PLEDGE REGISTRY OF THE REPUBLIC OF UZBEKISTAN

Give the definition of "debtor" when making an entry in the pledge registry (the debtor is the borrower or the owner of the property, ensuring the fulfillment of obligations)?

In accordance with Article 3 of the law of the Republic of Uzbekistan "On pledge registry", a debtor is a legal or individual person obliged to perform in favor of the creditor an action related to the transfer of property, performance of work, provision of services, payment of money or performance of other obligations, the violation of which entails the preferential right of the creditor to foreclose on the debtor's property provided by them as security for the performance of obligations.

In accordance with this, the owner of the property provided as security for the performance of obligations is considered as a "debtor" and when you make an entry in the pledge registry in the "Information about the debtor", enter information only about the owner of the property.

For example, as security for the performance of obligations of person "A", property was provided by person "B". At the same time, when making an entry in the pledge registry in the "Information about the debtor", only information about person "B" is entered. Also, in the "Description of property", the property owned by the person "B" is described, which is provided as security for the fulfillment of obligations.

It should be noted that if the obligation of one person is secured by property belonging to several persons, then an entry for each (debtor) owner of the property is made into the pledge registry separately.