- Do you have mortgage-secured claim and wonder how to raise money?
You must apply to NBE presenting the following documents:
• enforcement paper
• certified copy of court decision (in case of notarized enforcement paper, you need to present loan and mortgage agreement)
• In case of representation, warranty to submit the enforcement paper
Please, consider that within 10 workdays after submission of enforcement paper you should pay the enforcement service due totaling 2% of the assigned amount, no less than 50 GEL.
NBE notifies the debtor within 5 days after beginning of enforcement proceeding.
Debtor is informed the following:
• Within 7 days after the notification in case of voluntary fulfilment of the demand, debtor pays a part of the pre-paid service due covered by creditor, in case of non-voluntary fulfilment - full payment of service due has to be made;
• Right stipulated by the article 18 of the Law of Georgia on Enforcement Proceedings;
• Legal outcomes of the beginning of enforcement proceeding;
• Feasible activities stipulated by law for non-voluntary fulfilment;
• Rule and techniques for enforcement-related information release
• Debtor isn't informed about the date and place of the measures of compulsion
Together with the submission of the enforcement paper (or if it can't be submitted timely) a n enforcement officer immediately starts the debtor property quest, makes a census and attaches it in compliance with the law. Namely, he/she applies to Public Register to check the legal state of the mortgage-secured property, after that an enforcement officer registers attachment on the property.
an auction is held within a month from the attachment.
Since the day of public announcement of the compulsory auction it is not allowed to stop, suspend, postpone the auction (enforcement proceeding), or withdraw enforcement paper based on article 35 of the Law on Enforcement Proceedings of Georgia.
Funds raised as a result of realization of the item put up for auction are used for securing creditor's claim.