of December 30, 2014 No. ZR-264
About modification and amendments in the Civil code of the Republic of Armenia
Accepted by National Assembly of the Republic of Armenia on December 17, 2014
Article 1. To add the civil code of the Republic of Armenia of May 5, 1998 (further – the Code) with Chapter 14.1 of the following content:
"Chapter 14.1. The guaranteed right
Article 225.1. Concept and subject of the guaranteed right
1. The guaranteed right is the right of the creditor on the relation of property or property right or the debtor's right by law or agreements, in ensuring obligation fulfillment.
2. The relations connected with the pledged real estate are regulated by Chapter 15 of this Code.
3. Any property, including – property right, except for property, out of service can be subject of the guaranteed right; the requirements inseparably linked with the identity of the creditor, including requirements of aliment, compensation of damage caused to life or health; the state (treasurer) nominal shares which conditions of release provide that these securities are not subject to pledge; and the rights which concession to other person is banned by law.
4. The guaranteed right extends also to property which appears directly or indirectly as a result of use, ownership or management of subject of the guaranteed right, and also the safety compensation of subject of the guaranteed right, except as specified, established by the law and the agreement.
5. The guaranteed right arises and is effective from the moment of emergence of the obligation before proper execution of the obligation.
6. The description of subject of the right guaranteed by the agreement happens general or specific. If subject of the right guaranteed by the agreement it is possible to determine by attributive or descriptive signs, that specific description of subject of the guaranteed right is obligatory.
7. Collection of subject of the guaranteed right without appeal to the court is performed in stipulated in Clause the 249th of this Code procedure if:
1) it is provided by the agreement, or
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