Law of the Republic of Uzbekistan on Amendments and Additions to the Law "On Pledge"

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[ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Obligation Law / 03.10.04.01 (Expired) General Rules / 03.10.99.00 (Expired) Pledge] [ TSC: 1. Civil Legislation. Entrepreneurship / Obligation Law. Specific Types of Obligations] Send suggestions for the document Listen to audio Get link from document element Law of the Republic of Uzbekistan Send suggestions for the document Listen to audio Get link from document element ON AMENDMENTS AND ADDITIONS TO THE LAW OF THE REPUBLIC OF UZBEKISTAN "ON PLEDGE" Send suggestions for the document Listen to audio Get link from document element Send suggestions for the document Listen to audio Get link from document element The Oliy Majlis of the Republic of Uzbekistan decides: [ OKOZ: 1. 21.00.00.00 Comprehensive documents on amendments and additions / 21.01.00.00 Laws of the Republic of Uzbekistan] Send suggestions for the document Listen to audio Get link from document element Amendments and additions are made to the Law of the Republic of Uzbekistan of December 9, 1992 "On Pledge" (Information Bulletin of the Supreme Council of the Republic of Uzbekistan, 1993, No. 1, Article 17; 1994, No. 11-12, Article 285; Information Bulletin of the Oliy Majlis of the Republic of Uzbekistan, 1995, No. 6, Article 118, No. 9, Article 193; 1997, No. 4-5, Article 128), its new edition is approved ( appendix is attached). Send suggestions for the document Listen to audio Get link from document element President of the Republic of Uzbekistan I. KARIMOV Send suggestions for the document Listen to audio Get link from document element Tashkent city, Send suggestions for the document Listen to audio Get link from document element May 1, 1998, Send suggestions for the document Listen to audio Get link from document element No. 614-I Send suggestions for the document Listen to audio Get link from document element Send suggestions for the document Listen to audio Get link from document element LAW OF THE REPUBLIC OF UZBEKISTAN Send suggestions for the document Listen to audio Get link from document element ON PLEDGE Send suggestions for the document Listen to audio Get link from document element (new edition) Send suggestions for the document Listen to audio Get link from document element Send suggestions for the document Listen to audio Get link from document element I. GENERAL PROVISIONS [ SPiT: 1. Types of securing performance of obligations / Pledge; 2. Pledge right / Pledge] Send suggestions for the document Listen to audio Get link from document element Article 1. Concept of Pledge [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Obligation Law / 03.10.02.00 Securing Performance of Obligations / 03.10.02.02 Pledge] Send suggestions for the document Listen to audio Get link from document element The transfer of property or rights to it by one person to another person to secure obligations is considered a pledge. LexUZ commentary See: Article 264 of the Civil Code of the Republic of Uzbekistan . Previous revision see. Send suggestions for the document Listen to audio Get link from document element Send suggestions for the document Listen to audio Get link from document element Under the pledge, if the debtor (pledgor) fails to perform or does not properly perform the obligation secured by the pledge, the creditor (pledgee) has the right, in the manner prescribed by law, to preferential satisfaction from the value of the property pledged by the pledgor compared to other creditors for this obligation. (Part two of Article 1 in the edition of the Law of the Republic of Uzbekistan No. URQ-572 dated October 22, 2019 — National Database of Legislative Acts, Oct. 23, 2019, No. 03/19/572/3943) [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Obligation Law / 03.10.01.00 Concept and Parties of Obligation. Exchange of Persons in Obligation] Send suggestions for the document Listen to audio Get link from document element Performance of any obligation actually valid under the law: loan, bank credit, lease, sale and purchase, carriage of goods, and other obligations between any subjects of law (individuals and legal entities, the state) may be secured by pledge. The obligation must be expressed in monetary units (national currency or foreign currency). Send suggestions for the document Listen to audio Get link from document element Previous revision see. Send suggestions for the document Listen to audio Get link from document element Send suggestions for the document Listen to audio Get link from document element Article 2. Legislation on Pledge ( The name of Article 2 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — Legislative Information Database, Apr. 21, 2021, No. 03/21/683/0375)

Previous revision see. Send suggestions for the document Listen to audio Get link from document element [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Obligation Law / 03.10.02.00 Securing Performance of Obligations / 03.10.02.02 Pledge] Send suggestions for the document Listen to audio Get link from document element Relations related to pledge are regulated by this Law and other legislative acts. LexUZ commentary See: Paragraph 2 of Chapter 22 of the Civil Code of the Republic of Uzbekistan. Send suggestions for the document Listen to audio Get link from document element Relations related to pledge in the Republic of Karakalpakstan are also regulated by the legislation of the Republic of Karakalpakstan. ( Parts one and two of Article 2 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — Legislative Information Database, Apr. 21, 2021, No. 03/21/683/0375)

Previous revision see. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.22.00.00 Lending / 07.22.06.00 Specific Types of Lending / 07.22.06.03 Housing Construction Lending. Mortgage] Send suggestions for the document Listen to audio Get link from document element The rules of this Law apply to relations related to mortgage, unless otherwise provided by the Law of the Republic of Uzbekistan "On Mortgage". (Article 2 was supplemented with a third part based on the Law of the Republic of Uzbekistan No. URQ-83 dated April 5, 2007 — UR HT, 2007, No. 14, Article 132) Previous revision see. Send suggestions for the document Listen to audio Get link from document element [ OKOZ: 1. 19.00.00.00 International Relations. International Law / 19.01.00.00 General Issues in State-to-State Relations / 19.01.01.00 Basic Principles in Relations Between States] Send suggestions for the document Listen to audio Get link from document element If an international treaty of the Republic of Uzbekistan establishes rules different from those in the pledge legislation of the Republic of Uzbekistan, then the rules of the international treaty apply. ( The fourth part of Article 2 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — Legislative Information Database, Apr. 21, 2021, No. 03/21/683/0375)

Send suggestions for the document Listen to audio Get link from document element Article 3. Grounds for the Emergence of Pledge Previous revision see. Send suggestions for the document Listen to audio Get link from document element [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Obligation Law / 03.10.05.00 Contract. Conclusion, Amendment and Termination of Contracts] Send suggestions for the document Listen to audio Get link from document element Pledge arises according to a contract or legislative acts. [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Obligation Law / 03.10.02.00 Securing Performance of Obligations / 03.10.02.02 Pledge] Send suggestions for the document Listen to audio Get link from document element A legislative act providing for the emergence of pledge must indicate under which obligation and specifically which property is recognized as being under pledge. ( Parts one and two of Article 3 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — Legislative Information Database, Apr. 21, 2021, No. 03/21/683/0375)

LexUZ commentary See: Civil Code of the Republic of Uzbekistan Article 264 . Send suggestions for the document Listen to audio Get link from document element Article 4. Types of Pledge [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Obligation Law / 03.10.02.00 Securing Performance of Obligations / 03.10.02.06 Deposit; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.22.00.00 Lending / 07.22.06.00 Specific Types of Lending / 07.22.06.03 Housing Construction Lending. Mortgage] Send suggestions for the document Listen to audio Get link from document element Pledge may operate in the form of deposit, mortgage, as well as pledge of rights. LexUZ commentary See: Article 265 of the Civil Code of the Republic of Uzbekistan. Send suggestions for the document Listen to audio Get link from document element Article 5. Subject of Pledge [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Obligation Law / 03.10.02.00 Securing Performance of Obligations / 03.10.02.02 Pledge] Send suggestions for the document Listen to audio Get link from document element Any property, including things and property rights (claims), may be the subject of pledge, with the exception of property withdrawn from circulation, claims inextricably linked to the person of the creditor, in particular claims for compensation for harm caused to life or health, alimony claims, and other claims whose transfer to another person is prohibited by law. LexUZ commentary See: Article 267 of the Civil Code of the Republic of Uzbekistan, Point 13, first paragraph of Resolution No. 13/150 of the Plenum of the Supreme Court and the Supreme Economic Court of the Republic of Uzbekistan dated December 22, 2006 "On Some Issues of Application of Civil Law Acts Regarding Securing Performance of Obligations Arising from Credit Agreements". Send suggestions for the document Listen to audio Get link from document element In a pledge agreement, or in the case of a pledge arising by law, the pledge of things and property rights that the pledgor will acquire in the future may be contemplated. Previous revision see. Send suggestions for the document Listen to audio Get link from document element Send suggestions for the document Listen to audio Get link from document element Unless otherwise provided in the contract or legislation, the pledge right with respect to property includes the items of the property and its structural efficiency. The pledge right applies to fruits, products, and income obtained as a result of using the pledged property only in cases specified in the contract. ( Part three of Article 5 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — Legislative Information Database, Apr. 21, 2021, No. 03/21/683/0375)

Previous revision see. Send suggestions for the document Listen to audio Get link from document element Send suggestions for the document Listen to audio Get link from document element The list of objects that cannot be subject to pledge due to their historical, scientific, artistic, or other cultural value, or from the standpoint of ensuring state security, is determined by the Cabinet of Ministers of the Republic of Uzbekistan. (Part four of Article 5 in the edition of the Law of the Republic of Uzbekistan No. URQ-476 dated April 18, 2018 — National Database of Legislative Acts, Apr. 19, 2018, No. 03/18/476/1087) LexUZ commentary See: Approved List of Categories of Objects Not Subject to Pledge and Mortgage from the Standpoint of Ensuring State Security, approved by Resolution No. 114 of the Cabinet of Ministers of the Republic of Uzbekistan dated May 8, 2015. Previous revision see. Send suggestions for the document Listen to audio Get link from document element [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.04.00.00 Objects of Civil Legislation / 03.04.02.00 Property Withdrawn from Circulation and Restricted in Circulation] Send suggestions for the document Listen to audio Get link from document element The pledge of certain types of citizens' property against which execution cannot be levied may be prohibited or restricted in the manner established by legislation. ( Part five of Article 5 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — Legislative Information Database, Apr. 21, 2021, No. 03/21/683/0375)

