Sale of pledged property

Satisfaction of the pledge holder’s right during the enforcement proceedings is effected by the sale of the pledged assets at a public auction and subsequent utilization of the sales proceeds for repayment of the outstanding debt. Therefore, a fundamental concept to any pledge agreement is the possibility of sale of the pledged assets at public auction. It is inferred by Uzbekistan law that the only way to enforce a pledge is by way of sale (the only exclusion may be the pledge of rights as mentioned above), not mere seizure of the pledged assets. If such disposal of the pledged property is agreed at the outset in the pledge agreement, such agreement may be treated as an invalid sham transaction effected for the form’s sake only without an intention to create the legal consequences corresponding to the pledge relationship. However, the public auctions are usually very time consuming procedures and it may take months to sell the pledged assets and receive payments.

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Sale of pledged property

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