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LAW OF THE AZERBAIJAN REPUBLIC

of April 19, 2024 No. 1136-VIQD

About modification of the Civil code of the Azerbaijan Republic and the Law of the Azerbaijan Republic "About mortgage"

Being guided by Items 10, 12 and 13 parts I of article 94 of the Constitution of the Azerbaijan Republic, Millie DECIDES: Majlis of the Azerbaijan Republic

Article 1. In the Civil code of the Azerbaijan Republic (Collection of the legislation of the Azerbaijan Republic, 2000, No. 4 (the book I), Article 250 (Volume I); The Law of the Azerbaijan Republic of December 26, 2023 No. 1080-VIQD) to make the following changes:

1.1. under Article 316:

1.1.1. in the first offer of the word "the creditor turns into the owner" shall be replaced with words "the mortgage stops";

1.1.2. "immovable" to add the second offer after the word with words of "the termination of mortgage";

1.2. add with Article 472.4 of the following content:

"472.4. If according to the obligation provided with the guarantee agreement the subsidiary vicarious liability is provided, the vicarious liability stops from the date of the death of the debtor about day of inheritance acceptance.".

Article 2. The law of the Azerbaijan Republic "About mortgage" (Collection of the legislation of the Azerbaijan Republic, 2005, No. 6, Article 461 (Volume I) to add with Article 48.1.2-1 of the following content:

"48.1.2-1. in case of refusal of the mortgage holder of the requirement or mortgage;".

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