LexUZ commentary See: Law of the Republic of Uzbekistan "On Enforcement of Judicial Acts and Other Documents of Bodies". Send suggestions for the document Listen to audio Get link from document element Article 6. Claims Secured by Pledge Previous revision see. Send suggestions for the document Listen to audio Get link from document element [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Obligation Law / 03.10.02.00 Securing Performance of Obligations / 03.10.02.01 Penalty; 2. 03.00.00.00 Civil Legislation / 03.12.00.00 Obligations Resulting from Damage Caused / 03.12.03.00 Recovery of Damage Caused by Shortage of Goods, Works, or Services] Send suggestions for the document Listen to audio Get link from document element Unless otherwise provided in the contract or legislation, the pledge secures the amount of the claim at the time of its actual satisfaction, in particular, payment of interest, penalty, damage caused by delay in enforcement, as well as necessary expenses incurred by the pledgee for storing the pledged item and collection expenses. ( Part one of Article 6 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — Legislative Information Database, Apr. 21, 2021, No. 03/21/683/0375)

Send suggestions for the document Listen to audio Get link from document element Pledge may also be established for claims that will arise in the future, provided the parties agree on the amount of such claims to be secured by pledge. LexUZ commentary See: Article 268 of the Civil Code of the Republic of Uzbekistan. Send suggestions for the document Listen to audio Get link from document element Article 7. Pledge of Property or Rights Jointly Owned by Several Persons Previous revision see. [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.08.00.00 Right of Ownership and Other Property Rights / 03.08.06.00 Common Ownership / 03.08.06.02 Joint Common Ownership] Send suggestions for the document Listen to audio Get link from document element Property that is jointly common ownership may be pledged only with the written consent of all owners. (Part one of Article 7 in the edition of Law No. 320-II dated December 7, 2001 — Information Bulletin of the Oliy Majlis, 2002, No. 1, Article 20) Send suggestions for the document Listen to audio Get link from document element Rights jointly owned by several persons may be pledged only with the consent of all their owners. Previous revision see. Send suggestions for the document Listen to audio Get link from document element Send suggestions for the document Listen to audio Get link from document element The owner's pledge of his share in common shared ownership does not require the consent of the remaining owners, except in cases provided for by legislative acts. (Part three of Article 7 in the edition of the Law of the Republic of Uzbekistan No. URQ-1137 dated April 21, 2026 — Legislative Information Database, Apr. 21, 2026, No. 03/26/1137/0396. Date of entry into force — July 22, 2026) Send suggestions for the document Listen to audio Get link from document element Article 8. Pledgor and Pledgee [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Obligation Law / 03.10.02.00 Securing Performance of Obligations / 03.10.02.02 Pledge] Send suggestions for the document Listen to audio Get link from document element Legal or physical persons may be pledgors or pledgees. Send suggestions for the document Listen to audio Get link from document element The debtor himself, as well as a third party, may be a pledgor. Send suggestions for the document Listen to audio Get link from document element The owner of the thing may be a pledgor of the thing, and the person who owns the right to be pledged may be a pledgor of the right. [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.09.00.00 Protection of Ownership Rights and Other Property Rights] Send suggestions for the document Listen to audio Get link from document element Unless otherwise provided by law or contract, pledging a property right without the consent of the owner is not permitted. Previous revision see. Send suggestions for the document Listen to audio Get link from document element [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.22.00.00 Lending / 07.22.06.00 Specific Types of Lending / 07.22.06.03 Housing Construction Lending. Mortgage] Send suggestions for the document Listen to audio Get link from document element If the disposal of property requires the consent or permission of another person or body, such consent or permission is also required for the mortgage of such property. Previous revision see. Send suggestions for the document Listen to audio Get link from document element Send suggestions for the document Listen to audio Get link from document element The decision on the pledge of state property is adopted by the Cabinet of Ministers of the Republic of Uzbekistan. In this case, it is not permitted to pledge state property that is not subject to privatization, as well as state property attached to a state enterprise on the basis of the right of operational management from the day the decision to transform the state enterprise into a commercial society is adopted and until this process is completed. (Part six of Article 8 in the edition of the Law of the Republic of Uzbekistan No. URQ-1025 dated February 7, 2025 — Legislative Information Database, Feb. 7, 2025, No. 03/25/1025/0116. Date of entry into force — May 8, 2025) Previous revision see. (Part seven of Article 8 is removed based on the Law of the Republic of Uzbekistan No. URQ-1025 dated February 7, 2025 — Legislative Information Database, Feb. 7, 2025, No. 03/25/1025/0116) Send suggestions for the document Listen to audio Get link from document element An institution (organization) that has the direct right to manage property attached to it is entitled to pledge things or rights acquired from income derived from its permitted economic activity. Previous revision see. Send suggestions for the document Listen to audio Get link from document element Send suggestions for the document Listen to audio Get link from document element The subsequent transfer of ownership rights to another owner does not affect the pledge of directly managed property. (Part eight of Article 8 in the edition of the Law of the Republic of Uzbekistan No. URQ-1025 dated February 7, 2025 — Legislative Information Database, Feb. 7, 2025, No. 03/25/1025/0116. Date of entry into force — May 8, 2025) Send suggestions for the document Listen to audio Get link from document element The lessee is entitled to pledge his lease rights without the consent of the lessor only in cases provided for in the lease agreement. Previous revision see. Send suggestions for the document Listen to audio Get link from document element Send suggestions for the document Listen to audio Get link from document element Legal and physical persons of other states, as well as stateless persons, enjoy the same rights and bear the same obligations in pledge relations as legal and physical persons of the Republic of Uzbekistan, unless otherwise provided by legislation. ( Part eleven of Article 8 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — Legislative Information Database, Apr. 21, 2021, No. 03/21/683/0375)

Send suggestions for the document Listen to audio Get link from document element Article 9. Emergence of Pledge Right [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Obligation Law / 03.10.02.00 Securing Performance of Obligations / 03.10.02.02 Pledge; 2. 03.00.00.00 Civil Legislation / 03.10.00.00 Obligation Law / 03.10.05.00 Contract. Conclusion, Amendment and Termination of Contracts] Send suggestions for the document Listen to audio Get link from document element The pledge right arises from the moment the pledge agreement is concluded, or, if notarization of the contract is required, from the moment it is notarized, and if registration of the contract is required, from the moment it is registered. Previous revision see. Send suggestions for the document Listen to audio Get link from document element Send suggestions for the document Listen to audio Get link from document element If, according to the contract or legislation, the subject of the pledge must remain with the pledgee, the pledge right arises at the moment the subject of the pledge is transferred to him, or if the subject of the pledge was transferred before the contract was signed, at the moment the contract was signed. ( Part two of Article 9 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — Legislative Information Database, Apr. 21, 2021, No. 03/21/683/0375)

Submission of comments Listen to audio Get a link to the document element In cases where the property subject to pledge is forcibly confiscated on the grounds and in the manner established by law, if other property is provided to the pledgor in exchange, the pledge right applies to such property. LexUZ commentary See: Article 27 of this Law. [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.13.00 Credit (also see 07.22.00.00, 07.23.00.00)] Submission of comments Listen to audio Get a link to the document element If the property is sold for a short-term credit (up to six months), the pledge right arises from the moment a contract is concluded between the buyer and the seller whose activities include carrying out this type of property sale. Submission of comments Listen to audio Get a link to the document element Article 10. Content of the Pledge Agreement See previous edition. Submission of comments Listen to audio Get a link to the document element [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Security for Performance of Obligations / 03.10.02.02 Pledge] Submission of comments Listen to audio Get a link to the document element The pledge agreement shall indicate the names and locations (residence addresses) of the parties, the type of pledge, the subject matter of the pledge and its value, the nature, amount, and term for performance of the obligation secured by the pledge, the description of the property subject to pledge, as well as other information agreed upon by the parties or information sufficient to identify the subject matter of the pledge and the obligation secured by it. It must also indicate which of the parties holds the property subject to pledge. Submission of comments Listen to audio Get a link to the document element The subject matter of the pledge may be identified through a general description of the property, including by describing the property as a specific type or classification. Submission of comments Listen to audio Get a link to the document element The obligation secured by the pledge may be identified by indicating the maximum amount of the obligation that can be satisfied from the value of the property subject to pledge. See previous edition. Submission of comments Listen to audio Get a link to the document element [ OKOZ: 1. 09.00.00.00 Entrepreneurship and Economic Activity / 09.06.00.00 Valuation Activity / 09.06.04.00 Valuation Procedure and Standards] Submission of comments Listen to audio Get a link to the document element Valuation of the subject matter of the pledge is carried out by agreement between the pledgor and the pledgee or by subjecting the subject matter of the pledge to valuation in accordance with the requirements of legislation on valuation activity. (Paragraph 4 of Article 10 in the edition of Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Acts of the Republic of Uzbekistan, April 21, 2021, No. 03/21/683/0375)

LexUZ commentary See: Law of the Republic of Uzbekistan "On Valuation Activity". Submission of comments Listen to audio Get a link to the document element Article 11. Form of the Pledge Agreement and Its Registration [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.05.00 Contract. Conclusion, Amendment and Termination of Contracts] Submission of comments Listen to audio Get a link to the document element The pledge agreement must be concluded in writing. See previous edition. Submission of comments Listen to audio Get a link to the document element [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.22.00.00 Lending / 07.22.06.00 Specific Types of Lending / 07.22.06.03 Lending of Housing Construction. Mortgage; 2. 18.00.00.00 Prosecutor's Office. Bar. Notary. Legal Services. Justice Bodies. FHDYO Bodies / 18.03.00.00 Notary / 18.03.06.00 Notary Activity and Rules for Its Implementation] Submission of comments Listen to audio Get a link to the document element A mortgage agreement, as well as an agreement on pledging movable property or rights to property to secure obligations under a contract that must be certified in notarial form, must be certified in notarial form, except for mortgage and pledge agreements concluded when acquiring real estate and vehicles from the primary market. (Paragraph 2 of Article 11 in the edition of Law of the Republic of Uzbekistan No. URQ-602 dated January 14, 2020 — National Database of Legislative Acts, January 15, 2020, No. 03/20/602/0052) [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.22.00.00 Lending / 07.22.06.00 Specific Types of Lending / 07.22.06.03 Lending of Housing Construction. Mortgage] Submission of comments Listen to audio Get a link to the document element A mortgage agreement must be registered in the manner established for registering agreements concerning the relevant property. LexUZ commentary For detailed information, see Chapter 2 of the Law of the Republic of Uzbekistan "On Mortgage" ("Pledge Agreement. State Registration of Mortgage"), Resolution of the Cabinet of Ministers of the Republic of Uzbekistan No. 389 dated June 22, 2021 "On Approval of Certain Normative Legal Documents Regulating the Field of State Cadastres," and the Law of the Republic of Uzbekistan "On State Registration of Rights to Real Estate." Submission of comments Listen to audio Get a link to the document element Failure to comply with the rules of this article renders the pledge agreement invalid. Submission of comments Listen to audio Get a link to the document element Article 12. Insurance of the Subject Matter of Pledge [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.22.00 Insurance / 03.11.22.02 Mandatory Insurance] Submission of comments Listen to audio Get a link to the document element Unless otherwise provided by law or the agreement, the pledgor or pledgee, depending on who owns the pledged property, must: Submission of comments Listen to audio Get a link to the document element

