Acquisition of Encumbered Property by the Secured Party
Purchase of pledged property by the pledgee - purchase of pledged property by the pledgee for himself or third parties with offsetting in favor of the purchase price of the pledgee's claims against the debtor secured by mortgage. The aforementioned agreement may not provide for the purchase of pledged property by the pledgee if the subject of the mortgage is a land plot. To the agreement on the purchase of pledged property by the pledgee, the rules of Russian civil legislation on the sales contract apply, and in the case of the pledgee purchasing the property for third parties - also on the commission contract1.
Federal Law No. 102-FZ dated July 16, 1998 "On Mortgage (Pledge of Real Estate)", as amended on July 17, 2009, Article 55, paragraph 2 // Official Gazette of the Russian Federation. 1998. No. 29. Item 3400. ↩