{"id":4267,"date":"2016-03-23T16:25:55","date_gmt":"2016-03-23T12:25:55","guid":{"rendered":"http:\/\/www.armenianlaw.com\/loan-agreement-and-debt-recovery-2\/"},"modified":"2018-03-01T22:47:09","modified_gmt":"2018-03-01T18:47:09","slug":"loan-agreement-and-debt-recovery","status":"publish","type":"post","link":"https:\/\/www.armenianlaw.com\/en\/loan-agreement-and-debt-recovery\/","title":{"rendered":"Debt Recovery and Loan Agreement in Armenia"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>Loan agreement<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Loan agreement is a very significant document which, if properly processed, establishes mutual rights and obligations of the parties. In accordance with the Article 877 of the Civil Code of the Republic of Armenia, under the agreement\u00a0of loan, one party (the lender) transfers to the ownership of the other party (the borrower) money or other property determined by generic characteristics, and the borrower undertakes the duty to return to the lender the same sum of money (the amount of the loan) or an equal quantity of other property received by it of the same type and quality.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Loan agreement between the natural persons shall be concluded in writing, if the sum of the agreement exceeds 20.000 AMD. In case if at least one of the parties is a legal entity, the agreement must be concluded in writing irrespective of the sum of agreement. In case of non-observance of simple written form of a transaction, parties lose their right to rely for confirmation of the transaction and its terms upon the testimony of witnesses, but they save the right to produce written and other evidence. \u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Agreement must establish the date and place of its signing, information about the parties (name, surname, date of birth, passport data and address of registration). Another important point the lender should take into account is the provision of deadline for paying back the debt. The agreement may also provide conditions on collection of penalties, forfeitures and interest for the default of borrower&#8217;s obligations. The agreement shall be prepared in duplicate and by the decision of the parties it may also be verified by the notary.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>Receipt<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Special attention should be given to the documents evidencing the transfer of money and fulfillment of the loan agreement. In most cases the borrower prepares a receipt evidencing transfer of money or property and containing information concerning the money transferred to the borrower. Practice shows that receipt should be written by borrower&#8217;s hand (not using additional technical tools) to let lender prove that borrower really got the money. The receipt should include passport data of both borrower and lender, address and additional information identifying the parties, the fact of transfer of money, place and date of its transfer as well as the deadline for its repayment. It is also important to make a reference to the basic contract in the receipt stating its number and date of signing. \u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">As soon as money returned to the lender the original of receipt must be returned to the borrower. The lender signs the receipt and makes a handwritten annotation that borrower has returned the full amount of money. In practice sometimes borrowers claim that they has not borrowed any money and the receipt is written and signed by other persons. In this case the court orders handwriting examination. It&#8217;s noteworthy that not only the signature will be subjected to examination, but also the whole text of the receipt.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>Ensuring the performance of an\u00a0obligation<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">If the loan agreement provides a big sum of money to be transferred, it is recommended that you use the means of ensuring the performance of obligations. In Armenia, the most common and effective of them is pledge. For the occurrence of pledge it is necessary to sign a pledge agreement. It should be mentioned\u00a0that only the property\u00a0which cannot be hidden from the lender should be used as a subject of pledge. Thus the most reliable type of\u00a0pledge is a mortgage and it can be explained by the lack of possibility to conceal the mortgaged property and\u00a0it\u00a0is subject to state registration in the Agency of the State Cadastre of real estate of Armenia.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">In addition, the pledge\u00a0is convenient because of possibility to recover the\u00a0debt without the judgment of court in case if parties provided such a condition. In this situation, the sale and alienation of property without the consent of the lender (pledgee) is impossible, and in case of violation of obligation to repay money the lender will be able to apply to the appropriate authority for the implementation of the pledged\u00a0property. Remember that pledge is invalid if it does not meet the requirements on the state registration.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>Filing a lawsuit<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">None of us is secured from dishonest actions of debtors and due to this the lender should initiate the procedure of debt recovery by filing a lawsuit.\u00a0When collecting debt under the loan agreement the limitation period is 3 years. Basically, it begins from the moment when the term of debt repayment comes, and in case of expiration of the limitation period, the court may dismiss the claim.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">The claim on debt recovery should be presented to the court of first instance at the defendant&#8217;s place of residence, unless otherwise provided by the loan agreement. The receipt confirming the payment of the state duty, agreement, receipt and other necessary documents shall be attached to the lawsuit. For the preparation of lawsuit\u00a0we recommend you to consult experts in the field of law since\u00a0the filing of a lawsuit has its peculiarities, ignorance of which often does not allow lenders to return the transferred\u00a0money.<\/span><\/p>\n<h4 style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>23.03.2016<\/strong><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>Loan agreement Loan agreement is a very significant document which, if properly processed, establishes mutual rights and obligations of the parties. In accordance with the Article 877 of the Civil Code of the Republic of Armenia, under the agreement\u00a0of loan, one party (the lender) transfers to the ownership of the other party (the borrower) money&#8230;.<\/p>\n","protected":false},"author":2,"featured_media":1593,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57],"tags":[204,111,282,205,204,205],"class_list":["post-4267","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-publications-en","tag-agreements-en","tag-debtrecovery-en","tag-loan-agreement","tag-pledge-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Debt Recovery and Loan Agreement in Armenia - \u042e\u0440\u0438\u0434\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u043e\u0444\u0438\u0441 \u0412\u0430\u0440\u0434\u0430\u043d\u0430 \u0425\u0435\u0447\u044f\u043d\u0430<\/title>\n<meta name=\"description\" content=\"Loan agreement is a very significant document which, if properly processed, establishes mutual rights and obligations of the parties. 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