1. insure the property at its full value from the pledgor's funds; if the full value of the property exceeds the amount of the claim secured by the pledge, insurance must be for an amount not less than the claim amount; Submission of comments Listen to audio Get a link to the document element
2. take necessary measures to ensure the preservation of the pledged property, including protection against encroachments and claims by third parties; Submission of comments Listen to audio Get a link to the document element
3. immediately notify the other party of the emergence of a risk of loss or damage to the pledged property. See previous edition. Submission of comments Listen to audio Get a link to the document element Submission of comments Listen to audio Get a link to the document element The agreement or legislation may impose an obligation to insure in cases where actions are taken or documents are adopted by state management bodies that suspend or hinder the pledgor's economic activity or have a negative effect on it (confiscation, requisition of property), as well as in cases of liquidation or recognition of the economic entity as insolvent. (Paragraph 2 of Article 12 in the edition of Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Acts of the Republic of Uzbekistan, April 21, 2021, No. 03/21/683/0375)

Submission of comments Listen to audio Get a link to the document element When the pledged property is insured, the pledgee is considered the beneficiary of the insurance indemnity up to an amount not exceeding the sum of the obligation secured by the pledge. The pledgor receives the remaining amount of the insurance indemnity. Submission of comments Listen to audio Get a link to the document element In the event of an insurance case, the pledgee has the right to privileged satisfaction of its claims from the insurance indemnity amount. Submission of comments Listen to audio Get a link to the document element Article 13. Replacement and Restoration of the Subject Matter of Pledge [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Security for Performance of Obligations / 03.10.02.02 Pledge] Submission of comments Listen to audio Get a link to the document element Replacement of the subject matter of the pledge is permitted with the consent of the pledgee, unless otherwise provided by law or the agreement. See previous edition. Submission of comments Listen to audio Get a link to the document element Submission of comments Listen to audio Get a link to the document element If the subject matter of the pledge is destroyed or damaged, or if ownership rights to it are terminated on grounds established by law, the pledgor has the right to restore the subject matter of the pledge within a reasonable term (or within a term set by the court in case of a dispute), or, unless otherwise provided by the agreement, to replace it with other property of equivalent value. (Paragraph 2 of Article 13 in the edition of Law of the Republic of Uzbekistan No. URQ-1025 dated February 7, 2025 — National Database of Legislative Acts of the Republic of Uzbekistan, February 7, 2025, No. 03/25/1025/0116. Entry into force date — May 8, 2025) LexUZ commentary See: Article 276 of the Civil Code of the Republic of Uzbekistan. Submission of comments Listen to audio Get a link to the document element Article 14. Risk of Accidental Loss of the Subject Matter of Pledge [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Security for Performance of Obligations / 03.10.02.02 Pledge] Submission of comments Listen to audio Get a link to the document element Unless otherwise provided by the pledge agreement, the pledgor assumes the risk of accidental loss or accidental damage to the property subject to pledge. See previous edition. Submission of comments Listen to audio Get a link to the document element Submission of comments Listen to audio Get a link to the document element The pledgee is liable for the total or partial loss or damage of the subject matter of the pledge entrusted to it, unless it proves that it is exempt from liability in accordance with Article 333 of the Civil Code of the Republic of Uzbekistan. Submission of comments Listen to audio Get a link to the document element The pledgee is liable for the destroyed subject matter of the pledge in the amount of its actual value, and for the damaged subject matter of the pledge in the amount by which the value has decreased compared to the sum assessed when the subject matter of the pledge was handed over to the pledgee. Submission of comments Listen to audio Get a link to the document element If, as a result of damage, the subject matter of the pledge has changed to such an extent that it cannot be used for its intended purpose, the pledgor has the right to renounce it and demand payment of compensation for its loss, except in cases where a written agreement has been concluded between it and the pledgee on the restoration or replacement of the destroyed or damaged property, and the pledgee is fulfilling the terms of this agreement to the required extent. Submission of comments Listen to audio Get a link to the document element The agreement may provide for the pledgee's obligation to pay for other damages caused to the pledgor as a result of the loss or damage of the subject matter of the pledge. Submission of comments Listen to audio Get a link to the document element The debtor under the obligation secured by the pledge has the right to take into account, for the purpose of satisfying the obligations secured by the pledge, the claim raised by the pledgee against the pledgor regarding the payment of damages caused by the loss or damage of the subject matter of the pledge. (Article 14 supplemented with paragraphs in accordance with Law of the Republic of Uzbekistan No. 320-II dated December 7, 2001 — Bulletin of the Oliy Majlis of the Republic of Uzbekistan, 2002, No. 1, Article 20) LexUZ commentary See: Article 275 of the Civil Code of the Republic of Uzbekistan. Submission of comments Listen to audio Get a link to the document element Article 15. Subsequent Pledge See previous edition. Submission of comments Listen to audio Get a link to the document element [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Security for Performance of Obligations / 03.10.02.02 Pledge] Submission of comments Listen to audio Get a link to the document element Giving the property subject to pledge by the pledgor to another person (pledgee) to secure other claims is considered a subsequent pledge. Submission of comments Listen to audio Get a link to the document element A subsequent pledge is permitted unless prohibited by previous pledge agreements and provided that appropriate entries are made in the pledge register by the previous and subsequent pledgees. Submission of comments Listen to audio Get a link to the document element If the previous pledge agreement provides for the conditions under which a subsequent pledge agreement may be concluded, such a pledge agreement must be concluded in compliance with the conditions specified in the previous agreement. In case of violation of the specified conditions, the previous pledgee has the right to demand compensation for damages caused to it from the pledgor. Submission of comments Listen to audio Get a link to the document element The claim of the subsequent pledgee is satisfied from the value of this property after the claims of the previous pledgees, in the manner established by law. LexUZ commentary See: Article 273 of the Civil Code of the Republic of Uzbekistan. Submission of comments Listen to audio Get a link to the document element The pledgor must inform each of the pledgees about all existing pledges on this property, as well as about the amounts of obligations secured by these pledges, and is liable for damages caused to the pledgees due to non-performance of these obligations. (Text of Paragraph 2 of Article 15 in the edition of Law of the Republic of Uzbekistan No. URQ-572 dated October 22, 2019 — National Database of Legislative Acts, October 23, 2019, No. 03/19/572/3943) LexUZ commentary See: Article 273 of the Civil Code of the Republic of Uzbekistan. Submission of comments Listen to audio Get a link to the document element Article 16. Preservation of Pledge When Rights to Pledged Property Pass to Another Person See previous edition. Submission of comments Listen to audio Get a link to the document element Submission of comments Listen to audio Get a link to the document element If ownership rights to the property subject to pledge pass from the pledgor to another person as a result of transferring this property for consideration or without consideration, or in the order of universal legal succession, the pledge right remains in force, except in cases where the pledgee consents to the transfer of ownership rights to the pledged property to another person without preserving the pledge, as well as in the case of pledge of goods in circulation. (Paragraph 1 of Article 16 in the edition of Law of the Republic of Uzbekistan No. URQ-1025 dated February 7, 2025 — National Database of Legislative Acts of the Republic of Uzbekistan, February 7, 2025, No. 03/25/1025/0116. Entry into force date — May 8, 2025) Submission of comments Listen to audio Get a link to the document element Unless otherwise provided by agreement between the pledgee and the pledgor, the legal heir of the pledgor succeeds to the position of the pledgor and performs all its obligations. [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.08.00.00 Property Rights and Other Real Rights / 03.08.06.00 General Property / 03.08.06.01 General Shared Property] Submission of comments Listen to audio Get a link to the document element If the property subject to pledge of the pledgor passes to several persons in the order of legal succession, each of the legal heirs (property recipients) is liable for the consequences arising from the non-performance of the obligation secured by the pledge proportionally to the part of this property that passed to them. If the subject matter of the pledge is not divided or remains the common property of the legal heirs on other grounds, they become joint pledgors. Submission of comments Listen to audio Get a link to the document element Article 17. Renunciation of Rights Under the Pledge Agreement for the Benefit of Another Person See previous edition. Submission of comments Listen to audio Get a link to the document element [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Security for Performance of Obligations / 03.10.02.02 Pledge] Submission of comments Listen to audio Get a link to the document element The pledgee has the right to transfer its rights under the pledge agreement to another person in accordance with the legislation, observing the rules on the transfer of the creditor's rights to another person by renouncing the claim for the benefit of another person. (Paragraph 1 of Article 17 in the edition of Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Acts of the Republic of Uzbekistan, April 21, 2021, No. 03/21/683/0375)

