of June 23, 2014 No. 169-FZ
About introduction of amendments to articles 31 and 61 of the Federal Law "About mortgage (pledge of the real estate)
Accepted by the State Duma of the Russian Federation on June 10, 2014
Approved by Council of the Russian Federation on June 18, 2014
Bring in the Federal Law of July 16, 1998 No. 102-FZ "About mortgage (pledge of the real estate)" (The Russian Federation Code, 1998, No. 29, Art. 3400; 2005, No. 1, Art. 42; 2008, No. 52, Art. 6219; 2009, No. 1, Art. 14; No. 29, Art. 3603; 2011, No. 50, Art. 7347) following changes:
Article 31 to state 1) in the following edition:
"Article 31. Insurance of pledged property. Liability insurance of the borrower and financial risk insurance of the creditor
1. Proprietary insurance, pledged under the agreement on mortgage, is performed in accordance with the terms hereof. The insurance contract of the property pledged under the agreement on mortgage shall be put into advantage of the pawnbroker (beneficiary) if other is not stipulated in the agreement on mortgage or in the agreement attracting emergence of mortgage by law or in the mortgage.
2. In case of absence in the agreement on mortgage of other conditions on insurance of pledged property the pledger shall insure at own expense this property in all-in cost against risks of loss and damage and if all-in cost of property exceeds the size of the obligation provided with mortgage, - on the amount the amounts of this obligation are not lower.
3. The pawnbroker has the right to satisfaction of the requirement for the obligation provided with mortgage, is direct from insurance indemnity for loss or damage of pledged property irrespective of in whose advantage it is insured. This requirement is subject to satisfaction mainly before requirements of other creditors of the pledger and persons in whose advantage insurance, behind the withdrawals established by the Federal Law is performed.
The pawnbroker loses the right to satisfaction of the requirement from insurance indemnity if loss or damage of property happened for the reasons for which he is responsible.
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