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Legislation

4 Jul 2012

On 1 July 2012 amendments to the Civil Code of the Republic of Lithuania regarding mortgage (pledge) came into force. If under former regulation a mortgage of real estate had to be certified by a public notary and a mortgage judge before registration in the Mortgage Register of the Republic of Lithuania, the new regulation simplifies the registration and enforcement procedure by determining that mortgages have to be certified solely by a notary, who then reports it to the Mortgage Register. Therefore, the new amendments waived the functions of a mortgage judge during registration and enforcement of mortgage (pledge).  In addition, if debtor fails to satisfy its obligation, creditor can apply to notary requesting to make an executory endorsement under which the bailiff will be able to start enforcement procedures.

Furthermore, the amendments introduce a new type of mortgage – company mortgage, allowing mortgage on whole or part of the company.

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