which is pledge subject is considered pledged together with its accessories as a unit. Part of property which Section in nature is impossible without change of its appointment (indivisible thing) cannot be independent subject of pledge.
7. The parcel of land of agricultural purpose created from land shares of members of one family is pledged according to the procedure, the stipulated in Clause 49 these Laws.
8. Subject of pledge the be rights having personal character, including the right to the salary, pension or the right to personal services cannot.
1. Pledge of the building, construction or the apartment house extends to the parcel of land on which there are this building, construction or the apartment house, and also to that part of the parcel of land which is necessary for use of the pledged object according to its appointment, but, according to the pledge agreement, the right of pledge can extend to all parcel of land, inseparable from the building, construction or the apartment house.
2. In case of pledge of the parcel of land on which there is building the construction or the apartment house which are not pledge subject under this agreement, that part of the parcel of land on which there are these the building, construction or the apartment house, and also the part of the parcel of land necessary for use of object according to its appointment shall be allocated in the independent parcel of land which is not pledge subject.
1. Participants of the mortgage relations are citizens and legal entities of the Kyrgyz Republic, foreign citizens and legal entities (including foreign banks and non-bank financial credit institutions), the Kyrgyz Republic, and also the states having the property right regarding pledge.
2. Commercial banks and non-bank financial credit institutions perform the transactions connected with pledge according to the legislation of the Kyrgyz Republic and taking into account the requirements established by National Bank of the Kyrgyz Republic.
3. Pawnbrokers according to the pledge agreement of lands of agricultural purpose are the banks and non-bank financial credit institutions which obtained licenses or certificates of National Bank of the Kyrgyz Republic.
4. Pledgers according to the pledge agreement of lands of agricultural purpose are the citizens of the Kyrgyz Republic having the property right regarding pledge.
1. Can be pledged any property (things) or rights which belong to the pledger on the property right or other corporeal right, behind the withdrawals established by this Law.
2. In case of pledge of the rights by the pledger there can be only person who belongs the pledged right.
The person having right to use, having the right to pledge the right to use including the lease right which can be pledge subject only with the consent of the lessor if the law or the agreement do not provide other.
3. The property belonging to the pledger on the right of economic maintaining or operational management can be pledge subject with the consent of his owner.
4. Transfer to pledge of the property withdrawn or limited in civil circulation or property which privatization is forbidden or concerning which in established by the law procedure obligatory privatization, and also property on which according to the law collection cannot be turned is provided is not allowed.
5. If subject of pledge is real estate on which alienation consent or permission of other person or body is required, then the same consent or permission it is necessary for pledge of this property.
6. The property which is in common joint property (without determination of share of each owner in common property), can be pledged only from the written consent of all his owners or governing body chosen by owners for management of their property. In case of emergence after cession of property as proof of additional owners, consent from their party it is not required.
7. The participant of common ownership has the right to pledge the share in common property without the consent of other owners if the share of each of owners is determined in the right of common property. In case of the address upon the demand of the pawnbroker of collection on this share in case of its sale rules of the Civil code of the Kyrgyz Republic about the privilege of purchase of share in the right of common property and about the address of collection on share in common property are applied.
8. Members of cooperative or other companies with common property can independently or collectively pledge the rights to the company according to the procedure, established by the legislation of the Kyrgyz Republic.
In the consent of all members of this company the decision on pledge of all or any of parts of property of this company can be made.
9. The owner of the apartment in the apartment house independently makes the decision on transfer it as a deposit.
1. In case of refusal the pledger to fulfill the requirement of the pawnbroker for replacement of pledged property according to subitem 4 of article 31 of this Law the pawnbroker can require early accomplishment of secured liability and turn collection on pledged property.
2. The pledger has the right at any time to demand early termination of pledge by accomplishment of the obligation provided with pledge if other is not provided in the pledge agreement.
3. If the obligation is money debt, and the pledger - physical person, the pledger can stop pledge before the term established in the pledge agreement by the debt repayment provided with pledge if other is not provided by the agreement.
1. Pledge can be established in providing the obligation according to the credit agreement, the loan agreement or other the cash or expressed in cash obligation, including the obligation based on purchase and sale, lease, the contract, damnification and other contracts with extension of the deadline for executing obligations if other is not provided by the law.
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