Article 323. Preservation of the pledge upon transfer of the right to the pledged property to another person in accordance with the procedure of the Civil Code of the Republic of Kazakhstan succession

     1. In the event of transfer of ownership of the pledged property or the right of economic management from the pledgor to another person as a result of the paid or gratuitous alienation of this property or in the order of universal succession, the right of pledge remains valid.

     The legal successor of the pledgor shall take the place of the pledgor and bear all the obligations of the pledgor, unless otherwise provided by agreement with the pledgee.

     2. If the mortgagor's property, which is the subject of the pledge, has passed by way of succession to several persons, each of the legal successors (purchasers of the property) bears the consequences of non-fulfillment of the obligation secured by the pledge in proportion to the part of the specified property transferred to it. However, if the subject of the pledge is indivisible or otherwise remains in the common joint ownership of the legal successors, they become joint pledgors.

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