of December 9, 1992 No. 736-XII
Pledge transfer by one person to another of property or the right to it on security of the obligation is considered.
Owing to pledge the creditor (pawnbroker) according to the obligation provided with pledge has the right, in case of non-execution or improper execution by the debtor (pledger) of the obligation, to have satisfaction from the cost of the property pledged by the pledger mainly before other creditors according to the procedure, provided by the law.
Execution of any the obligation, valid on the law, can be provided with pledge: loan, bank loan, lease, purchase and sale, transportation of goods and other obligations between any persons of law (physical persons and legal entities, the state). The obligation shall be expressed in monetary units (in national or foreign currency).
The relations connected with pledge are regulated by this Law and other acts of the legislation.
The relations connected with pledge in the Republic of Karakalpakstan are regulated also by the legislation of the Republic of Karakalpakstan.
Provisions of this Law are applied to the relations connected with mortgage if the Law of the Republic of Uzbekistan "About mortgage" does not establish other.
If the international treaty of the Republic of Uzbekistan establishes other rules, than those which to contain in the legislation on pledge of the Republic of Uzbekistan, then rules of the international treaty are applied.
Pledge arises owing to the agreement or legal acts.
The legal act providing emergence of pledge shall contain specifying owing to what obligation and what property shall be recognized being in pledge.
Pledge can act in the form of pledge, mortgage, and also pledge of the right.
Any property, including things and property rights (requirements), except for the things withdrawn from circulation, requirements inseparably linked with the identity of the creditor, in particular, requirements about indemnification caused to life or health about the alimony and other requirements which concession to other person is forbidden by the law can be subject of pledge.
By the pledge agreement, and concerning the pledge arising based on the law, the law pledge of things and property rights which the pledger acquires in the future can be provided.
If other is not provided by the agreement or the legislation, the mortgage right to property covers also its accessories and inseparable fruits. The right of pledge extends to the fruits received as a result of use of pledged property, products and the income in the cases provided by the agreement.
The list of objects concerning which owing to their historical, scientific, art or other cultural value or for the benefit of ensuring state security application of pledge is not allowed, established by the Cabinet of Ministers of the Republic of Uzbekistan.
Pledge of separate types of property of citizens on which the address of collection is not allowed can be prohibited or limited according to the procedure, established by the legislation.
If other is not provided by the agreement or the legislation, pledge provides the requirement in that its amount what it has by the time of the actual satisfaction, in particular, percent, penalty, the indemnification caused by execution delay and also compensations of necessary expenses of the pawnbroker on content of the pawned item and expenses on collection.
Pledge can be established concerning requirements which will arise in the future, under condition if the parties agree about the amount of providing with pledge of such requirements.
The property which is in common joint property can be pledged only from written consent of all owners.
The right belonging jointly to several persons can be pledged only with the consent of all its owners.
Pledge by the owner of the share in common ownership does not require the consent of other owners.
Legal entities or physical persons can act as the pledger or the pawnbroker.
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