Summary Report on Enforcement of Mortgage Security in the Republic of Azerbaijan
National Opinion Research Center at the University of Chicago
Download Document| Date Published | 2010 |
| Version | |
| Primary Author | Stephen B. Butler |
| Other Authors | |
| Theme | |
| Country | Azerbaijan |
Abstract
At the request of the International Finance Corporation the National Opinion Research Center at the University of Chicago (NORC) is providing advisory services to the Central Bank of Azerbaijan on development of amendments to the Law on Mortgage, Civil Code, Law On Execution of Court Judgments and Civil Procedure Code with respect to the procedures for enforcement of mortgage rights by financial institutions. The work is divided into two phases: • Phase I: Analysis of the legislation (including but not limited to the Civil Code, the Civil-Procedure Code, the Law on Mortgage, and other relevant legislative acts of Azerbaijan) to identify the main barriers to an efficient enforcement process, and preparation of a summary analysis of the legislation following a mission to Baku, Azerbaijan to meet with the local stakeholders to discuss current law and practice. • Phase II: Consultations with the Azerbaijani officials who will work on finalizing the amendments, and delivery of a final report outlining advantages and shortcomings of the final version of the amendments following a second mission to Baku. The present report is the summary analysis of the current system in Azerbaijan submitted in satisfaction of Phase I of the work following a mission to Baku from February 22-25, 2010. This report begins in Section II with a discussion of the enforcement of mortgage security in developed markets, with emphasis on the countries of Europe, and describes common practices for mortgage enforcement in those countries. Section III discusses the current law and procedures in Azerbaijan, including the ways in which they follow and depart from practices in more developed markets. Section IV provides recommendations for improving the current laws and procedures organized by key headings, including simple clarifications to the law, sale procedures, decreasing time periods, and controlling appeals.