A register of pledged movable property will start operating in Belarus from September 1. This is stipulated by Decree No. 539 "On the Register of Movable Property Encumbered by Pledge", which was signed by the President, BELTA was informed by the press service of the Belarusian leader.
A register of pledged movable property will start operating in Belarus from September 1. This is stipulated by Decree No. 539 "On the Register of Movable Property Encumbered by Pledge", which was signed by the President, BELTA was informed by the press service of the Belarusian leader.
The norms of the decree provide for the creation of a register of movable property encumbered by pledge as an Internet-based information system, which will accumulate information on the transfer of movable property as collateral.
The register will start functioning from September 1, 2016, and will be used by all interested parties to obtain information on whether movable property is pledged and to determine the priority of the pledgee.
Information on encumbrance by pledge of any property that, in accordance with the legislation, can be the subject of a pledge will be entered into the system. At the same time, the decree does not apply to relations regulated by budget, tax, as well as legislation on customs regulation, on securities, on encumbrance by pledge of property rights.
Information will be entered into the register by pledgees on a gratuitous basis. The consent of the pledgor will not be required for this. Based on the results of entering information into the register, the pledged item will be assigned a registration number.
Information will be provided free of charge to courts of general jurisdiction; tax authorities; bodies carrying out operational-search activities; prosecutor's offices; bodies of the Committee of State Control; the Investigative Committee; the National Bank; pledgees and notaries regarding movable property, information about the pledge of which has been entered by them into the register; bailiffs; and other state bodies in cases provided for by legislative acts.
The operator and owner of the register is determined to be the scientific and engineering republican unitary enterprise "Institute of Applied Software Systems", which will be responsible for the creation and software and technical support of the register, as well as for providing services for the provision, entry, modification, and deletion of information.
The decree's provisions shall apply to pledge relationships that arose before and exist as of the date of its entry into force. Pledgees under such relationships shall be obliged to amend the register by March 1, 2017.