Priority rights on pledged property

1. Priority upon Solvency of the Pledge Provider

1.1. The validly created pledge confers automatic priority over unsecured creditors. The realization of such priority rights is demonstrated when the pledge provider goes bust in clause 2 below.

1.2. Under Uzbekistan law, it is not permissible to create more than one right of pledge in relation to the same pledged property. If there is more than one pledge holder with respect to the same collateral, then the second pledge is called a sub-pledge. A sub-pledge is allowed unless prohibited by the original pledge contract. A sub-pledge may be enforced only when all the obligations under the original pledge are discharged. In this context, the original pledge confers priority over other secured creditors, i.e., holders of the sub-pledge over the pledged goods.

1.3. The concept of perfection by registration does not exist in Uzbekistan. It is not possible to pledge the same goods to more than one...

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Priority rights on pledged property

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