The amendments to the Law on Mortgages adopted
The amendments to the Law on Mortgages have been adopted on 8 July and they introduce simplified extra-judicial procedures for settlement of a creditor's claims and provide greater security of enforcement and collection, as well introduce provisions on establishing ineffective centralized records on mortgages have been left out.
The amendments put the creditors in a better position in the event of an extra-judicial sale of mortgage real estate, and those whose interests are secured can now, regardless of the ranking of their secured interest, request the sale of the mortgaged property.
In addition, the amendments regulate the sale of the mortgaged real estate properties, mechanism for distribution of funds gained through the extra-judicial sale of mortgaged real estate.
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