e case of insufficient amount from the sale of the house for covering the claim the receipt of necessary amount for account of collection of other property of the borrower was stipulated. There were features of mortgage accountability: in the case of full redemption by the borrower of indebtedness before the bank or organization, though which the crediting was organized, the notary was informed of the fact of cancellation of prohibition on sale or transmission of the house. /9/
The limited combination of home experience of mortgage crediting of expenses for purchase of land before revolution with the practice of individual crediting of dwelling construction in the soviet time is the reliable theoretical foundation for development of recommendations on mortgage crediting in the transitional period.
Chapter 2.Construction of safe system of crediting in modern Russia
Legislation on Mortgage Crediting
The present chapter describes legal fundamentals of mortgage crediting in Russia, and also depicts the most important changes in legislation on mortgage for the last years. At the same time, I am trying to attract attention to main "perils" of considered legal relations and specifies basic directions of their optimal overcoming.
The term "mortgage" in legal practice usually covers two concepts:
1. "Mortgage" (as legal relation) is the gage of a real estate with the purpose of receiving a mortgage credit (as a rule, in a bank). For mortgage it is characteristic to leave property with the debtor. Gage in civil right is one of methods to back obligations - in this case of bank credit. In so doing, in all cases it is mandatory to register with the State bodies the gage of any real estate. In case of insolvency of the debtor, claims of the creditor are satisfied from the proceeds from sold property with priority before other creditors or by transferring the incorporated real estate in the property of the pledge.
2. "Mortgage" (as a security) means a "Bond" - debt tool certifying the rights of the pledge on a real estate. Mortgage usually has a free circulation in the market. p> Institute of mortgage has not received in Russia considerable development till nowadays due to different encumbrances, both economic and legal, therefore it is regulated by a rather small array of normative acts. p> To the most important of such acts refer Federal Act of 1998 "On mortgage (gage of the real estate)". General provisions on gage, not defined in the indicated law, are contained in appropriate articles of the Civil Code of the Russian Federation. Federal Act from 1997 "On State Registration of Rights on Real Estate and of Transactions With It " governs registration of real estate, the most important function of the state, absence of which would make stable turnover of real estate completely impossible. p> Actual realization of bank's rights on the mortgage is possible within limits of the la...
