LAW OF THE REPUBLIC OF ARMENIA

of August 4, 2005 No. ZR-157

About entering of amendment and change into the Law of the Republic of Armenia "About forced execution of court resolutions"

Accepted by National Assembly of the Republic of Armenia on July 7, 2005

Article 1. Add the Law of the Republic of Armenia "About forced execution of court resolutions" (of May 5, 1998, ZR-221, further - the Law) to add with Article 53.1 of the following content:

"Article 53.1. Direct sale of property

1. Direct sale realization of property to certain buyer which is enabled by the forced contractor, according to writ of execution is considered.

2. Perishable, requiring considerable costs for storage (for example, pets), low-standing, requiring considerable investments to make it suitable for use, the having limited circulation and special signs property, and also the used household objects are implemented by means of direct sales.

In sense of this Law:

a) food, perfumery and cosmetic goods, drugs, medicines, medicinal materials, goods of household chemicals and other similar goods which expiration date at the time of sale is less than one year are considered as perishable property,

b) domestic and other animals and other similar goods for which storage by calculation for one month the costs made usually exceed 10 percent from property value are considered as the property requiring considerable costs for storage,

c) the property worth up to 10.000 dram if it does not constitute one single batch is considered the low-standing property,

d) to make it suitable for use, half-ruined mechanisms, machines, expenses are considered as the property requiring considerable investments to make it suitable for use, made usually, exceed 30 percent from property value,

e) the property recognized by that law is considered property of limited circulation

e) property with special signs that property which on the consumer signs is of interest to consumers in limited quantity is considered,

g) the objects provided for household use are considered as the used household objects.

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