Amendments to the Law of the Republic of Azerbaijan "On Mortgage"

On June 21, 2021 an amendment was made to the Law on "On Mortgage" (“Amendment Law”).

According to the Amendment Law, if re-auction fails to take place, mortgagee and auction organizer shall sign a protocol on the acquisition of the mortgage property by the mortgagee within 30 calendar days and the protocol qualifies as a contract.

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