LexUZ commentary For detailed information, see Articles 313–321 of the Civil Code of the Republic of Uzbekistan. Submission of comments Listen to audio Get a link to the document element The renunciation by the pledgee of its rights under the pledge agreement for the benefit of another person is valid if the right to demand from the debtor under the main obligation secured by the pledge is also renounced for the benefit of that person. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.22.00.00 Lending / 07.22.06.00 Specific Types of Lending / 07.22.06.03 Lending of Housing Construction. Mortgage] Submission of comments Listen to audio Get a link to the document element Unless otherwise proven, renunciation of rights under a mortgage agreement for the benefit of another person implies renunciation of rights under the obligation secured by the mortgage for the benefit of another person. Submission of comments Listen to audio Get a link to the document element Article 18. Transfer of Debt Under the Obligation Secured by Pledge to Another Person See previous edition. Submission of comments Listen to audio Get a link to the document element [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Security for Performance of Obligations / 03.10.02.02 Pledge] Submission of comments Listen to audio Get a link to the document element With the transfer of the debt under the obligation secured by the pledge to another person, the pledge is terminated unless the pledgor has consented to be liable for the new debtor in accordance with the legislation. (Text of Article 18 in the edition of Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Acts of the Republic of Uzbekistan, April 21, 2021, No. 03/21/683/0375)

LexUZ commentary See: Article 287 of the Civil Code of the Republic of Uzbekistan. Submission of comments Listen to audio Get a link to the document element Article 19. Rights of the Pledgee [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Security for Performance of Obligations / 03.10.02.02 Pledge] Submission of comments Listen to audio Get a link to the document element Unless otherwise provided by the agreement or law, the pledgee has the right to: See previous edition. Submission of comments Listen to audio Get a link to the document element Submission of comments Listen to audio Get a link to the document element notify third parties about their rights to the subject matter of the pledge by making an appropriate entry in the pledge register; (Paragraph 2 of Article 19 supplemented based on Law of the Republic of Uzbekistan No. URQ-572 dated October 22, 2019 — National Database of Legislative Acts, October 23, 2019, No. 03/19/572/3943) See previous edition. Submission of comments Listen to audio Get a link to the document element Submission of comments Listen to audio Get a link to the document element in case of non-performance or inadequate performance of the obligation secured by the pledge, to initiate enforcement against the subject matter of the pledge in the manner and under the conditions established by legislation; (Paragraph 3 of Article 19 in the edition of Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Acts of the Republic of Uzbekistan, April 21, 2021, No. 03/21/683/0375)

LexUZ commentary See: Article 280 of the Civil Code of the Republic of Uzbekistan. Submission of comments Listen to audio Get a link to the document element transfer its rights under the pledge agreement to another person; Submission of comments Listen to audio Get a link to the document element receive satisfaction from the insurance indemnity on the grounds of loss or damage to the pledged property, regardless of whose benefit the insurance was concluded, provided that the loss or damage did not occur due to reasons for which the pledgee is liable; Submission of comments Listen to audio Get a link to the document element demand compensation for damages caused by the recognition by the court of documents issued by state management bodies or local state authority bodies as invalid, in cases where the rights of the pledgee were violated; Submission of comments Listen to audio Get a link to the document element in case of termination of ownership rights to the subject matter of the pledge by the pledgor in accordance with this Law, to privileged satisfaction of its claim from the amount that should be paid to the pledgor; Submission of comments Listen to audio Get a link to the document element preserve its rights to all property in pledge if the debtor has performed part of the obligation secured by the pledge; See previous edition. Submission of comments Listen to audio Get a link to the document element Submission of comments Listen to audio Get a link to the document element in cases provided for by legislation or the agreement, demand early performance of the obligation secured by the pledge or initiate enforcement against the subject matter of the pledge; (Paragraph 9 of Article 19 in the edition of Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Acts of the Republic of Uzbekistan, April 21, 2021, No. 03/21/683/0375)

