Collateral Registry in Uzbekistan

The modern economy requires transparent and reliable instruments for securing obligations. One of such instruments is the Collateral Registry, which allows creditors’ rights to be recorded and limits debtors’ ability to dispose of property. In Uzbekistan, its operation is governed by the Law of the Republic of Uzbekistan “On the Collateral Registry” No. ZRU-356 of October 23, 2013, and by the Resolution of the Cabinet of Ministers No. 155 of June 12, 2014.

1. Objectives and Functions of the Collateral Registry

The main functions of the registry are:

• Accounting for creditors’ property rights;
• Preventing double pledging;
• Ensuring transparency for third parties;
• Protecting the interests of debtors and creditors;
• Building trust in the field of investment and lending.

Table 1. Objectives of the Collateral Registry

Objective	Description
Transparency	Accessibility of information for all market participants.
Legal protection	Priority satisfaction of the creditor’s claims.
Economic efficiency	Reduction of risks for banks and investors.
Investment attractiveness	Creation of a reliable environment for business.

 

2. Participants of the Collateral Registry

Participants have different rights and obligations.

Table 2. Participants and Their Status

Participant	Rights	Obligations
Creditor	Enter records, demand satisfaction of claims	Enter accurate data
Debtor	Obtain information, file objections	Give consent to entry
Financial agent	Acquire claims	Notify the registry
State bodies (tax, customs, investigation)	Enter records without debtor’s consent	Justify their decisions
Users	Obtain extracts	Update records

 

3. Organization of Registry Administration

The registry is maintained by the State Unitary Enterprise “Collateral Registry” under the Central Bank.

• Real-time access;
• Online account for users;
• Unique registration number for each record;
• Services are fee-based (10% of BRV per record, 5% of BRV per extract).

 

4. Procedure for Entering and Modifying Records

Table 3. Main Types of Entries in the Collateral Registry

Type of Entry	Basis for Entry	Debtor’s Consent
Pledge of property	Pledge agreement	Required
Restrictions (servitude, seizure, account suspension)	Court or administrative decision	Not required
Financing under assignment of claim	Factoring agreement	Required
Tax/customs authorities’ claims	Debt obligations	Not required
Court decision on recovery	Final court decision	Not required

Creditor’s priority is determined by the date and time of record entry, meaning that the first creditor to register has priority over subsequent ones.

5. Legal Significance and Consequences

An entry in the registry:

• Confirms the creditor’s right to priority enforcement;
• Strengthens the reliability of the obligation and reduces bank risks;
• Restricts the debtor’s ability to dispose of property;
• Notifies third parties about existing encumbrances.

6. Practical Application

• For banks: reduces the risk of loan defaults.
• For businesses: builds trust among counterparties.
• For the state: creates a favorable investment climate.
• For the population: simplifies access to secured lending with movable property.

7. Liability and Supervision

The user who entered incorrect data bears responsibility.

The State Enterprise “Collateral Registry” must retain deleted records for five years. Disputes are settled in court.

Table 4. Participants’ Liability

Violation	Responsible Party	Consequences
False information	User	Administrative and civil liability
Failure to update data timely	Creditor / Debtor	Judicial sanctions
Unlawful restriction of rights	State body	Record cancellation by court

The Collateral Registry of the Republic of Uzbekistan is a key element of the system for securing obligations. Its functioning enhances market transparency, protects the interests of both creditors and debtors, and strengthens confidence in the financial system.

Options and Procedure for Removal from the Collateral Registry

Option for Removal	Basis for Deletion	Initiator	Procedure	Features
Fulfillment of obligations	Full performance of the debtor’s obligations to the creditor	Creditor (the user who entered the record)	The creditor must promptly delete the record after confirmation of fulfillment	Requires documentary proof of performance
Termination of creditor’s rights	Termination of pledge or financing agreement, or expiration of lease rights	Creditor	Submits an electronic request via personal account	The record is annulled along with termination of the obligation
Court decision	Final court judgment on deletion or amendment of record	Court via the State Enterprise “Collateral Registry”	The registry deletes the record based on the submitted judicial act	The court act is scanned and attached to the case file
Debtor’s objection	The debtor proves that the record was inaccurate or unlawful	Debtor (or representative)	First contacts the creditor → if refused, files an objection in the registry → then applies to court	The objection is recorded in the registry as a comment until resolution
Lack of debtor’s consent	Entry made without debtor’s consent (unless permitted by law)	Debtor	May demand record deletion through the court	Especially relevant in disputes with banks or state bodies
Initiative of state body	Cancellation of act of tax, customs, or investigative body based on which the entry was made	State body	Independently deletes the record or sends notification to the registry	For the debtor, deletion is possible only after the relevant act is canceled
Expiration of the obligation	If the obligation was time-limited (e.g., lease, factoring)	Creditor or state body	Files an application for deletion	If creditor is inactive, the debtor may seek deletion through court

The law imposes on the creditor the obligation to promptly remove a record after the termination of obligations. If the creditor evades this duty, the debtor has the right to protect their interests by submitting an objection and filing a lawsuit. State bodies (tax, customs, investigative) are also obliged to delete entries once the grounds for their inclusion cease to exist.