of December 9, 1992 No. 736-XII
About pledge
Pledge transfer by one person to another of property or the right to it on security of the obligation is considered.
Owing to pledge the creditor (pawnbroker) according to the obligation provided with pledge has the right, in case of non-execution or improper execution by the debtor (pledger) of the obligation, to become widespread from the cost of the property pledged by the pledger mainly before other creditors according to the procedure, provided by the law.
Execution of any the obligation, valid on the law, can be provided with pledge: loan, bank loan, lease, purchase and sale, transportation of goods and other obligations between any persons of law (physical persons and legal entities, the state). The obligation shall be expressed in monetary units (in national or foreign currency).
The relations connected with pledge are regulated by this Law and other acts of the legislation.
The relations connected with pledge in the Republic of Karakalpakstan are regulated also by the legislation of the Republic of Karakalpakstan.
Provisions of this Law are applied to the relations connected with mortgage if "About mortgage" other is not established by the Law of the Republic of Uzbekistan.
If the international treaty of the Republic of Uzbekistan establishes other rules, than those which to contain in the legislation on pledge of the Republic of Uzbekistan, then rules of the international treaty are applied.
Pledge arises owing to the agreement or legal acts.
The legal act providing emergence of pledge shall contain specifying owing to what obligation and what property shall be recognized being in pledge.
Pledge can act in the form of pledge, mortgage, and also pledge of the right.
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