LexUZ commentary For details, see Article 282 of the Civil Code of the Republic of Uzbekistan. Submit a comment on the document Listen to audio Get a reference from the document element If the pledgor fails to fulfill the obligations provided for in Article 15 of this Law, the pledgee has the right to demand compensation for damages caused. [OKAZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Ensuring Performance of Obligations / 03.10.02.06 Pledge] Submit a comment on the document Listen to audio Get a reference from the document element When a pledge is established, in addition to the rights specified in the first part of this article, the pledgee has the right to: Submit a comment on the document Listen to audio Get a reference from the document element use the pledged item for regular reporting on its use, but only in cases provided for by the contract; Submit a comment on the document Listen to audio Get a reference from the document element retain the item until the obligation is fully performed; Submit a comment on the document Listen to audio Get a reference from the document element demand the return of the pledged property from unlawful possession by third parties, including from the pledgor. Submit a comment on the document Listen to audio Get a reference from the document element In a pledge where the pledged property remains with the pledgor, in addition to the rights specified in the first part of this article, the pledgee has the right to: Submit a comment on the document Listen to audio Get a reference from the document element check the actual presence of the pledged item according to documents, as well as its quantity, condition, and storage conditions; Submit a comment on the document Listen to audio Get a reference from the document element demand from the pledgor the performance of obligations provided for in the first part of Article 12 of this Law; Submit a comment on the document Listen to audio Get a reference from the document element demand the cessation of encroachments on the pledged property that pose a risk of its loss or damage, regardless of who commits them; Submit a comment on the document Listen to audio Get a reference from the document element if the pledgor fails to fulfill the obligation to insure the pledged item, insure it at their own expense but for the benefit of the pledgor, recovering the insurance costs from the pledgor. See previous edition. Submit a comment on the document Listen to audio Get a reference from the document element Submit a comment on the document Listen to audio Get a reference from the document element In a pledge of goods in circulation, in addition to the rights specified in the first and third parts of this article, if the pledgor violates the pledge terms, the pledgee has the right to suspend operations with the goods in circulation by applying their signs and seals (if seals are available) to the pledged goods until the violation is rectified. (Part four of Article 19 was edited by the Law of the Republic of Uzbekistan No. URQ-391 dated August 20, 2015 — UR QHT, 2015, No. 33, Article 439) [OKAZ: 1. 03.00.00.00 Civil Legislation / 03.08.00.00 Property Rights and Other Real Rights / 03.08.01.00 General Rules] Submit a comment on the document Listen to audio Get a reference from the document element In a pledge of property rights, in addition to the rights specified in the first part of this article, the pledgee has the right to: Submit a comment on the document Listen to audio Get a reference from the document element demand the transfer of the pledged right to them through the court, regardless of when the performance period of the obligation secured by the pledge begins, if the pledgor violates the obligations provided for in this Law; Submit a comment on the document Listen to audio Get a reference from the document element join the court case considering the issue regarding the pledged right as a third party; Submit a comment on the document Listen to audio Get a reference from the document element take independent measures to protect the pledged right from violations by third parties if the pledgor violates the obligations provided for in this Law; Submit a comment on the document Listen to audio Get a reference from the document element demand early performance of the obligation secured by the pledge if the pledgor violates the rules regarding the next pledge and fails to fulfill the obligations provided for in this Law, and if their demand is not met, direct recovery against the pledged item. See previous edition. Submit a comment on the document Listen to audio Get a reference from the document element Submit a comment on the document Listen to audio Get a reference from the document element Regardless of which party (the pledgee or the pledgor) holds the pledged item, the pledgee exercises the rights provided for in this Law, in the fifth part of Article 26, the fifth part of Article 28, and the first and second parts of Article 29. (Part six of Article 19 was edited by the Law of the Republic of Uzbekistan No. URQ-1060 dated April 22, 2025 — National Database of Legislative Information, 22.04.2025, No. 03/25/1060/0373) Submit a comment on the document Listen to audio Get a reference from the document element Article 20. Obligations of the Pledgee [OKAZ: 1. 03.00.00.00 Civil Legislation / 03.12.00.00 Obligations Arising from Damage / 03.12.03.00 Recovery of Damages Caused by Shortage of Goods, Works, or Services] Submit a comment on the document Listen to audio Get a reference from the document element Unless otherwise provided by the contract or law, the pledgee: Submit a comment on the document Listen to audio Get a reference from the document element must fulfill the obligations provided for in the first part of Article 12 of this Law; Submit a comment on the document Listen to audio Get a reference from the document element upon the request of the pledgor, must immediately return the pledged property to the pledgor if the pledge is terminated due to the performance of the obligation secured by the pledge, or if the obligations are grossly violated by the pledgee in a manner that creates a risk of loss or damage to the pledged property; Submit a comment on the document Listen to audio Get a reference from the document element if at fault, must compensate the pledgor for damages caused by the total or partial loss or damage of the pledged item in the amount specified in the second part of Article 34 of this Law. [OKAZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.09.00.00 Tax Legislation / 07.09.03.00 Taxes and Fees] Submit a comment on the document Listen to audio Get a reference from the document element In cases provided for by the contract, the pledgee: Submit a comment on the document Listen to audio Get a reference from the document element may derive fruits and income from the pledged item for the purpose of fulfilling the main obligation or for the benefit of the pledgor; Submit a comment on the document Listen to audio Get a reference from the document element must pay taxes and fees related to the ownership of the pledge at the expense of the pledgor. Submit a comment on the document Listen to audio Get a reference from the document element If the debtor fulfills the obligation secured by the pledge, the pledgee must submit the documents necessary for the body registering the pledge contract to make the relevant changes to the register. If the pledgee violates this requirement, the pledgor has the right to demand full compensation for damages caused by the failure to fulfill this obligation. Submit a comment on the document Listen to audio Get a reference from the document element Article 21. Rights of the Pledgor [OKAZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Ensuring Performance of Obligations / 03.10.02.02 Pledge] Submit a comment on the document Listen to audio Get a reference from the document element Unless otherwise provided by the contract or law, the pledgor has the right to: Submit a comment on the document Listen to audio Get a reference from the document element perform the obligation secured by the pledge early in the manner established by this Law; Submit a comment on the document Listen to audio Get a reference from the document element exchange the pledged item with the consent of the pledgee; Submit a comment on the document Listen to audio Get a reference from the document element restore the pledged item within a reasonable time and replace it with other property of equal value in cases provided for in the second part of Article 13 of this Law; Submit a comment on the document Listen to audio Get a reference from the document element at any time before the pledged item is sold or the pledged property rights are realized, stop the recovery by performing the obligation secured by the pledge or the part of its performance that is delayed, in accordance with Article 26 of this Law; Submit a comment on the document Listen to audio Get a reference from the document element transfer the debt under the obligation secured by the pledge to another person with the consent of the pledgee; Submit a comment on the document Listen to audio Get a reference from the document element demand the early termination of the pledge if the obligations specified in the first part of Article 12 of this Law are grossly violated by the pledgee. [OKAZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Ensuring Performance of Obligations / 03.10.02.06 Pledge] Submit a comment on the document Listen to audio Get a reference from the document element When a pledge is established, in addition to the rights specified in the first part of this article, the pledgor has the right to: Submit a comment on the document Listen to audio Get a reference from the document element demand compensation from the pledgee for damages caused by the loss or damage of the pledged item; Submit a comment on the document Listen to audio Get a reference from the document element transfer claims against the pledgee for compensation for damages caused by the loss or damage of the pledged item to the termination of the obligation secured by the pledge. [OKAZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.22.00.00 Lending / 07.22.06.00 Special Types of Lending / 07.22.06.03 Housing Construction Lending. Mortgage] Submit a comment on the document Listen to audio Get a reference from the document element In a pledge where the pledged property remains with the pledgor, in addition to the rights specified in the first part of this article, the pledgor has the right to: Submit a comment on the document Listen to audio Get a reference from the document element use the pledged item for its intended purpose, including deriving fruits and income from it; Submit a comment on the document Listen to audio Get a reference from the document element with the consent of the pledgee, give the pledged item to another person, lease it or transfer it to another person for free use, or otherwise dispose of it. Submit a comment on the document Listen to audio Get a reference from the document element An agreement restricting the pledgor's right to bequeath the pledged property by will is void. Submit a comment on the document Listen to audio Get a reference from the document element In a pledge of goods in circulation, in addition to the rights specified in the first and third parts of this article, the pledgor has the right to change the composition and original form of the pledged goods, provided that the total value of the goods does not decrease from that specified in the pledge contract. Submit a comment on the document Listen to audio Get a reference from the document element In a pledge of property rights, the pledgor exercises the rights specified in the first part of this article. Submit a comment on the document Listen to audio Get a reference from the document element Article 22. Obligations of the Pledgor [OKAZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Ensuring Performance of Obligations / 03.10.02.02 Pledge] Submit a comment on the document Listen to audio Get a reference from the document element Unless otherwise provided by the contract or law, the pledgor: Submit a comment on the document Listen to audio Get a reference from the document element must inform each subsequent pledgee about all existing pledges on the pledged property; Submit a comment on the document Listen to audio Get a reference from the document element must satisfy the demands of the pledgee if the pledgee has the right to demand early performance of the obligation secured by the pledge and direct recovery against the pledged property. Submit a comment on the document Listen to audio Get a reference from the document element In a pledge where the property remains with the pledgor, in addition to the obligations specified in the first part of this article, the pledgor must fulfill the requirements specified in the first part of Article 12 of this Law. Submit a comment on the document Listen to audio Get a reference from the document element In a pledge of goods in circulation, in addition to the obligations specified in the first and second parts of this article, the pledgor has the right to keep separate accounting for operations with the pledged goods. Submit a comment on the document Listen to audio Get a reference from the document element In a pledge of property rights, in addition to the obligations specified in the first part of this article, the pledgor: Submit a comment on the document Listen to audio Get a reference from the document element must take actions necessary to ensure the authenticity of the pledged right; Submit a comment on the document Listen to audio Get a reference from the document element must not commit actions that lead to the termination of the pledged right or a decrease in its value; Submit a comment on the document Listen to audio Get a reference from the document element take necessary measures to protect the pledged right from encroachments and claims by third parties; Submit a comment on the document Listen to audio Get a reference from the document element must inform the pledgee about changes occurring in the pledged right and about its violation by third parties; Submit a comment on the document Listen to audio Get a reference from the document element must notify their debtor about the fact that the pledge of rights has been established. See previous edition. (Part five of Article 22 was repealed by the Law of the Republic of Uzbekistan No. URQ-83 dated April 5, 2007 — UR QHT, 2007, No. 14, Article 132) Submit a comment on the document Listen to audio Get a reference from the document element Unless otherwise established by agreement between the pledgee and the pledgor, the rules specified in the fourth part of this article apply to the legal successors of the pledgor regarding the pledged rights. Submit a comment on the document Listen to audio Get a reference from the document element Article 23. Consequences of Satisfaction of Creditor Claims by a Third Party [OKAZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Ensuring Performance of Obligations / 03.10.02.02 Pledge] Submit a comment on the document Listen to audio Get a reference from the document element The pledge securing the right to claim compensation also passes to a third party who has fully satisfied the creditor's claims. Submit a comment on the document Listen to audio Get a reference from the document element Article 24. Termination of the Pledge Contract by Transfer to Deposit [OKAZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Ensuring Performance of Obligations / 03.10.02.02 Pledge] Submit a comment on the document Listen to audio Get a reference from the document element If the pledgee refuses to accept the performance of the monetary obligation secured by the pledge, the relevant funds are transferred to the deposit of a notarial office or a bank. If the amount transferred to the deposit fully covers the debt, the pledge contract loses its force. Submit a comment on the document Listen to audio Get a reference from the document element Article 25. Consequences of Non-Performance of the Obligation Secured by the Pledge by the Debtor See previous edition. Submit a comment on the document Listen to audio Get a reference from the document element [OKAZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Ensuring Performance of Obligations / 03.10.02.02 Pledge] Submit a comment on the document Listen to audio Get a reference from the document element If the debtor fails to fulfill the obligation to the creditor, the third party (property guarantor) who provided the pledge to secure the debtor's obligation has the right to fulfill this obligation within the limits of the value of the pledged item to avoid recovery against the pledged item. (Part one of Article 25 was edited by the Law of the Republic of Uzbekistan No. URQ-572 dated October 22, 2019 — National Database of Legislative Information, 23.10.2019, No. 03/19/572/3943) Submit a comment on the document Listen to audio Get a reference from the document element If recovery is directed against the pledged item by realizing it, the property guarantor may demand compensation from the debtor for its value and for the damages incurred. Submit a comment on the document Listen to audio Get a reference from the document element Article 26. Direction of Recovery Against the Pledged Item [OKAZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Ensuring Performance of Obligations / 03.10.02.02 Pledge] Submit a comment on the document Listen to audio Get a reference from the document element Recovery may be directed against the pledged property if the debtor fails to perform or fails to perform to the required extent the obligation secured by the pledge in situations where the debtor is personally liable for the fulfillment of the obligation secured by the pledge. Submit a comment on the document Listen to audio Get a reference from the document element If a legal entity — the pledgor — is reorganized or liquidated, the pledgee has the right to direct recovery against the pledged property regardless of when the performance period of the obligation secured by the pledge begins. Submit a comment on the document Listen to audio Get a reference from the document element If the violation of the obligation secured by the pledge by the debtor is insignificant and, due to this, the amount of the pledgee's claims does not clearly correspond to the value of the pledged property, recovery against the pledged property may be refused. See previous edition. Submit a comment on the document Listen to audio Get a reference from the document element Submit a comment on the document Listen to audio Get a reference from the document element The violation of the obligation secured by the pledge is considered insignificant if the following conditions exist simultaneously: Submit a comment on the document Listen to audio Get a reference from the document element

1. if the amount of the obligation secured by the pledge, not covered by the debtor, constitutes less than fifteen percent of the pledge value; Submit a comment on the document Listen to audio Get a reference from the document element
2. if the delay in the performance of the obligation secured by the pledge does not exceed three consecutive months. (Article 26 was supplemented by the fourth part based on the Law of the Republic of Uzbekistan No. URQ-1060 dated April 22, 2025 — National Database of Legislative Information, 22.04.2025, No. 03/25/1060/0373) See previous edition. Submit a comment on the document Listen to audio Get a reference from the document element Submit a comment on the document Listen to audio Get a reference from the document element Unless otherwise provided by the contract or legislation, if the debtor has performed part of the obligation secured by the pledge, the pledgee retains the right to all pledged property. (Part four of Article 26 was edited by the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375)

Submission of comments on the document Listen to audio Get a reference from the document element If there are several items or rights serving as the pledged object, the pledgee may, at its own discretion, satisfy its claim from all such property or from any one of the items (rights), while preserving the right to satisfy its claim from other items (rights) forming the pledged object in the future. Submission of comments on the document Listen to audio Get a reference from the document element Article 27. Procedure for directing enforcement to the pledged property [OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Ensuring Performance of Obligations / 03.10.02.02 Pledge] Submission of comments on the document Listen to audio Get a reference from the document element The claims of the pledgee (creditor) are satisfied from the value of the pledged real estate in accordance with the court's decision. See previous edition. Submission of comments on the document Listen to audio Get a reference from the document element Satisfaction of the pledgee's claim from the pledged real estate without recourse to the court is permitted if provided for in the pledge agreement or based on an agreement concluded between the pledgee and the pledgor, certified in notarial order, after grounds for directing enforcement to the pledged object have arisen. Such an agreement may be recognized by the court as invalid upon the claim of a person whose rights have been violated as a result of this agreement. (Part 2 of Article 27 in the edition of the Law of the Republic of Uzbekistan No. URQ-83 dated April 5, 2007 — UR QT, 2007, No. 14, Article 132) See previous edition. Submission of comments on the document Listen to audio Get a reference from the document element Submission of comments on the document Listen to audio Get a reference from the document element Unless otherwise provided in the agreement between the pledgor and the pledgee, the claims of the pledgee are satisfied from the pledged movable property in accordance with the court document. Unless otherwise provided by law, enforcement may be directed to the pledged object in the manner specified in the pledge agreement, which was handed over to the pledgee. (Part 3 of Article 27 in the edition of the Law of the Republic of Uzbekistan No. URQ-572 dated October 22, 2019 — National Database of Legislative Acts, 23.10.2019, No. 03/19/572/3943) Submission of comments on the document Listen to audio Get a reference from the document element Enforcement may be directed to the pledged object only in accordance with the court's decision in the following cases: See previous edition. Submission of comments on the document Listen to audio Get a reference from the document element Submission of comments on the document Listen to audio Get a reference from the document element

