Proposals about law “On mortgage” mulled

Baku. 14 August. REPORT.AZ/ The expert group on legal issues of the Azerbaijan Bank Association (ABA) has held another session.

Report informs referring to the ABA, conclusions and proposals on the bills “On making amendments to the Civil Code”, “On mortgage” and “On making amendments to the law "On execution” were mulled during the session.

The amendment to the law “On mortgage” is that the subject of mortgage may be withdrawn beyond the court case, as well as the new project envisages the mechanisms of this withdrawal.

According to the innovation, the collateral may be sold on an open market or realized directly by executive officials on open auctions in accordance with the law “On execution”.

Proposals on reducing the term of repeated auctions, mechanisms of issuing a notice on withdrawing the subject of mortgage and making changes to legislative acts in regard to these issues were also discussed at the session.