ON
BEHALF OF THE REPUBLIC OF AZERBAIJAN
DECISION
OF THE
PLENUM OF THE CONSTITUTIONAL COURT
OF
THE REPUBLIC OF AZERBAIJAN
Article 477.0.1
of the Civil Code of the Republic of Azerbaijan contains Article 470.2 of this
Code and Articles 1.0.8 and 10.5 of the Law On Mortgage of the Republic of
Azerbaijan, as well as Articles 269.11 and 307.4 of the Civil Code of the Republic
of Azerbaijan on interpretation of Articles 3.2 and 10.5 of the Law on Mortgage
of the Republic of Azerbaijan
31 May 2018 Baku city
The Plenum of the Constitutional Court of the Republic of Azerbaijan,
consisting of Farhad Abdullayev (Chairman), Sona Salmanova, Sudaba Hasanova
(Judge-Rapporteur), Rovshan Ismayilov, Jeyhun Garajayev, Rafael Gvaladze, Mahir
Muradov, Isa Najafov and Kamran Shafiyev (Judge - Rapporteur),
attended by the Court Clerk - Faraid Aliyev,
Representatives of interested parties - Judges of the Baku Court of
Appeal, Elshan Kazimov and Ikram Shirinov, Judge of the Baku city Nizami
District Court Mazahir Sadigov, Head of the Sector of the Department of
Economic Legislation of the Milli Mejlis of the Republic of Azerbaijan Nadir
Sultanov and Senior Adviser of this Department Farid Hajiyev,
Experts - Azad Talibov, Associate Professor of Civil Law Department of
the Baku State University, and Assistant Professor of International Law and
European Law Department, PhD in Law Natig Asgarov,
Specialists - Judge of the Civil Chamber of the Supreme Court of the
Republic of Azerbaijan Ilgar Demirov, Senior Legal Adviser of the Corporation
Law Unit of the Legal Department of the Central Bank of the Republic of
Azerbaijan Rasim Mammadov, Lawyer of the Legislation and Execution Unit of the
Financial Monitoring Service of the Republic of Azerbaijan Rufat Mammadkhanli,
Chairman of the Expert Group of Azerbaijan Banks Association, Lawyer Gorkhmaz
Agayev and Pricewaterhouse Coopers Azerbaijan Tax and Legal Services Senior
Manager Emin Karimov,
In accordance with Article 130.4 of the Constitution of the Republic of
Azerbaijan, examined in open court hearing on special constitutional
proceedings, Articles 477.2.1 of Article 477.1 of the Civil Code of the
Republic of Azerbaijan and Articles 1.0.8 and 10.5 of the Law On Mortgage of
the Republic of Azerbaijan Baku Court of Appeal , as well as Articles 269.11
and 307.4 of the Civil Code of the Republic of Azerbaijan regarding
interpretation of Articles 3.2 and 10.5 of the Law On Mortgage of the Republic
of Azerbaijan on the basis of applications of the Baku city Nizami District
Court.
Having heard the reports of Judges K. Shafiyev and S. Hasanova on the
case, the speeches of the Representatives of the interested parties and
specialists, the experts' opinion, having investigated and discussed the case
materials, the Plenum of the Constitutional Court of the Republic of Azerbaijan
DETERMINED AS FOLLOWS:
The Baku Court of Appeal having applied to the Constitutional Court of
the Republic of Azerbaijan (hereafter referred to as the Constitutional Court),
asked for an interpretation of provisions provided for in Article 477.0.1 of
the Civil Code of the Republic of Azerbaijan (hereafter referred to as the
Civil Code) of the “credit line agreements”, unless the agreement expresses the
commitment of the bank to extend credit to the creditor, unless otherwise
provided for by the terms and conditions of the Loan Agreement, requesting
that the mortgage contracts be interpreted in terms of the possibility of
evaluating the contractual obligation.
It appears from the appeal that Bank VTB (Azerbaijan) OJSC filed a
lawsuit in Baku City Binagadi District Court with payment of $ 13.692.67 of the
commercial loan agreement dated November 15, 2013, from Vahid Amiraslanov, from
guarantors Nadir Aliyev and Zaur Aliyev to the claimant, 14 as of November
2013, and a resolution on cancellation of the commercial loan agreement of 15
November 2013. N.Aliyev and Z.Aliyev filed a lawsuit against Bank VTB
(Azerbaijan) OJSC, requesting that the court be denied the allegation.