1. if the law establishes a requirement for the consent or permission of another person or body to conclude a pledge agreement, except for cases where such consent or permission was obtained at the time of pledging this property; (Part 4, Clause 1 of Article 27 in the edition of the Law of the Republic of Uzbekistan No. URQ-1060 dated April 22, 2025 — National Database of Legislative Information, 22.04.2025, No. 03/25/1060/0373) See previous edition. Submission of comments on the document Listen to audio Get a reference from the document element Submission of comments on the document Listen to audio Get a reference from the document element
2. if the pledged object is property possessing historical, scientific, artistic value or other cultural value; (Part 4, Clause 2 of Article 27 in the edition of the Law of the Republic of Uzbekistan No. URQ-476 dated April 18, 2018 — National Database of Legislative Acts, 19.04.2018, No. 03/18/476/1087) Submission of comments on the document Listen to audio Get a reference from the document element
3. if the pledgor is missing and their place of residence cannot be established. LexUZ Commentary See: Article 280 of the Civil Code of the Republic of Uzbekistan, Paragraph 18, first paragraph of Resolution No. 16 of the Plenum of the Supreme Court of the Republic of Uzbekistan dated September 24, 1999 "On Certain Issues Arising in Judicial Practice in the Application of the Civil Code of the Republic of Uzbekistan." Submission of comments on the document Listen to audio Get a reference from the document element Article 28. Realization of pledged property See previous edition. Submission of comments on the document Listen to audio Get a reference from the document element See previous edition. Submission of comments on the document Listen to audio Get a reference from the document element [OKOZ:

03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Ensuring Performance of Obligations / 03.10.02.02 Pledge] Submission of comments on the document Listen to audio Get a reference from the document element The forced realization of pledged property to which enforcement is directed in accordance with Article 26 of this Law is carried out through open auction sales in the form of electronic online auctions, in the manner and under the conditions provided for by legislation. (Part 1 of Article 28 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375)

LexUZ Commentary See: The Regulation on the Organization and Conduct of Electronic Online Auctions and Tenders on the "E-auksion" Electronic Trading Platform, approved by Resolution No. 18 of the Cabinet of Ministers of the Republic of Uzbekistan dated January 12, 2022. See previous edition. Submission of comments on the document Listen to audio Get a reference from the document element Submission of comments on the document Listen to audio Get a reference from the document element If the pledged property secures the performance of obligations to several creditors, the proceeds from the realization of the pledged property are directed to the performance of these obligations in the order established by law. (Part 2 of Article 28 in the edition of the Law of the Republic of Uzbekistan No. URQ-1060 dated April 22, 2025 — National Database of Legislative Information, 22.04.2025, No. 03/25/1060/0373) See previous edition. Submission of comments on the document Listen to audio Get a reference from the document element Submission of comments on the document Listen to audio Get a reference from the document element Pledged property to which enforcement is directed out of court may be realized through auction sales, direct sale, credit, leasing, rental, installment sales, or through other transactions not prohibited by legislation. (Part 3 of Article 28 in the edition of the Law of the Republic of Uzbekistan No. URQ-1060 dated April 22, 2025 — National Database of Legislative Information, 22.04.2025, No. 03/25/1060/0373) LexUZ Commentary See: Article 2591 of the Civil Code of the Republic of Uzbekistan. See previous edition. Submission of comments on the document Listen to audio Get a reference from the document element Submission of comments on the document Listen to audio Get a reference from the document element The initial sale price of the pledged property at the auction is determined based on the agreement between the pledgor and the pledgee. In the event of disagreements between the pledgor and the pledgee regarding the price of the property, an independent valuation organization is involved, and the initial value of the pledge is determined based on market value. In this case, all expenses related to the valuation are covered by the party that involved the independent valuation organization;" (Part 4 of Article 28 in the edition of the Law of the Republic of Uzbekistan No. URQ-1060 dated April 22, 2025 — National Database of Legislative Information, 22.04.2025, No. 03/25/1060/0373) Submission of comments on the document Listen to audio Get a reference from the document element If the amount received from the realization of the pledged property is insufficient to cover the pledgee's claim, the pledgee has the right to recover the shortfall from the debtor's other property without using the preferential right based on the pledge, unless otherwise provided by law or contract. Submission of comments on the document Listen to audio Get a reference from the document element If the amount received from the realization of the pledged property exceeds the amount of the pledgee's claims secured by the pledge, the difference is returned to the pledgor. Submission of comments on the document Listen to audio Get a reference from the document element Auctions for the realization of pledged property in the course of enforcing court decisions and other body decisions are conducted in the form of electronic online auctions. (The text of Article 28 in the edition of the Law of the Republic of Uzbekistan No. URQ-572 dated October 22, 2019 — National Database of Legislative Acts, 23.10.2019, No. 03/19/572/3943) See previous edition. Submission of comments on the document Listen to audio Get a reference from the document element Submission of comments on the document Listen to audio Get a reference from the document element See previous edition. Submission of comments on the document Listen to audio Get a reference from the document element Submission of comments on the document Listen to audio Get a reference from the document element Article 29. Acceptance of pledged property by the pledgee to satisfy the obligation secured by the pledge out of court (The title of Article 29 in the edition of the Law of the Republic of Uzbekistan No. URQ-1060 dated April 22, 2025 — National Database of Legislative Information, 22.04.2025, No. 03/25/1060/0373) [OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Ensuring Performance of Obligations / 03.10.02.02 Pledge] Submission of comments on the document Listen to audio Get a reference from the document element If the auction is declared unsuccessful, the pledgee has the right to purchase the pledged property in accordance with an agreement with the pledgor and transfer the purchase price to offset its own claims secured by the pledge. The rules regarding the sales contract apply to such an agreement. See previous edition. Submission of comments on the document Listen to audio Get a reference from the document element Submission of comments on the document Listen to audio Get a reference from the document element If the repeated auction is declared unsuccessful, the pledgee has the right to retain the pledged object for itself, valuing it at a sum not more than twenty-five percent less than the initial sale price at the repeated auction of the unsold pledged object. In this case, the pledgee must pay the positive difference (if any) between the accepted value of the property retained by itself and the amount of the obligation satisfied. (Part 2 of Article 29 in the edition of the Law of the Republic of Uzbekistan No. URQ-1060 dated April 22, 2025 — National Database of Legislative Information, 22.04.2025, No. 03/25/1060/0373) Submission of comments on the document Listen to audio Get a reference from the document element If the pledgee does not exercise the right to retain the pledged object for itself within one month from the date the repeated auction was declared unsuccessful, the pledge agreement is terminated. (Article 29 in the edition of the Law of the Republic of Uzbekistan No. URQ-572 dated October 22, 2019 — National Database of Legislative Acts, 23.10.2019, No. 03/19/572/3943) Submission of comments on the document Listen to audio Get a reference from the document element Article 30. Realization of pledged property rights [OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Ensuring Performance of Obligations / 03.10.02.02 Pledge] Submission of comments on the document Listen to audio Get a reference from the document element In the case of a pledge of property rights, the realization of the pledged object is carried out by the pledgee waiving its claim arising from the right pledged by the pledgor in its favor. Submission of comments on the document Listen to audio Get a reference from the document element The pledgee has the right to demand that the pledged right be transferred to itself in judicial order at the moment the right to direct enforcement to the pledged object arises. Submission of comments on the document Listen to audio Get a reference from the document element Article 31. Early performance of the obligation secured by the pledge and directing enforcement to the pledged property See previous edition. Submission of comments on the document Listen to audio Get a reference from the document element [OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Ensuring Performance of Obligations / 03.10.02.02 Pledge] Submission of comments on the document Listen to audio Get a reference from the document element The pledgor has the right to perform the obligation early, and the pledgee must accept early performance if provided for by legislation or contract, or if it follows from the nature of the obligation, business practices, or other customary requirements. (Part 1 of Article 31 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375)

Submission of comments on the document Listen to audio Get a reference from the document element The pledgee has the right to demand early performance of the obligation secured by the pledge in cases provided for by law. LexUZ Commentary For detailed information, see Article 282 of the Civil Code of the Republic of Uzbekistan. Submission of comments on the document Listen to audio Get a reference from the document element Article 32. Termination of the pledge [OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Ensuring Performance of Obligations / 03.10.02.02 Pledge] Submission of comments on the document Listen to audio Get a reference from the document element The pledge is terminated in the following cases: Submission of comments on the document Listen to audio Get a reference from the document element when the obligation secured by the pledge is terminated; Submission of comments on the document Listen to audio Get a reference from the document element upon the claim of the pledgor if the pledgee grossly violates the obligations specified in Part 1 of Article 12 of this Law; Submission of comments on the document Listen to audio Get a reference from the document element when the pledged item is destroyed or the pledged right is terminated, provided that the pledgor has not exercised the right specified in Part 2 of Article 13 of this Law; See previous edition. Submission of comments on the document Listen to audio Get a reference from the document element Submission of comments on the document Listen to audio Get a reference from the document element when the pledged property has been realized, as well as in cases where its realization is impossible under the grounds specified in Article 29 of this Law; (Fifth paragraph of Part 1 of Article 32 in the edition of the Law of the Republic of Uzbekistan No. URQ-572 dated October 22, 2019 — National Database of Legislative Acts, 23.10.2019, No. 03/19/572/3943) Submission of comments on the document Listen to audio Get a reference from the document element when the property serving as the pledged object is seized from the pledgor in the manner established by law; LexUZ Commentary See: Article 199 of the Civil Code of the Republic of Uzbekistan. Submission of comments on the document Listen to audio Get a reference from the document element if the pledgee has not agreed to assume liability for a new debtor, when the debt under the obligation secured by the pledge is transferred to another person; Submission of comments on the document Listen to audio Get a reference from the document element if the creditor has become unable to satisfy its claims due to the expiration of the statute of limitations; LexUZ Commentary For detailed information, see Chapter 12 of the Civil Code of the Republic of Uzbekistan ("Statute of Limitations"). Submission of comments on the document Listen to audio Get a reference from the document element when the term of validity of the right constituting the pledged object expires; See previous edition. Submission of comments on the document Listen to audio Get a reference from the document element Submission of comments on the document Listen to audio Get a reference from the document element in other cases provided for by legislation. (Tenth paragraph of Article 32 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375)

