The Committee on Agrarian Policy and Land Relations recommends the Parliament to adopt the Bill on Amendments to several Legislative Acts of Ukraine regarding Strengthening of Control over the Conclusion of Pledge Agreements and Mortgage Agreements, and the Title to them

15 March 2011, 17:20

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Опис : C:\Documents and Settings\Имя\Рабочий стол\1.jpgThe bill (Reg. No. 7539) amends the Land Code of Ukraine and the Law "On Mortgage", whereby pawning of a land plot (or the title to it) takes place, provided a land plot is assigned a cadastral number. It is an essential condition of the mortgage agreement that a land plot shall be assigned a cadastral number.  

 

The authors of the bill stated that in view of the global financial crisis and its impact on the economy of Ukraine, the banks are discharging their debts by disposing the assets (including the land plots) pawned under the loan agreements. However, the People´s Deputies admitted to the numerous violations on part of the borrowing entities by performance of the financial operations connected with land resources. Adoption of the bill should prevent such violations.