The first claim of the Baku city Binagadi District Court on December 1,
2016 was partially satisfied. Obligations arising from the bond contracts
concluded between N.Aliyev and Z.Aliyev and Bank VTB (Azerbaijan) OJSC on 14
November 2013 were terminated by mutual claims.
The decision of the Civil Board Court of First Instance by Baku Court of
Appeal’s decision on April 17, 2017, was affirmed. The Court of Appeal ruled
that the wage agreement concluded for the head loan agreement would not be a
guarantee of a subsequent commercial loan agreement. Thus, no agreement has
been reached with the terms of the agreement on the commercial loan agreement
with the borrower and the agreement on amendments and additions to that
agreement. The amount of debt can not be claimed due to the fact that the
landmines have not received any other form of consent to the commercial loan
agreement and that they have no obligation under that contract.
The cassational appeal of the Civil Chamber of the Supreme Court of the
Republic of Azerbaijan dated 21 September 2017 has been satisfied and the
decision of the Baku Court of Appeal has been discharged and the case has been
returned to the same court for reconsideration. The decision of the Court of
Cassation states that both parties have undertaken to bear responsibility for
the fulfillment of the obligations of V.Amiraslanov. Changing the term of a
commercial loan contract has been extended based on the period specified in the
general loan agreement, which can not result in increased liability for the
land or any other unfavorable consequences for it.
The Baku Court of Appeal, which review the case, takes into account the
fact that the Civil Code and the Law On mortgage of the Republic of Azerbaijan
(hereinafter referred to as the “Mortgage Law”) have different approaches to
the courts regarding the application of relevant provisions on mortgages and
the impediments to the formation of uniform judicial practice that the official
interpretation of the norms was necessary.
At the same time, the Baku city Nizami District Court appealed to the
Constitutional Court and requested that Article 269.11 and 307.4 of the Civil
Code to be applied in civil proceedings be interpreted in relation to Articles
3.2 and 10.5 of the Mortgage Law.
In the appeals, Article 269.11 of the Civil Code “mortgages and pledges
can be granted both for existing and future claims”, Article 307.4 of the Code
states that “if the amount of mortgage obligation is determined in the future,
the rules of its determination in the mortgage agreement and other necessary
conditions, “Article 3.2 of the Law on Mortgage may also be issued for the
performance of claims that may arise in the future. In this case, the
conditions provided for in Article 10.5 of this Law shall be followed “and
Article 10.5 of the Law shall stipulate that the provisions of Article 10.5 of
the Law shall specify the amount of such amount in the mortgage agreement if
the amount of the principal obligation is determined in the future.
The Plenum of Constitutional Court, pursuant to Part I, Article 17 of
the Rules of the Constitutional Court, has decided to merge them into one case,
since the appeals belong to the same subject.
The Plenum of Constitutional Court considers that the relevant norms of
the legislation are analyzed in consistency with the issues raised in the
appeal, and, first of all, clarify the essence of the credit line agreement .
One of the most common types of lending in many countries is credit
lines (limits). Such contracts include a “general credit agreement”, “credit
line agreement”, “framework agreement”, “general terms agreement”, “agreement
on open terms” and so on.
In the Civil Law of the Russian Federation, such contracts are referred
to as the “framework agreement”, “general agreement”, “agreement on open
terms.”
According to the German civil legislation, contracts bound under the
framework agreement must comply with the terms of the credit line agreement
(framework agreement).
Such a credit model is also applied in the Republic of Azerbaijan. In
accordance with subparagraph 2.1.8 of the Decree of the President of the
Republic of Azerbaijan “The procedure for granting guarantees for loans
received by entrepreneurs in manats,” “On Ensuring the Activity of the Mortgage
and Credit Guarantee Fund of the Republic of Azerbaijan” in the Appendix 3 of
the Presidential Decree of 29 November 2017, is provided as a bank loan, which
can be used fully or partially in accordance with the loan agreement, which is
calculated only for the portion of the interest rate credit line and defined as
the upper limit of the credit line.
Credit line agreements aim to simplify the convenience of bank
customers, and access to financial services. According to such agreements, the
Bank is obliged to take action on its credit request in the manner established
by mutual agreement of the parties on the client's request. The purpose of the
credit line agreement is the organization of future civil (economic) relations
of the parties. In a credit line agreement, the parties should clearly define
the main terms of the contracts to be concluded in the future. In practice,
such terms are defined in the credit line agreement, its integral part of the
loan agreement and the payment plan. Implementation of a credit line agreement
is aimed at creating effective access to financial resources of customers in
the banking sector, arising from international experience. As a result of the
opening of the credit line, the customer can receive a loan from the bank in a
shorter time, and the contractual interest rate arises when the customer
borrows a loan and applies to the amount used.