Submission of comments on the document Listen to audio Get a reference from the document element II. PLEDGE WHERE THE PLEDGED PROPERTY IS TRANSFERRED TO THE PLEDGEE (PENGAGE) Submission of comments on the document Listen to audio Get a reference from the document element Article 33. Concept of Pengage [OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Ensuring Performance of Obligations / 03.10.02.06 Pengage] [SPiT: 1. Right of Pledge / Pengage] Submission of comments on the document Listen to audio Get a reference from the document element The pledged property transferred to the disposal of the pledgee by the pledgor is recognized as a pledge — pengage. Submission of comments on the document Listen to audio Get a reference from the document element Article 34. Liability of the pledgee for the loss or damage of the pledged property See previous edition. Submission of comments on the document Listen to audio Get a reference from the document element [OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Ensuring Performance of Obligations / 03.10.02.02 Pledge] Submission of comments on the document Listen to audio Get a reference from the document element The pledgee is liable for the complete or partial loss or damage of the pledged property handed over to it, unless it proves that it is exempt from liability in accordance with legislation. (Part 1 of Article 34 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375)

Submission of comments on the document Listen to audio Get a reference from the document element Regardless of the amount at which the pledged object was valued at the time of handing it over to the pledgee, the pledgee is liable for its loss in the amount of its actual value, and for damage caused to it — in the amount by which this value has decreased. Submission of comments on the document Listen to audio Get a reference from the document element If as a result of damage the pledged object has changed to such an extent that it becomes impossible to use it directly for its intended purpose, the pledgor has the right to renounce it and claim compensation for its loss. Submission of comments on the document Listen to audio Get a reference from the document element The contract may provide for the pledgee's obligation to compensate the pledgor for other damages caused by the loss or damage of the pledged object. Submission of comments on the document Listen to audio Get a reference from the document element Article 35. Pledge of items in a pawnshop See previous edition. Submission of comments on the document Listen to audio Get a reference from the document element Submission of comments on the document Listen to audio Get a reference from the document element The acceptance of movable property intended for personal consumption from citizens as collateral for short-term microloans may be carried out by specialized organizations — pawnshops conducting their activities in a notification procedure — as entrepreneurial activity. (Part 1 of Article 35 in the edition of the Law of the Republic of Uzbekistan No. URQ-1058 dated April 17, 2025 — National Database of Legislative Information, 18.04.2025, No. 03/25/1058/0355) Submission of comments on the document Listen to audio Get a reference from the document element The contract on the pledge of items in a pawnshop is formalized by the pawnshop issuing a pledge receipt. [OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.23.00.00 Other Credit Institutions / 07.23.02.00 Pawnshops] Submission of comments on the document Listen to audio Get a reference from the document element The items being pledged are handed over to the pawnshop. [OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.23.00.00 Other Credit Institutions / 07.23.02.00 Pawnshops] Submission of comments on the document Listen to audio Get a reference from the document element The pawnshop must insure, at its own expense and in favor of the pledgor, the full amount corresponding to the prices of similar items of similar quality at the time of accepting the items as collateral. [OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.23.00.00 Other Credit Institutions / 07.23.02.00 Pawnshops] Submission of comments on the document Listen to audio Get a reference from the document element The pawnshop does not have the right to use or dispose of the items accepted as collateral. [OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.23.00.00 Other Credit Institutions / 07.23.02.00 Pawnshops] Submission of comments on the document Listen to audio Get a reference from the document element The pawnshop is liable for the loss or damage of the pledged items unless it proves that such loss or damage occurred due to force majeure. [OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.23.00.00 Other Credit Institutions / 07.23.02.00 Pawnshops] Submission of comments on the document Listen to audio Get a reference from the document element If the loan amount secured by the pledge of items in the pawnshop is not repaid within the specified term, the pawnshop has the right to sell the pledged property in the manner established for its realization after the expiration of a preferential one-month period based on the notary's executive inscription. After that, the pawnshop's claims against the pledgor (debtor) are extinguished even if the amount received from the realization of the pledged property is insufficient to fully satisfy the claims. If there is a remainder of the revenue sum after the payment of debt and other expenses, it is returned to the pledgor. See previous edition. Submission of comments on the document Listen to audio Get a reference from the document element [OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.23.00.00 Other Credit Institutions / 07.23.02.00 Pawnshops] Submission of comments on the document Listen to audio Get a reference from the document element The rules for pawnshops to provide loans to citizens by accepting their items as collateral are established by legislation. (Part 8 of Article 35 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375)

LexUZ Commentary For additional information, see the Law of the Republic of Uzbekistan "On Microcredit Organizations". [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.23.00.00 Other Credit Institutions / 07.23.02.00 Pawnshops] Send a suggestion for the document Listen to audio Get a reference from the document element The terms of a contract for pledging items in a pawnshop that restrict the rights of the pledgor more than the rights granted to him by this Law or other laws are void. Send a suggestion for the document Listen to audio Get a reference from the document element III. PLEDGE OF PROPERTY RETAINED BY THE PLEDGOR. PLEDGE OF CIRCULATING GOODS Send a suggestion for the document Listen to audio Get a reference from the document element Article 36. Pledge of property retained by the pledgor [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Ensuring Performance of Obligations / 03.10.02.02 Pledge] Send a suggestion for the document Listen to audio Get a reference from the document element Enterprises, buildings, structures, apartments, vehicles, and other pledge assets specified in Article 5 of this Law may be pledge assets of a pledge of property retained by the pledgor. Send a suggestion for the document Listen to audio Get a reference from the document element Divisible fruits may be pledge assets specified in the first part of this article, provided they do not become the object of third-party rights from the moment of separation. See previous edition. Send a suggestion for the document Listen to audio Get a reference from the document element Send a suggestion for the document Listen to audio Get a reference from the document element The pledge asset may be retained by the pledgor in a locked state and sealed with its seal (if the seal is present). (Part 3 of Article 36 in the edition of Law No. URQ-391 of the Republic of Uzbekistan dated August 20, 2015 — UR HCT, 2015, No. 33, Article 439) [ SPiT: 1. Pledge Right / Strict Pledge] Send a suggestion for the document Listen to audio Get a reference from the document element The pledge asset may be retained by the pledgor with signs indicating the pledge (strict pledge). Send a suggestion for the document Listen to audio Get a reference from the document element A pledge asset temporarily transferred by the pledgor to a third party for possession or use is considered retained by the pledgor. See previous edition. Send a suggestion for the document Listen to audio Get a reference from the document element Send a suggestion for the document Listen to audio Get a reference from the document element A pledge asset given by the pledgee to a third party for storage is considered retained by the pledgee. (Part 6 of Article 36 added on the basis of Law No. URQ-572 of the Republic of Uzbekistan dated October 22, 2019 — National Database of Legislation Documents, 23.10.2019, No. 03/19/572/3943) See previous edition. (Articles 37–41 lost their force by Law No. URQ-83 of the Republic of Uzbekistan dated April 5, 2007 — UR HCT, 2007, No. 14, Article 132) Send a suggestion for the document Listen to audio Get a reference from the document element Article 42. Pledge of circulating goods [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.23.00.00 Other Credit Institutions / 07.23.02.00 Pawnshops] Send a suggestion for the document Listen to audio Get a reference from the document element Raw materials, semi-finished products, materials, commodity reserves, components, and finished products may be pledge assets of circulating goods. Send a suggestion for the document Listen to audio Get a reference from the document element In a pledge of circulating goods, the pledge asset remains with the pledgor. Send a suggestion for the document Listen to audio Get a reference from the document element A decrease in the value of pledged circulating goods is permitted proportionally to the part of the obligation secured by the pledge that has been performed, unless otherwise provided for in the contract. See previous edition. Send a suggestion for the document Listen to audio Get a reference from the document element Send a suggestion for the document Listen to audio Get a reference from the document element Circulating goods disposed of by the pledgor cease to be considered pledge assets from the moment they pass into the ownership or direct control of the acquirer; circulating goods seized by the pledgor become pledge assets from the moment the pledgor's ownership right to them arises. (Part 4 of Article 42 in the edition of Law No. URQ-1025 of the Republic of Uzbekistan dated February 7, 2025 — National Database of Legislative Information, 07.02.2025, No. 03/25/1025/0116. Entry into force date — May 8, 2025) Send a suggestion for the document Listen to audio Get a reference from the document element IV. RIGHTS, PLEDGE OF SECURITIES Send a suggestion for the document Listen to audio Get a reference from the document element Article 43. Rights as pledge assets [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Ensuring Performance of Obligations / 03.10.02.02 Pledge] Send a suggestion for the document Listen to audio Get a reference from the document element Rights of ownership and use belonging to the pledgor, including the rights of a lessee, other rights (claims) arising from obligations, and other property rights may be pledge assets. Send a suggestion for the document Listen to audio Get a reference from the document element Claims inextricably linked with the person of the creditor, in particular claims for compensation for harm caused to life or health, alimony, and other claims prohibited by law from being waived in favor of another person, cannot be pledge assets of rights. See previous edition. Send a suggestion for the document Listen to audio Get a reference from the document element Send a suggestion for the document Listen to audio Get a reference from the document element Pledging rights to land plots, as well as rights to other natural resources, is permitted in the norms and conditions established by legislation. ( Part 3 of Article 43 in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — Legislative Information Database, 21.04.2021, No. 03/21/683/0375)

