Law No. 364 “On mortgage”.

This Law regulates legal, economic and organizational grounds of relations originating from, acting and cessation of mortgage. The Act consists of 11 Sections divided into 56 articles: (1) general provisions; (2) mortgage contract; (3) conservation of mortgaged property; (4) transfer of rights of mortgaged property and encumbrance on property; (5) subsequent mortgage; (6) assignment of rights in accordance with mortgage contract; (7) execution upon mortgaged property; (8) sale of mortgaged property; (9) specificity of mortgage of land tenure; (10) mortgage of residential apartments; and (11) conclusive provisions. Mortgage shall be applicable to land tenure, including agricultural land. Mortgage of land tenure shall be prohibited for the following categories of land: (a) state reserve land; (b) state water fund land; (c) state forest fund land; (d) state environmental, recreational, cultural and historical heritage land; (e) common use land; and (f) defence land. Short-term mortgage of land tenure and mortgage of lease of land for the period of less than 3 years shall be prohibited.