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Pledge of Bank Account

1. What is to be pledged under the pledged account? 

 

The law is ambiguous as to whether or not money on a bank account (rather than cash) may be pledged. Also, the procedure for enforcement of pledged money does not exist in law and remains untested in practice. A bank account in Uzbek law gives rise various rights relating to money located at this bank account for the accountholder. So, legally, collateral under the account pledge shall be the rights given rise as a result of opening and holding such bank account rather than specific money on it.

 

Considering the above we have agreed that under the account pledge the following rights of the Bor...

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