Tajikistan recently underwent reforms of their secured transactions law. In 2019, the Law of the Republic of Tajikistan on Pledge of Movable Property was established. This follows the UNCITRAL model law, and governs secured transactions in movable property. The act makes provision for both possessory and non possessory pledges. This expanded the scope of which assets could be used as the subject of security interests. All movable property, including future property, tangible and intangible property such as rights can be used as security for obligations. There is also a wide scope of obligations that may be secured, as the new law makes provision for monetary or other obligations to be secured by these transactions, whether these are future or present.
The 2019 law also reduced formalities. In order to create a valid pledge, there must be a pledge agreement, but only a general description of the assets, and a general description of the obligation to be secured, is necessary in order to create a valid security interest. Additionally, the 2019 law created a notice-based register for security interests, which went live on the 1st of February 2019. The act explains that registration is voluntary, but registration ensures enforceability and priority of the interest, given that if a pledge is registered, a creditor will have priority to satisfy his claims before other parties that have not registered their interests.
Last Checked November 2020
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