Comment to Article 326. Transfer of debt under an obligation secured by a pledge of the Civil Code of the Republic of Kazakhstan  

The transfer of debt under the secured obligation is carried out taking into account the requirements established by art. 348 of the Civil Code.

With the transfer of a debt secured by a pledge, the right of pledge ceases, since the provision of property as collateral is related to the identity of the debtor, his solvency, and the pledgor's trust in him. Therefore, with the replacement of the debtor for the main secured obligation, the pledge also ceases, unless the pledgor has agreed to be responsible for the new debtor. The right of pledge upon transfer of debt to another person is terminated even when the pledgor is the debtor of the main obligation, since the new creditor in accordance with art. 348 of the Civil Code resolves the issue of giving consent to the transfer of debt, and if he has given such consent without resolving the issue of collateral, then the pledge agreement with the pledgor, the former debtor, is terminated.

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The commentary was prepared within the framework of the scientific and practical research program of the Scientific Research Center of Private Law of the Kazakh State Law University.  

Head of the working group on the preparation of the draft Civil Code of the Republic of Kazakhstan, Corresponding Member of the Academy of Sciences of the Republic of Kazakhstan, Professor Suleimenov M.K.

Deputy head Professor Basin Yu.G.