LAW OF UKRAINE

of October 2, 1992 No. 2654-XII

About pledge

Section I General provisions

Article 1. Concept of pledge

Pledge is method of providing obligations if another is not established by the law.

Owing to pledge the creditor (pawnbroker) has the right in case of non-execution by the debtor (pledger) of the obligation provided with pledge or in other cases established by the law to become widespread from the cost of pledged property mainly before other creditors.

Pledge arises based on the agreement, the law or the judgment.

Article 2. Legislation of Ukraine on pledge

This Law determines basic provisions about pledge.

The pledge relations which are not provided by this Law are regulated by other acts of the legislation of Ukraine.

Article 3. Pledge application

With pledge any really existing requirement or the requirement which can arise in the future, not contradicting the legislation of Ukraine, in particular, following from the loan agreement, the credit, purchase and sale, lease, cargo hauling, etc. can be provided.

Pledge can take place concerning requirements which can arise in the future, under condition if there is agreement of the parties on the amount of providing with pledge of such requirements and/or the maximum size of the requirement which is provided with pledge.

Pledge has derivative nature from the obligation provided to them.

Article 4. Pledge subject

The property and property rights can be subject of pledge.

The property which according to the legislation of Ukraine can be alienated by the pledger and on which collection can be turned can be subject of pledge.

The property which will become property of the pledger after the conclusion of the agreement of pledge, including products, fruits and other profit (future harvest, cattle issue, etc.) if it is provided by the agreement can be subject of pledge.

Cannot be subject of pledge:

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info