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Law of the Azerbaijan Republic About Mortgage 2003

Law about mortgages - What and how of mortgage in the Azerbaijan Republic
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This document lays out the law, constituted under various articles, with regard to mortgages in the Azerbaijan Republic.

The document covers the following:

  • Definition of mortgage and terms associated with it, such as mortgager, mortgagee and the object of mortgage;
  • Prerequisites for mortgage, agreement and registration procedures;
  • Procedures related to the disposal of mortgaged property, re-mortgage and settlement of claims;
  • Rights and obligations of the parties involved under various scenarios that might arise with mortgaging;
  • Different types of mortgage, such as property rights, real estate, enterprise and property in turnover, and processing and issues related to each one of them;
  • Consequences of debtor obligation-fulfillment for the mortgager;
  • Guarantee of rights of the parties during mortgage term.

The document also states that any local law or act that contradicts the mortgage would be considered invalid. It concludes with a decree that directs concerned official bodies to do what is necessary in order to execute this law.

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