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Article 57. Foreclosure on mortgaged property The Law on Enforcement Proceedings and the Status of Bailiffs
1. Foreclosure may be levied on the pledged property if the debtor's other property is insufficient to fully satisfy all claims against it that are not secured by collateral, in compliance with the rights of the pledgee established by the civil legislation of the Republic of Kazakhstan.
2. If the debtor's non-pledged property is insufficient to satisfy the claims of recoverers who do not have the right to pledge the debtor's property, foreclosure on the pledged property, with the exception of property that is collateral for secured bonds and real estate that is collateral for a mortgage loan obligation, may be applied in the interests of non-mortgagees of recoverers, the claims of which have precedence over the claim of the pledgee, based on the court ruling. A court ruling on foreclosure on mortgaged property is issued at the request of the bailiff at a court hearing, notifying the pledgee, the recoverer and the debtor of the time and place of the court session. The sale of property is carried out according to the rules for the sale of mortgaged property. In this case, the claims are satisfied from the value of the sold property in the order of priority established by Articles 110-112 of this Law.
The mortgagee has the right to declare the retention of the pledged property. In this case, he is obliged, within the limits of the liquid value (not exceeding seventy percent of the estimated value) of the pledged property, to satisfy the claims of the recoverers, who have an advantage over the claims of the pledgee, in the amount of the value exceeding the value of the property necessary for the full satisfaction by the pledgee of all his claims under the pledge.
3. Excluded by the Law of the Republic of Kazakhstan dated 06/29/2020 No. 352-VI (effective ten calendar days after the date of its first official publication).
The Law of the Republic of Kazakhstan dated April 2, 2010 No. 261-IV.
President
Republic of Kazakhstan
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