LAW OF THE AZERBAIJAN REPUBLIC

of October 30, 2018 No. 1298-VQD

About modification of the Law of the Azerbaijan Republic "About mortgage"

Being guided by Item 13 of part 1 of article 94 of the Constitution of the Azerbaijan Republic, Millie decides Majlis of the Azerbaijan Republic:

Article 1

Bring in the Law of the Azerbaijan Republic "About mortgage" (Collection of the legislation of the Azerbaijan Republic, 2005, No. 6, Article 461; 2007, No. 5, Article 436, No. 11, Article 1053; 2008, No. 5, Article 348; 2009, No. 12, Article 948; 2011, No. 7, Article 591; 2017, No. 10, Article 1773) following changes:

1.1. replace at the end of Article 1.0.2 semicolon with point and add the second offer of the following content:

"The mortgage security affirming the mortgage right to the real estate is drawn up in the form of bank personalized security;";

1.2. Add Article 1.0.3-1 of the following content:

"1.0.3-1. the owner of the mortgage security affirming the mortgage right to the real estate - person which drew up the property right to the mortgage security in electronic system (further - electronic system) the mortgage security;";

1.3. add in Article 1.0.5 after the words "legal owner" the word "(owner)";

1.4. add in Article 11.4 in both cases after the word "issues" of the word "or registrations";

1.5. under Article 12:

1.5.1. add Articles 12.4-1 and 12.7-1 of the following content:

"12.4-1. If the rights of the mortgage holder to the real estate are certified by the mortgage security, the body of state registration receives through electronic system of the data on the mortgage security.

12.7-1. If the rights of the mortgage holder to the real estate are certified by the mortgage security, the mortgage security is signed by the digital signature of the authorized person of body of registration with indication of the name of the body conducting state registration, the registration moment (date and time) and number, and to the mortgage holder and ipotekodatel through electronic system the notification goes.";

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