In order to clarify whether credit line agreements constitute a
legitimate conclusion or a commitment to the parties, the Plenum of
Constitutional Court considers it necessary to make a relevant analysis of the
norms of the civil legislation on the transaction, commitment and agreement.
The agreement is a one-sided, bilateral or multilateral expression of
will, aimed at the occurrence, alteration or termination of civil- law
relations. It is a unilateral transaction to conclude that the will of a party
is necessary and sufficient for the closure of the Agreement in accordance with
this Code or the parties' agreement. The agreement must be agreed by both
parties (bilateral agreement) or the agreement of three or more parties (agreed
in the Multilateral Agreement) (Articles 324.1, 324.3 and 324.4 of the Civil
Code).
One of the most comprehensive and leading areas of civil law relations
is the liability law. The commitment is the mutual relations of the
participants of the economic turnover, which are governed by the norms of
liability.
According to Article 385.1 of the Civil Code, one person (debtor) must
make a certain act for the benefit of another person (creditor), such as
paying, giving property, rendering services or refusing certain actions, is
entitled to.
As is seen from the text of the article, the subject of the obligation
is the concrete action or inaction, such as payment of money, transferring
property, doing business, rendering services or avoiding certain actions.
Article 386.1 of the Civil Code states that, with some exceptions, an
agreement must be concluded between its participants for the emergence of an
obligation. This provision stipulates that a liability must be settled between
the participants in order to incur liability, with the exception of the
occurrence of damage, unreasonable enrichment or other reasons provided for in
this Code, ie the debtor's obligation to the creditor must be set by the
agreement.
The concept of the agreement is provided in Article 389.1 of the Civil
Code. In accordance with this article, the agreement of two or more persons on
the identification, alteration or termination of civil rights and obligations
shall be deemed as contract.
According to Article 405.1 of the Civil Code, when the parties agree on
all the terms of the contract, the contract is considered to be concluded.
Under Article 739.1 of the Civil Code, which clarifies the understanding
of the debt agreement, one of the participants (the lender) is obliged to
transfer the ownership of the money or other replaced items to another
participant (borrower), and the other party (borrower) or to the lender in the
form of similar items of the same quality and quantity.
According to Article 739.2 of that Code, if the subject of the loan
agreement is any amount of money, it is called a loan agreement. Individuals
engaged in lending money in the form of an independent professional activity,
should also be expected to receive provisions on professional lending.
The Plenum of Constitutional Court considers that a credit line
agreement that reflects the will of the parties in accordance with Articles
324.4, 385.1, 386.1, 405.1 and 739 of the Civil Code must be regarded as a
contract, not an intentional agreement.
The Plenum of Constitutional Court notes that clarifying the issue of
whether credit agreements are real or consensual contracts is of great
importance for resolving issues raised in the appeal.
Despite that the classification of transactions in civil law does not
envisage classification of real and consensus transactions, it is envisaged to
divide this or that treaty into real and consensual agreements on the legal
criteria in the civil law theory and in several decisions of the Plenum of
Constitutional Court.
The Decision of the Plenum of Constitutional Court on interpretation of
Articles 666.1, 670.1, 670.3 and 673.1 of the Civil Code of the Republic of
Azerbaijan dated December 19, 2012, has clarified real and consensual
agreements. This Decision shows that civil law has real and consensual forms of
donation. When enriching the gift space by donating the gift, the donation
agreement is considered a real contract, that is, acquisition of an agreement
on the conclusion of the contract, as well as property or property rights
(Article 666.1 of the Civil Code). In the event that the gift donor has
promised to donate the gift in the future, there is a consensus form of the
donation contract (Article 668.1.5 of the Civil Code).
This legal position of the Plenum of Constitutional Court may be applied
in the same way to all real agreements.
Rights and obligations under real agreements arise after the transfer
of the property (item) of an agreement. For example, a donation agreement is
considered to be linked to the donation of the gift.
Rights and obligations under consensus agreements arise from the moment
the contract is signed (signed). One of the main signs of the consensus
agreement in civil legislation is “to undertake the transfer of property”, “to
undertake actions” and so on, such expressions are defined.
