Regulatory Alerts1998-05-01 | 614-IAdded
Law of the Republic of Uzbekistan on Amendments and Additions to the Law "On Pledge"
The President of the Republic of Uzbekistan approved a new edition of the Law "On Pledge" (adopted December 9, 1992), which defines pledge as the transfer of property or rights by one person to another to secure obligations. The law establishes that pledges arise via contract or statute, can take the form of deposit, mortgage, or pledge of rights, and apply to various assets except those excluded by law or Cabinet of Ministers decree. It specifies that secured claims include principal, interest, penalties, damages, and enforcement costs, while joint property requires consent from all owners unless it is a share in common ownership. The text also regulates the capacity of legal/physical persons, debtors/third parties, state property restrictions, and international treaty precedence.
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