| Abstract [eng] |
The purpose of this master thesis is to provide an analysis on the trends of pledge and mortgage regulation in Lithuania and to evaluate necessity and major problems of the reform which has been started in 2007. The first part of the thesis presents an analysis on problematic issues of legal regulation applied in the period from restoration of independence till entrance into force of the new Civil Code. This part is divided into two chapters: the first one examines the model of security interests in movable and immovable property which was based on the Civil Code of 1964 and emphasizes main problems, whereas the second chapter explains essential aspects of the reform implemented in 1998 and discusses shortcomings and advantages of the Law on Pledge of Movable Property and of the Law on Mortgage. After presenting main features of mortgage and pledge system provided for in the Civil Code and in the Civil Procedure Code, the second part deals with most important drawbacks of the present legal regulation related to creation of pledge and mortgage rights, operation of the enterprise mortgage and etc. Finally, after evaluation of the need for a new reform, the conclusion is drawn that reform is advantageous provided it is consistent and comprehensive. The third part is devoted to an analysis of the draft laws prepared during current pledge and mortgage reform, as well as to presentation of major problems and provision of possible solutions. First chapter examines the aims set in the Framework on Development of the Mortgage Register which was approved by the Government in 2007 as a legal ground for the reform. Moreover, proposal to refuse the mortgage (pledge) bonds is discussed, also major amendments related to registration of mortgage and pledge are evaluated. Then it is examined what form of mortgage and pledge agreements would be appropriate and why legal regulation of enterprise mortgage provided for in the draft laws is insufficient. Besides, core amendments of the enforcement procedure are examined emphasizing shortcomings related to extrajudicial enforcement procedure and notice given to the debtor (grantor). In the last chapter evaluation of the whole reform is given together with the summary of the recommendations of the author on the model of mortgage and pledge in Lithuania. |
