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Out-of-court settlement measures

Saturday, 29 November 2014 11:26
Out-of-court settlement measures

Measures stipulated by this part are fulfilled by Distressed assets recovery Unit, cooperating with Legal Unit of the Bank, Security Unit of the Bank and Compliance Unit.

Executive endorsement of a notary on repossession of collateralized property under the Contract  

Executive endorsement can be signed by a notary only if there are mortgage/collateral agreements certified by a notary, which are concluded in order obligations to be fulfilled by the Customer under the Contract, with appropriate clause in the agreement regarding probable satisfaction of the Bank’s demands in such a way.

In order the executive endorsement to be signed by a notary, Distressed assets recovery Unit within 5 (five) days when the decision on debt collection is made (collected by Distressed Assets Recovery Unit / Bad Loan Committee) prepares and sends to the notary an application on executive endorsement in order stipulated by standards of the current legislation.

In order to fulfill the mentioned measure, Distressed assets recovery Unit sends to the unit of the Bank within the competence of which is a keeping of the original Contracts and collateral agreements, request for providing necessary original documents.

Having received the mentioned request, on this day an appropriate unit takes instant measures to prepare and transfer requested documents to Distressed assets recovery Unit, and deliver-acceptance act is executed.

General period for sending a request and receiving original documents is not to exceed 2 (two) days.

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