Laws

No.449-XV of 30.07.01

The Law stipulates legal basis of collateral. For banks, the contractual rights of all agents (such as the definition and consequences of non-payment, covenants and other conditions placed on the borrower, custody of collateral, collection on collateral, etc.) involved in credit contracts are of critical importance. The currently applicable provision of the Law on Collateral does not allow banks to make quick decision on selling of pledged property.