Under Article 739 of the Civil Code, the creditor is obliged to provide
the loan to the creditor. This indicates that loan agreements, as a rule, are a
consensus agreement.
When the credit line agreement “does not mean that this agreement does
not imply the bank's loan”, the Plenum of Constitutional Court states that
lending to a borrower means that the lender may provide the borrower with the
first requirement without any conditions. In case of promise to lend, the
pledged lender undertakes to make a loan without any conditions, unless
otherwise specified in the contract.
Such conclusion comes from Article 746 of the Civil Code. According to
that Article, when the promise of a lender is promised, he may refuse the
lender to give up the fact that the other party's property situation is so bad
that it will endanger the debt repayment.
The Plenum of Constitutional Court considers that the credit line
agreement “this contract does not imply the bank's promise of a loan” should be
evaluated by courts only in terms of the requirements of Article 746 of the
Civil Code.
In general, courts should observe the requirements of Article 404 of the
Civil Code while hearing such cases. Under the same article, when interpreting
the terms of agreement, the court considers not only the literal meaning of the
words and phrases contained in the contract, but also the actual meaning of the
expression of the will of the parties, and the comprehension of the literal
meaning of the contract with its other terms and meaning. In this case, all
relevant circumstances, including pre-contract negotiations and correspondence,
practices, business practices, and subsequent actions of parties are taken
into account (Articles 404.1 and 404.2 of the Civil Code).
At the same time, according to Article 352 of the Civil Code, the
invalidity of a part of the transaction does not lead to the invalidity of the
remainder of the transaction so that the transaction could be concluded without
its invalid part. From this point of view, whether there is a note in the
credit line agreement that “this contract does not imply the bank's promise to
grant loans” does not affect the fulfillment of the obligations of the
parties.
In accordance with the principle of freedom of contract and free
expression of the will of participants in civil turnover, civil legislation
permits the parties to envisage a different way of guarantee than the methods
of enforcement of the obligations under the Civil Code (Article 460.1 of the
Civil Code).
In the theory of law, general features are defined for most types of
assurances. These properties include the nature of the assurance method, the
dependence on the principal obligation, the impossibility of an independent
existence apart from the principal obligation (except for bank guarantees),
accessory assurance methods, and property-oriented outcomes.
Article 460.1 of the Civil Code stipulates the possibility of execution
of obligations by pledges, bails, mortgages and other means.
Given the fact that the credit line agreement is an agreement that sets
out the general terms of the mutual obligation relationship in the future, the
parties may determine the method of securing the fulfillment of those
obligations between them.
In this case, the parties are willing to openly choose this or another
method of guarantee, and their will is to determine the method of assurance.
One of the main ways of ensuring the fulfillment of obligations is the
bail.
The land under the land contract shall be liable to the creditor of
another person for the full or partial discharge of his or her obligation.
Land Acquisition Contracts may also be concluded to secure a future obligation
(Article 470 of the Civil Code).
The Decision of the Plenum of Constitutional Court “ On interpretation
of Articles 470.1, 470.2 and 471 of the Civil Code of the Republic of
Azerbaijan” of 4 September 2012 states that Article 470.2 of the Civil Code
stipulates that “the obligation to arise in the future” is a ground for a
future debt commitment.
According to Article 472.1 of the Civil Code, if the debtor fails to
perform or improperly discharges an obligation under the bail, if the
Subsidiary Agreement stipulates that the subsidiary liability of the subsidiary
is not stipulated, it is jointly liable to the debtor and the debtor.
Thus, based on the above-mentioned Decision of the Plenum of
Constitutional Court and Article 472.1 of the Civil Code, it may be concluded
that the ground has committed itself to the commitment from the time of the
contract of conciliation , but the responsibility for the liability under this
obligation does not execute the obligation provided by the debtor, when it
fails.
The Decision of the Plenum of Constitutional Court “On interpretation
of certain provisions of Articles 399.3, 399.4, 445 and 449 of the Civil Code
of the Republic of Azerbaijan” of December 24, 2014 states that the principle
of certainty as a part of the principle of transparency in the contractual
right is the principle of certainty request. According to this principle, the
terms and conditions of the contract and the legal consequences of the contract
must be clearly stated so that, on the one hand, there is no freedom of
evaluation that is not justified for the user of the standard terms of the
treaty and on the other hand, (in order to prevent its realization).
Based on these guidelines, the Plenum of Constitutional Court considers
that the basic terms of the credit line agreement must be clearly defined to
conclude the bond contract.
