This Law regulates legal, economic and organizational grounds of relations originating from, acting and cessation of mortgage. The Act consists of 11 Sections divided into 56 articles: (1) general provisions; (2) mortgage contract; (3) conservation of mortgaged property; (4) transfer of rights of mortgaged property and encumbrance on property; (5) subsequent mortgage; (6) assignment of rights in accordance with mortgage contract; (7) execution upon mortgaged property; (8) sale of mortgaged property; (9) specificity of mortgage of land tenure; (10) mortgage of residential apartments; and (11) conclusive provisions. Mortgage shall be applicable to land tenure, including agricultural land. Mortgage of land tenure shall be prohibited for the following categories of land: (a) state reserve land; (b) state water fund land; (c) state forest fund land; (d) state environmental, recreational, cultural and historical heritage land; (e) common use land; and (f) defence land. Short-term mortgage of land tenure and mortgage of lease of land for the period of less than 3 years shall be prohibited.
Repeals: Law No. 979 “On mortgage”. (1994-07-20)
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