of April 22, 2025 No. ZRU-1060
About modification and amendments in some legal acts of the Republic of Uzbekistan in connection with further enhancement of system of satisfaction of requirements of the creditors provided with pledge
Accepted by Legislative house on February 11, 2025
Approved by the Senate on March 17, 2025
In recent years system work on providing priority of the rights of creditors concerning the property provided as ensuring obligation fulfillment, to simplification of sales processes of pledged property through auction and also to enhancement of practice of collection of the obligations provided with pledge extrajudicially is carried out.
At the same time in practice there are problems connected with ensuring timely and (or) proper execution by the debtor of obligations according to the credit (mortgage) agreement, satisfactions of the requirements of the creditor provided with pledge, addresses of collection regarding pledge in judicial and extrajudicial procedure, priority of the rights of the pawnbroker regarding pledge.
Due to the further enhancement of system of satisfaction of requirements of the creditors provided with pledge, this Law changes and additions are made to the Civil code of the Republic of Uzbekistan, the Tax code of the Republic of Uzbekistan, to the laws of the Republic of Uzbekistan "About pledge", "About mortgage", "About execution of court resolutions and acts of other bodies".
This Law will serve providing priority of the rights of creditors concerning pledged property, to enhancement of system of realization of subject of pledge extrajudicially, to simplification of processes of collection of obligations due to pledged property and to reducing share of troubled assets in credit portfolio of credit institutions.
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