The circumstances permitting the determination of the amount of
liability for a delayed obligation shall be clearly specified in the credit
line contract as they are considered essential terms .
According to Article 1.0.9 of the Law of the Republic of Azerbaijan “On
Banks”, the bank loan is a loan , issued under a contract concluded with a
certain amount of time (with the right of extension) and interest (commission
fees) money.
As you can see, the key terms of the loan agreement are the amount,
term, annual interest rate, and so on. can be attributed.
The cases of termination of guarantee are specified in Article 477 of
the Civil Code. Thus, article 477.0.1 of the same Code states that if the
obligation of the guarantor is terminated and the obligation is changed without
the consent of the land, and the alteration results in an increase in his
liability or other unfavorable consequences for him, the latter shall be
terminated.
Guarantor increase of liability or other unfavorable consequences for it
means changes, the guarantor to sign a contract under this agreement are
expected to be responsible for the establishment took a longer commitment. It
appears that this substance does not imply the termination of the term for any
change. Under this provision, the change in the liability provided for the
termination of the obligation should increase the liability of the floor or
cause other unfavorable consequences for it.
It is important for the termination of guarentee to change the liability
without the consent of both parties, and that such a change would result in an
increase in liability or other unfavorable consequences.
The increase in liability or cases that entail or other unfavorable
consequences for the guarantor:
- Increase of the total amount of the loan;
-
Increase of the loan
interest rate;
-
Changing the currency
of the loan;
-
extension of the loan
repayment period and other significant circumstances.
The Plenum of Constitutional Court stated in its judgment of 4 September
2012, “On interpretation of Articles 470.1, 470.2 and 471 of the Civil Code of
the Republic of Azerbaijan”, that the bond contract is one of the methods that
ensures the implementation of the principal obligation, it must be possible to
identify or identify. Accordingly, the wage agreement must specify: the basis
of which is the contract (indicating the parties, date and number of the
contract); indication of the principal obligation (commitment of the debtor in
front of the creditor). It is one of the important conditions for the contract
to provide a specific amount of a guaranteed obligation, and it is intended to
protect the legitimate interests of the land.
The amount of the commitment stipulated in the loan agreements concluded
without the expiration date must be within the total amount and timeframe
established by the credit line contract.
If the interest rate is not reflected in the loan agreement, loan
agreements must be obtained on the interest rate basis. The absence of such an
agreement should be regarded as an increase in the responsibility of the land.
It is necessary to take into account the legitimate interests of the
parties when determining the fact that the liability of the time officer may
increase or cause other unfavorable consequences for him. Courts should take
into consideration that the purpose of the said norm is not to create undue
advantage for the termination of a crime, but to provide legal remedies to the
ground from the unfavorable change in the basic obligation.
In this regard, the Plenum of Constitutional Court notes that, in each
case, “the increase of responsibility or the cause of other unfavorable
consequences” should be taken into consideration by the courts in the specific
circumstances of the case, the arguments of the parties, and on what basis
those cases should be justified in judicial acts.
According to Article 269.1 of the Civil Code, the right of mortgages
and pledge are the right of property of the mortgagor on the pledgor's property
and, at the same time, the holder of a pledge in front of the pledgee, in
respect of the subject matter of the credit line agreement, as well as the
claims on mortgage under future claims, money or other commitment. As can be
seen from the text of the article, the right of pledge and mortgage is a legal
relationship between the mortgage and mortgager and mortgagor. This right is
the property right of the pledgor to have the property of the pledgegiver, but
also the method of securing the debtor's money or other obligation against the
lender (mortgager and mortgagee). Mortgage and Mortgage Law are limiting property
rights.
It should be noted that mortgages and mortgages can be granted both for
existing and future claims. The demand for mortgages and mortgages is
sufficiently clear (Article 269.11 of the Civil Code).
According to Article 307.4 of the Civil Code, if the amount of the
mortgage obligation is to be determined in the future, the mortgage contract
must specify the procedure for its determination and other essential
conditions. Conditions to be provided in the mortgage agreement are reflected
in Article 10.5 of the Mortgage Law. According to the Article, the mortgage
contract includes the name and address of the parties, the subject of the
mortgage, its name, location and other description adequate for the
identification, the essence, the size (amount) of the principal obligation, the
grounds for the occurrence and the period of execution, the parties to the
agreement, the place and date of closure. If the amount of the principal
obligation is to be determined in the future, the mortgage contract must specify
the amount of that amount.
