LAW OF THE AZERBAIJAN REPUBLIC

of May 2, 2017 No. 667-VQ

About encumbrance of personal estate

This Law is prepared according to Items 11 and 13 of part 1 of article 94 of the Constitution of the Azerbaijan Republic and regulates legal regime of encumbrance of personal estate in connection with ensuring accomplishment of obligations, rules of implementation of the rights of owners of encumbrances of personal estate, questions connected with seizure of personal estate, maintaining the state register of encumbrance of personal estate and its use.

Chapter 1. General provisions

Article 1. Basic concepts

1.0. For the purpose of this Law the following concepts are used:

1.0.1. encumbrance of personal estate - ownership limitation on personal estate based on the law or the act for ensuring accomplishment of the obligation on the bases specified in article 4 of this Law;

1.0.2. encumbrance subject - the personal estate established in article 3 of this Law, and also the right and the requirement;

1.0.3. the debtor - the person obliged to fulfill the obligation, provided with encumbrance for benefit of the owner of encumbrance or the third party having it the obligation;

1.0.4. giving encumbrance - person creating encumbrance for benefit of the owner of encumbrance (giving encumbrance can be the debtor or the third party);

1.0.5. the owner of encumbrance - person having the right to the direction of arrest regarding the encumbrance in case of default on obligation provided with encumbrance (in case of the state and municipal encumbrance the structure provided in article 4 of this Law);

1.0.6. the benefit right - compensation of the requirement of the owner of encumbrance at the expense of encumbrance subject according to the procedure of benefit in relation to requirements of other owners of encumbrance and creditors;

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