LAW OF THE KYRGYZ REPUBLIC

of August 2, 2016 No. 163

About introduction of amendments to the Law of the Kyrgyz Republic "About pledge"

Accepted by Jogorku Kenesh of the Kyrgyz Republic on June 30, 2016

Article 1. Bring in the Law of the Kyrgyz Republic "About pledge" (Sheets of Jogorku Kenesh of the Kyrgyz Republic, 2005, No. 6, the Art. 377) the following changes:

Article 3 to add 1) with paragraphs of the following content:

"The mortgage mortgage - the documentary order security certifying the rights of its owner on:

- receipt of execution according to the monetary commitment provided with mortgage without submission of other proofs of existence of this obligation;

- receipt of satisfaction of the obligations provided with mortgage, at the expense of the property encumbered with mortgage according to the procedure, established by the legislation of the Kyrgyz Republic.";

Article 11 to add 2) with Item 9 of the following content:

"9. In case of issue mortgage mortgage subsequent pledge of such property is insignificant.";

Article 19 to add 3) with Item 5 of the following content:

"5. The pawnbroker owning the mortgage mortgage having the right to transfer to her third party by making of the endorsement on it. With assignment of rights according to the mortgage mortgage pass the rights of the pawnbroker and the creditor according to the obligation provided with mortgage to its new owner. Assignment of rights according to the mortgage mortgage is subject to state registration according to the procedure, established by the legislation of the Kyrgyz Republic.";

Article 36 to state 4) in the following edition:

"Article 36. Basic provisions about the mortgage mortgage

1. The rights of the pawnbroker according to the obligation provided with mortgage and under the agreement on mortgage can be certified by the mortgage mortgage.

2. The mortgage mortgage is constituted by the owner of the residential real estate acquired by him at the expense of mortgage loan. In other cases of condition about the mortgage mortgage are invalid.

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