However, the requirements of Article 307.4 of the Civil Code and Article
10.5 of the Law on Mortgage have not been clearly defined in the mortgage
agreement. In this regard, the Plenum of Constitutional Court considers that
the terms of the credit line agree- ment(amount, term, interest rate, currency,
etc.) should be sufficiently explicitly stated in order to conclude a mortgage
contract.
In case of changes to the key terms of the loan agreement, the mortgage
agreement must also be amended accordingly. Thus, Article 14 of the Law On
Mortgage states that additional mortgage registration should be made when the
substance of the mortgage agreement changes the substance, size or performance
period of the principal obligation. That is, they should have the information
and consent of the mortgagee.
Based on the foregoing, the Plenum of Constitutional
Court comes to the following conclusions:
-
A
credit line agreement that reflects the will of the parties in accordance with Articles
324.4, 385.1, 386.1, 405.1 and 739 of the Civil Code and that determines their
mutual rights and obligations must be accepted as an agreement, not an
agreement of intent;
-
Under
the content of Article 739 of the Civil Code, the creditor is obliged to
provide the creditor with a credit line agreement. The record of “the agreement
does not imply the promise of the bank to grant loans” should be evaluated by
courts only in terms of the requirements of Article 746 of the Civil Code;
-
Significant
conditions (amount, term, interest rate, currency, etc.) should be clearly
indicated in the guarantee and mortgage agreements for the placement of
mortgages and mortgages. If the interest rate is not reflected in the credit
line agreement, the credit agreement must be based on the rate of interest or
the mortgagee's consent;
-
Provision
of Article 477.0.1 of the Civil Code “Increasing its liability or causing other
unfavorable consequences” provides for the increase of the amount, term,
interest rate of the credit agreement under the credit line agreement, the
change of the credit currency without the consent of the guarantor, and other
cases implies that;
-
The
provisions of Article 307.4 of the Civil Code stipulate that the amount, term,
interest rate, currency, etc. of the mortgage agreement shall be specified in
the mortgage agreement if the amount of the mortgage obligation is to be
determined in the future in the mortgage agreement indicating the necessary
conditions.
In accordance with Article 130.4 of the Constitution
of the Republic of Azerbaijan and Articles 60, 62, 63, 65-67 and 69 of the Law
of the Republic of Azerbaijan “On Constitutional Court”, the Plenum of the
Constitutional Court of the Republic of Azerbaijan
DECIDED:
1. A credit line agreement that reflects the will of the
parties in accordance with Articles 324.4, 385.1, 386.1, 405.1 and 739 of the
Civil Code of the Republic of Azerbaijan, and a credit line agreement
determining their mutual rights and obligations must be accepted as an
agreement, not an agreement of intent.
2. According to the content of Article 739 of the Civil Code of the
Republic of Azerbaijan, under the credit line agreement, the creditor is
obliged to provide the creditor with the loan. The record of the contract “this
agreement does not imply the bank's promise of a loan” should be evaluated by
courts only in terms of the requirements of Article 746 of the Civil Code of
the Republic of Azerbaijan.
3. Significant conditions (amount, term, interest rate, currency, etc.)
should be clearly indicated in the credit line agreement for credit and
mortgage agreements. If the interest rate is not reflected in the credit line
agreement, the credit agreement of the guarantor must be based on the rate of
interest or the mortgagee's consent.
4. Article 477.0.1 of the Civil Code of the Republic of Azerbaijan
“Increasing its liability or causing other unfavorable consequences” provides
for the increase of the amount, term, interest rate of the credit agreement in
the credit line agreements, the change of credit currency without the consent
of the guarantor and other circumstances.
5. The provisions of Article 307.4 of the Civil Code of the Republic of
Azerbaijan stipulate that the amount, term, interest rate, currency, etc. of
the mortgage agreement shall be determined in the mortgage agreement if “the
amount of the mortgage obligation is to be determined in the future, the
mortgage contract must specify the order of its determination and other
necessary conditions” indicating the necessary conditions.
6. Decision shall enter into force on the day of its publication.
7. Decision shall be published in the newspapers “Azerbaijan”,
“Respublika”, “Xalq gazeti”, “Bakinski rabochiy”, “Bulletin of the
Constitutional Court of the Republic of Azerbaijan”.
8. The decision is final, and may not
be cancelled, changed or officially interpreted by any institution or official.