Under current law, is not allowed the foreclosure of the mortgaged land from the agricultural land before the expiry of the relevant period of agricultural works. Also provides farmers with time for the sale of manufactured or processed agricultural products. This situation led to the fact that agricultural land was related to the provision of II quality category, that is, the pledge, sanction, within 270 calendar days. Low liquidity and duration of foreclosure hindered the practice of using agricultural land as Bank collateral.

According to the law, when deciding about the recovery of agricultural land the court shall specify measures to ensure that the interests of the producer of agricultural products. The court decision shall specify the conditions of land use, taking into account seasonality, as well as the income of the farm by the end of the agricultural work.

Eliminates the possibility of a delay by the court for up to one year of foreclosure of the land plot when you call it foreclosure. In addition, it is determined that the collateral value of land by agreement of the pledger with the pledgee can be defined based on its cadastral value, and no evaluation of market value.

The law comes into force 10 days after its official publication.

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