International Organizations Gain Right of Non-Judicial Mortgage Sale

24.11.2010 12:00

President of Belarus Alexander Lukashenko signed a decree № 9  on November 22, according to which, the range of persons with the right to sell mortgage (land lease rights) are extended. Now along with the banks, other mortgagees will benefit, including international financial institutions.

Such organizations also include the International Finance Corporation, European Bank for Reconstruction and Development, and other organizations under certain legislative acts of the President of Belarus.

As explained in the presidential press service, the change is due to the fact that the decree № 402 of August 3, 2010 extended the list of entities with the right to accept a mortgage, being in private ownership (the right to lease land).