Law No. 3586-IX “On agricultural notes”.

The scope of application of this Law is relations arising during the issuance, circulation, termination of agrarian notes, and enforcement of agrarian notes. Agrarian notes are used as a tool for attracting funds to the agriculture of Ukraine and/or for making payments under current contracts. An agricultural note is a non-issuable security that certifies the unconditional obligation of the debtor, secured by collateral, to deliver agricultural products or pay money to the creditor in accordance with the terms and conditions specified by such security. Agrarian notes are classified into the following categories: (a) agrarian notes, the circulation of which is limited and which are not subject to transfer, except by succession, inheritance or in accordance with an act of a public law nature, in particular in the event of nationalization, requisition, confiscation (limitedly negotiable agrarian notes); (b) agricultural notes, the circulation of which is partially restricted, the trading of which on organized capital markets is limited, and with the joint and shared liability of creditors who have stipulated their liability when transferring the agricultural note, stating, who transfer an agricultural note with a guarantee (negotiable agricultural notes are partially limited); and (c) agricultural notes that are in free circulation, without restrictions on trading on organized capital markets and without joint and shared liability of creditors (unrestricted agricultural notes). Agrarian notes are divided into: (a) commodity agricultural notes; and (b) financial agricultural notes. A commodity agricultural note is an agricultural note that certifies the debtor's unconditional obligation to deliver agricultural products, the type, quality, quantity, place and delivery date of which are specified in such note. A financial agricultural note is an agricultural note that certifies the unconditional obligation of the debtor to pay the creditor a sum of money within a specified period or within a specified period, the amount of which may be fixed or variable, which may be determined by a formula, taking into account the price of agricultural products of a specified type, quantity and quality, exchange rates, indices, etc., or in another manner provided for by such note. Debtor shall be intended a person who issued an agricultural note certifying his obligation to deliver agricultural commodities or pay money in accordance with the conditions specified in such agricultural note. Creditor shall be intended owner of the agrarian note. An agrarian note may contain a provision that all or part of the disputes in the legal relationship between the debtor and the creditor that arise on the basis of the agrarian note shall be resolved by an arbitration court or international commercial arbitration. This Law contains VI Sections divided into 24 Articles. Section I lays down general provisions. Section II defines concept, types and requisites of agricultural notes. Section III regards issuance and circulation of agricultural notes. Section IV regards security for the performance of obligations under an agricultural note. Section V regards termination of obligations under agricultural notes. Section VI lays down final provisions.