Article 800. The rights of the holder of a double warehouse certificate for goods of the Civil Code of the Republic of Kazakhstan
1. The holder of a double warehouse certificate has the right to dispose of the goods stored in the warehouse in full.
2. The holder of the warehouse certificate, separated from the pledge certificate, has the right to dispose of the goods, but cannot take them from the warehouse until the loan issued under the pledge certificate is repaid. The holder of the warehouse certificate can transfer ownership of the stored goods by making a transfer inscription (endorsement) and handing over the document itself, but without moving the goods.
3. The buyer, who has received a warehouse certificate with a pledge certificate not separated from it, becomes the owner of the warehouse goods, which are free from collateral. When purchasing a warehouse certificate without a pledge certificate, it is assumed that the ownership of the goods is encumbered by a pledge right. Information on the terms of the pledge (on the amount and time period for establishing the lien on the goods) can be obtained in the warehouse register, which is open for review by interested parties.
4. The holder of a pledge certificate has a pledge right to the goods in the amount of the loan issued under this certificate and remuneration under it. When establishing collateral rights for goods, a note is made on the warehouse certificate.
5. The buyer or seller may release the goods from the pledge by depositing the appropriate amount secured by the pledge to the pledgee (creditor) or the warehouse, which is obliged to transfer it to the legal holder of the pledge certificate.
6. If the holder of the pledge certificate fails to satisfy his claim secured by the pledge within the time limit, he has the right to sell the goods pledged to him under the pledge certificate in accordance with the procedure established by legislative acts and cover his claim primarily before other creditors of the pledgor. If the amount received is insufficient, the holder of the pledge certificate may recover the lost portion from all endorsers who are jointly and severally responsible for the payment of the claim secured by the pledge certificate.
President
Republic of Kazakhstan
© 2012. RSE na PHB "Institute of Legislation and Legal Information of the Republic of Kazakhstan" of the Ministry of Justice of the Republic of Kazakhstan
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