Radha is not allowed to recover at the expense of mortgage

26.04.2011 18:16
Property News | Radha is not allowed to recover at the expense of mortgage The Verkhovna Rada of 252 votes on Thursday adopted a law stipulating that a moratorium on satisfaction of creditors' claims does not apply to owners of conventional mortgage bonds. Under the law, in case of default by the issuer in respect of the opening of proceedings in the bankruptcy or the appointment of a temporary administrator or a liquidator, the manager decides to collect on the mortgage collateral. In this case, sold mortgage cover, distributed proceeds from its sale to owners of conventional mortgage bonds in accordance with this law, as well as taking measures to provide them with resources through the implementation of other assets of the issuer, writes Interfax.

In addition, in this case is available funds from the mortgage collateral for the benefit of the owners of conventional mortgage bonds. Besides, the steward has the right to demand the transfer of a mortgage covering him or them to serve a specific institution in the manner prescribed by the State Commission on Securities and Stock Market.

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In this case, the law stipulates that a moratorium on satisfaction of creditors' claims, which is introduced by the National Bank or the Economic Court are not subject to the satisfaction of the owners of conventional mortgage bonds at the expense of mortgage cover. Provisional Authority, the liquidator, and other persons, participants of the proceedings of the bankruptcy of the issuer does not have the right to take any action relating to the mortgage collateral, to dispose of mortgages and other assets comprising the mortgage collateral, or disclose the contract signed by the issuer in connection with the emission of conventional mortgage bonds.

It is also proposed to establish that the assets included in the mortgage collateral is not included in the mass liquidation of the issuer of conventional mortgage bonds. In addition, the assets included in the mortgage collateral, can not be seized. According to the law, to fully implement the obligations of the issuer of conventional mortgage bonds, which are provided before the owners of mortgage-backed securities with a corresponding issue of such bonds, and other persons have no right to make demands on the mortgage collateral, foreclose or otherwise require the mortgage collateral.

www.zagorodna.com

Content tags: Mortgages Legislation
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