Article 57. Pledge of a bank deposit as security for liquidation Code on Subsoil and Subsoil Use Republic of Kazakhstan
1. By virtue of the pledge of the bank deposit, the Republic of Kazakhstan has the right, in case of non-fulfillment by the subsurface user of the liquidation obligation, to receive satisfaction from the amount of the pledged bank deposit primarily to other creditors of the subsurface user.
2. In accordance with this article, only a bank deposit placed in a second-tier bank of the Republic of Kazakhstan or with a National Postal Operator may be the subject of collateral.
3. The contribution can be made in tenge or in a foreign currency.
4. The requirements for the size of a bank deposit, which is a security, are established by this Code.
5. It is prohibited to re-pledge a bank deposit that is a security.
6. In the event of liquidation of a subsurface user who is a legal entity, including its bankruptcy, the collateral is not included in the bankruptcy estate, and the mortgagee is not a creditor involved in satisfying its claims at the expense of other property of the subsurface user.
7. The bank deposit pledge agreement as a way to ensure fulfillment of obligations to eliminate the consequences of subsurface use operations is concluded in Kazakh and Russian in accordance with the standard form.
The procedure for concluding a bank deposit pledge agreement and its standard form are approved by the competent authority.
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