LAW OF THE REPUBLIC OF ARMENIA

of March 23, 2020 No. ZR-141

About introduction of amendments and changes in the Civil code of the Republic of Armenia

Accepted by National Assembly of the Republic of Armenia on March 6, 2020

Article 1. In Article 225.1 of the Civil code of the Republic of Armenia of May 5, 1998 (further - the Code):

1) part 4 after the word "orders" to add with the words "including on the fruits received in their result, products and the income";

2) the second offer of part 6 to exclude;

To add 3) with parts 6.1-6.4 following of content:

"6.1. In case of establishment of the general description of subject of the secure right in the agreement it is specified about all property or about separate types of property or about group of the property caused by any signs which will be subject of the secure right. The general description of subject of the secure right shall match the description of the property which is part of subject of the secure right and to give the chance to reasonably identify property at the time of distribution of confiscation on it.

6.2. In the contract with the general description of subject of the secure right, in addition to subject of the secure right, the total cost of subject of the secure right to the moment of the conclusion of the agreement shall be specified also if other is not provided by the agreement. In the course of validity the structure of subject of the secure right can change, including the property which is part of subject of the secure right can be alienated on condition of not reduction of the total cost of subject of the secure right established by the agreement if other is not provided by written consent of the parties.

6.3. If the general description of subject of the secure right, the property which is part of subject of the secure right is established from the moment of alienation stops being subject of the secure right, and the property belonging to the group of property or types of property specified in the agreement within total cost of subject of the secure right becomes subject of the secure right if other is not provided by the law or the agreement.

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