LAW OF MONGOLIA ON NON-JUDICIAL FORECLOSURE OF MORTGAGED ASSETS

Adopted on July 7 2005, Ulaanbaatar.

CHAPTER ONE

GENERAL PROVISIONS

Article 1. Purpose of the Law

The purpose of this law shall be to govern the relationships concerning non-judicial foreclosure of mortgaged assets of borrowers that fail to perform their obligations under loan and mortgage agreements concluded with banks and non-banking financial institutions.

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