YEREVAN, March 6. /ARKA/. Armenia’s National Assembly passed Friday at the second, final reading a package of amendments to the Civil Code and the law on registration of the movable property right. The amendments imply changes in the pledge registration procedure.
The passed amendments regulate the opportunity of using fruit crops as pledge for borrowing money.
In particular, crops can be used as pledge only is this is specified by contracts.
This requirement was put forward after consideration of the experience of Georgia, Azerbaijan, Kazakhstan, Latvia and other countries. This was done also for improvement of Armenia’s rank in Doing Business report.
In accordance with the amendments, the owner no longer must give a detailed characteristics of each piece of the pledged property, but instead can describe all pieces as a whole and point out their total cost. This will simplify the work of shops, which now have to register each pledge piece.
Armenia is expected to upgrade its position in the rating by five notches thanks to application of this package.
In the World Bank’s Doing Business report for 2020, Armenia ranked 47th among 190 countries, upgrading its position by six notches. –0—
