Amendments to the "Mortgage Law" are planned in Azerbaijan

Azerbaijan plans to improve the mechanism for changing the right of priority satisfaction of mortgage claims.

As BAKU.WS reports with reference to Oxu.Az, the corresponding amendments to the law "On Mortgage" were discussed today at a meeting of the Milli Mejlis committee on economic policy, industry and entrepreneurship.

The current legislation provides for the possibility of changing this right on a contractual basis between mortgagees. According to the draft, such agreements will have to undergo notarization, as well as registration in the state register.

The amendments stipulate that changes will be recorded in the register of immovable and movable property within three working days from the date of submission of documents. At the same time, the state duty will fall on the mortgagee to whom the right of priority passes.

The adoption of the bill will allow to officially secure and confirm the rights of priority satisfaction of mortgage claims through their mandatory registration in state registers.