Regulatory Alerts2019-07-09
Law on Encumbrance of Movable Property
The Parliament of the Republic of Azerbaijan enacted this law to establish a unified legal framework for creating, disclosing, and enforcing encumbrances on movable property. It classifies security interests into state, municipal, and private categories while mandating disclosure through registry notices, physical possession, or control agreements to secure creditor priority. The legislation details strict priority sequences for claim satisfaction, standardized enforcement procedures including auctions and possession transfers, and specific rules governing future property and commingled assets.
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