Article 8. Legal significance of registration of pledge of movable property of the Law On Registration of Pledge of Movable Property

Home / RLA / Article 8. Legal significance of registration of pledge of movable property of the Law On Registration of Pledge of Movable Property

1. Registration of a pledge of movable property establishes the order (date) of satisfaction of the pledgee's claim in relation to the claims of other pledgees claiming this property of the pledgor, in accordance with the provisions of the Civil Code of the Republic of Kazakhstan and other legislative acts.

Each previous registered mortgagee has priority in ensuring the fulfillment of obligations to all subsequent registered mortgagees, as well as to all unregistered mortgagees of this property.

2. The right to pledge movable property subject to mandatory state registration arises from the moment the pledge of movable property is registered with the body registering this property, unless a later date is provided for by a pledge agreement (or other agreement containing the terms of the pledge) or legislative acts.

This Law establishes the rules for registering the pledge of movable property in order to realize and protect the rights of individuals and legal entities who have legitimate rights to this property.

The Law of the Republic of Kazakhstan dated June 30, 1998 No. 254.

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