LexUZ Commentary According to Article 24 of the Land Code of the Republic of Uzbekistan, land plots leased cannot be objects of sale, pledge, gift, or exchange. The right to lease a land plot may be pledged to obtain loans. Send a suggestion for the document Listen to audio Get a reference from the document element A term right may be a pledge asset only until the expiration of its validity period. Send a suggestion for the document Listen to audio Get a reference from the document element The pledgor must notify his debtor of the pledge of executed rights. Unless otherwise provided for in the contract, the person considered a debtor in relation to the pledgor must perform the obligation to the pledgee. Send a suggestion for the document Listen to audio Get a reference from the document element Article 44. Consequences of the debtor's performance of obligations to the pledgor [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Ensuring Performance of Obligations / 03.10.02.02 Pledge] Send a suggestion for the document Listen to audio Get a reference from the document element If the pledgor's debtor performs his obligation before the obligation secured by the pledge is performed by the pledgor, all items received by the pledgor become pledge assets, unless otherwise provided for in the pledge contract; the pledgor must immediately notify the pledgee of this. Send a suggestion for the document Listen to audio Get a reference from the document element Unless otherwise provided for in the pledge contract, the pledgor must, at the request of the pledgee, transfer the relevant sums received from his debtor in fulfillment of the obligation to the pledgee. Send a suggestion for the document Listen to audio Get a reference from the document element Article 45. Pledge of securities [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Ensuring Performance of Obligations / 03.10.02.02 Pledge] Send a suggestion for the document Listen to audio Get a reference from the document element A contract on the pledge of securities is concluded in the manner specified in Article 11 of this Law. Send a suggestion for the document Listen to audio Get a reference from the document element In a pledge of property rights confirmed by a security, this security, unless otherwise provided for in the contract, is handed over to the pledgee or deposited with a notary office for storage. See previous edition. Send a suggestion for the document Listen to audio Get a reference from the document element Send a suggestion for the document Listen to audio Get a reference from the document element Income arising from securities that are pledge assets belongs to the pledgor, unless otherwise provided for in the contract or legislative acts. ( Part 3 of Article 45 in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — Legislative Information Database, 21.04.2021, No. 03/21/683/0375)

See previous edition. (Part 4 of Article 45 issued on the basis of Law No. URQ-223 of the Republic of Uzbekistan dated September 22, 2009 — UR HCT, 2009, No. 39, Article 423) Send a suggestion for the document Listen to audio Get a reference from the document element V. GUARANTEES OF THE RIGHTS OF THE PARTIES TO THE PLEDGE Send a suggestion for the document Listen to audio Get a reference from the document element Article 46. Inviolability of the pledge contract See previous edition. Send a suggestion for the document Listen to audio Get a reference from the document element [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Ensuring Performance of Obligations / 03.10.02.02 Pledge] Send a suggestion for the document Listen to audio Get a reference from the document element If norms establishing changes in the status of the pledgee and/or the pledgor are established in legislation after the contract is concluded, the requirements of the previously concluded pledge contract retain their force throughout its entire validity period. ( The text of Article 46 in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — Legislative Information Database, 21.04.2021, No. 03/21/683/0375)

Send a suggestion for the document Listen to audio Get a reference from the document element Article 47. Protection of the interests of the pledgee when the rights of the pledgee and the pledgor to the pledged property are terminated on grounds provided for by law See previous edition. Send a suggestion for the document Listen to audio Get a reference from the document element [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Ensuring Performance of Obligations / 03.10.02.02 Pledge] Send a suggestion for the document Listen to audio Get a reference from the document element If the ownership right of the pledgor to the property constituting the pledge asset is terminated on the grounds and in the manner established by law as a result of the seizure (repurchase) of the property for public needs, its realization, or its conversion into state property, other property is given to the pledgor or appropriate compensation is paid. In this case, the pledge right is established in respect of the property given in exchange for the pledge right or in respect of its compensation. (Part 1 of Article 47 in the edition of Law No. URQ-801 of the Republic of Uzbekistan dated November 7, 2022 — Legislative Information Database, 08.11.2022, No. 03/22/801/0998) LexUZ Commentary See: Articles 199 and 285 of the Civil Code of the Republic of Uzbekistan. Send a suggestion for the document Listen to audio Get a reference from the document element The rules envisaged in the first part of this article apply in cases where the ownership right to the pledged property is terminated or the pledged rights are terminated as a result of a decision of a state body not aimed at directly seizing the pledged property or rights, including a decision on the seizure of the land plot on which the pledged real estate is located. See previous edition. Send a suggestion for the document Listen to audio Get a reference from the document element Send a suggestion for the document Listen to audio Get a reference from the document element If the property constituting the pledge asset is seized from the pledgor in the manner established by law on the grounds that the owner of such property is another person, the pledge in respect of such property is terminated. (Part 3 of Article 47 in the edition of Law No. URQ-1060 of the Republic of Uzbekistan dated April 22, 2025 — Legislative Information Database, 22.04.2025, No. 03/25/1060/0373) LexUZ Commentary See: Article 199 of the Civil Code of the Republic of Uzbekistan. See previous edition. Send a suggestion for the document Listen to audio Get a reference from the document element Send a suggestion for the document Listen to audio Get a reference from the document element If the property constituting the pledge asset is seized from the pledgor in the manner established by law for committing a crime or other offense, the pledgee retains the right to satisfy his claims in priority from this property. (Part 4 of Article 47 added on the basis of Law No. URQ-1060 of the Republic of Uzbekistan dated April 22, 2025 — Legislative Information Database, 22.04.2025, No. 03/25/1060/0373) Send a suggestion for the document Listen to audio Get a reference from the document element Article 48. Protection by the pledgee of his rights to the pledge asset See previous edition. Send a suggestion for the document Listen to audio Get a reference from the document element [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Ensuring Performance of Obligations / 03.10.02.02 Pledge] Send a suggestion for the document Listen to audio Get a reference from the document element If the rights of the pledgee to possess, use, and dispose of the pledge asset are violated as a result of the issuance of a document by a state management body or a local state authority body that is inconsistent with legislation, such document may be recognized as invalid by the court at the claim of the pledgee. ( Part 1 of Article 48 in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — Legislative Information Database, 21.04.2021, No. 03/21/683/0375)

Send a suggestion for the document Listen to audio Get a reference from the document element Damage caused to the pledgee as a result of the issuance of documents specified in the first part of this article must be fully compensated by the relevant state management body or local state authority body. Send a suggestion for the document Listen to audio Get a reference from the document element The pledgee has the right to demand the pledged property from anyone, including from the pledgor, if it is located or should be located with him, from unlawful possession, including from the possession of the pledgor. Send a suggestion for the document Listen to audio Get a reference from the document element If, according to the terms of the contract, the right to use the pledged property transferred to him is granted to the pledgee, he may demand the elimination of any violations of his right from other persons, including from the pledgor, even if these violations are not related to deprivation of possession. LexUZ Commentary See: Article 278 of the Civil Code of the Republic of Uzbekistan. Send a suggestion for the document Listen to audio Get a reference from the document element VI. INTERNATIONAL PLEDGE See previous edition. Send a suggestion for the document Listen to audio Get a reference from the document element Send a suggestion for the document Listen to audio Get a reference from the document element Article 49. Legislation applicable to the pledge contract [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Ensuring Performance of Obligations / 03.10.02.02 Pledge] Send a suggestion for the document Listen to audio Get a reference from the document element The form of the pledge contract, the rights and obligations of the parties, the execution and termination of the contract, the consequences of non-performance or inadequate performance of the contract, waiver of claims in favor of others, and transfer of debt are regulated by the legislation of the country chosen by agreement of the parties, unless otherwise provided for by law. Send a suggestion for the document Listen to audio Get a reference from the document element In the absence of an agreement between the parties on which legislation should apply to the pledge contract, the legislation of the country where the pledgor was established, has his place of residence, or main place of activity is applied. Send a suggestion for the document Listen to audio Get a reference from the document element In the absence of an agreement between the parties on which legislation should apply to the pledge contract regarding real estate, the legislation of the country where such property is located is applied. [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.05.00 Contract. Conclusion, Modification and Termination of Contracts] Send a suggestion for the document Listen to audio Get a reference from the document element In addition to the legislation applicable regarding methods and procedures for execution, as well as measures to be taken in case of inadequate performance, the legislation of the country where the contract is being executed is also taken into account. (Article 49 in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — Legislative Information Database, 21.04.2021, No. 03/21/683/0375)

Send a suggestion for the document Listen to audio Get a reference from the document element Article 50. Sale of pledged property at auction outside the territory of the Republic of Uzbekistan [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Ensuring Performance of Obligations / 03.10.02.02 Pledge] Send a suggestion for the document Listen to audio Get a reference from the document element The parties to an international trade contract on pledge have the right to stipulate in the pledge contract or subsequently agree to sell the pledged property at auction outside the territory of the Republic of Uzbekistan. See previous edition. Send a suggestion for the document Listen to audio Get a reference from the document element Send a suggestion for the document Listen to audio Get a reference from the document element The procedure for selling pledged property at auction is determined by the legislation of the state in whose territory the auction is to be held. Send a suggestion for the document Listen to audio Get a reference from the document element When pledged property located in the Republic of Uzbekistan is sold at auction abroad, the requirements provided for in the customs legislation of the Republic of Uzbekistan must be fulfilled. ( Parts 2 and 3 of Article 50 in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — Legislative Information Database, 21.04.2021, No. 03/21/683/0375)

LexUZ Commentary See: Customs Code of the Republic of Uzbekistan. Relations related to pledge are also regulated by Articles 264–289 of the Civil Code of the Republic of Uzbekistan. (Information Bulletin of the Oliy Majlis of the Republic of Uzbekistan, 1998, No. 5-6, Article 96; 2002, No. 1, Article 20; Collection of Legislation of the Republic of Uzbekistan, 2007, No. 14, Article 132; 2009, No. 39, Article 423; 2015, No. 33, Article 439; National Database of Legislative Documents, 10.01.2018, No. 03/18/459/0536, 19.04.2018, No. 03/18/476/1087; 23.10.2019, No. 03/19/572/3943; 15.01.2020, No. 03/20/602/0052; Legislative Information Database, 21.04.2021, No. 03/21/683/0375; 08.11.2022, No. 03/22/801/0998; 23.10.2024, No. 03/24/980/0840; 07.02.2025, No. 03/25/1025/0116; 18.04.2025, No. 03/25/1058/0355; 22.04.2025, No. 03/25/1060/0373; 21.04.2026, No. 03/26/1137/0396)