Tashkent, Uzbekistan (UzDaily.com) — President of Uzbekistan Shavkat Mirziyoyev has approved a law introducing amendments and additions to several legislative acts.

The document provides amendments to the Civil Code, Tax Code, as well as to the laws "On Pledge," "On Mortgage," and "On Enforcement of Court and Other Authorities’ Acts."

According to the new provisions, a breach of an obligation secured by a pledge is considered extremely minor if two conditions are met simultaneously: the amount of the unmet obligation is less than 15% of the value of the pledged item, and the delay does not exceed three consecutive months.

In addition, it is established that in the event of the seizure of the pledged item from the pledgor in accordance with the law, for example, due to a crime or other violation, the pledgee retains the right to satisfy their claims in priority from the seized property.

The procedure for debt collection through the courts has also been clarified. Unless otherwise specified in the agreement, the creditor must first go to court with a claim for the recovery of the part of the debt that was not repaid on time.

If the borrower fails to meet this requirement and does not fully repay the overdue debt, the creditor has the right to request the court for early recovery of the entire remaining loan amount.