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Law No. 516-IQ on mortgage.

Country/Territory
Azerbaijan
Document type
Legislation
Date
1998
Source
FAO, FAOLEX
Subject
Land & soil
Keyword
Public land Agricultural land Ownership Land valuation Contract/agreement
Geographical area
Asia, Caspian Sea, CIS (Commonwealth of Independent States), Europe and Central Asia, Landlocked Developing Nations, Western Asia
Entry into force notes
The Law enters into force from the date of its official publication.
Abstract

Section 4 regards specific nature of mortgage (hypothecation) of land sites. It specifies that According to agreement on hypothecation, land sites in ownership may be given to mortgage. Hypothecation of land sites in collective ownership in residential areas, including those in towns, where in accordance with regulations on urban development it is prohibited to erect buildings and structures at specially protected territories and in zones, land sites intended for special use, belonging to state or municipal bodies, is not permitted. Other land sites - state and municipal property, except those which cannot be mortgaged according to land legislation, may be mortgaged based on agreement on hypothecation. Hypothecation of agricultural land falling under this Law is permitted only for realisation of commitments directly related to agricultural activity (art. 41). In accordance with land legislation hypothecation of part of land area is not permitted if this part cannot be used as a separate site, irrespective of its size and category (art. 42). Land site which is going to be mortgaged (hypothecation) must not be underestimated (art. 46).

Full text
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