of July 7, 2016 No. 101
About mortgage securities
Accepted by Jogorku Kenesh of the Kyrgyz Republic of June 2, 2016
1. This Law governs the relations arising in case of issue and the circulation of mortgage securities, and also in case of obligation fulfillment according to mortgage securities.
2. The relations connected with mortgage mortgages are regulated by this Law only regarding their use as a part of mortgage covering.
For the purposes of this Law the following basic concepts are used:
1) the mortgage security - the bond with mortgage covering or the hypothecation certificate of participation;
2) mortgage covering - the requirements about return of the main amount of debt and about interest payment for credit agreements and loan agreements provided with mortgage certified by mortgage mortgages and also money in national currency of the Kyrgyz Republic and (or) foreign currency, government securities of the Kyrgyz Republic, real estate in the cases established by this Law;
3) the mortgage mortgage - the personalized security certifying the following rights of her legal owner:
a) the right to execution according to the monetary commitments provided with mortgage without submission of other proofs of existence of these obligations;
b) the right to satisfaction of the obligations provided with mortgage at the expense of the property encumbered with mortgage;
4) the hypothecation certificate of participation - the personalized security certifying share of its owner in the right of common property to mortgage covering, the right to demand from the issued her face of proper trust management of mortgage covering, the right to the money received in obligation fulfillment, requirements for which constitute mortgage covering, and also other rights provided by this Law;
5) the bond with mortgage covering - the bond on which obligation fulfillment is provided with pledge of mortgage covering;
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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