Article 354. Consequences of the Forced Seizure of Pledged Property.
1. If the mortgagor’s title to the pledged property is terminated on the grounds and in the manner prescribed by law, as a result of the withdrawal (redemption) for state or municipal needs, requisition or nationalization, the pledger is granted other property or the corresponding compensation, the property provided in return or, respectively, the pledgee acquires the right of priority satisfaction of his claim from the amount due redeemer. The pledgee is also entitled to demand early performance of the obligation secured by the pledge.
2. In cases when the property that is the subject of a pledge is withdrawn from the pledger in accordance with the procedure established by law, on the grounds that in reality the owner of this property is another person (Article 301) or in the form of a sanction for the commission of a crime or other offense ), the pledge in respect of this property is terminated. In these cases, the pledgee has the right to demand early performance of the obligation secured by the pledge.
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References to other articles of chapter 23. Ensuring the fulfillment of obligations:
Article 329. Ways to ensure the fulfillment of obligations.
Article 330. The concept of a penalty.
Article 331. The form of the agreement on the penalty.
Article 332. Legal Penalty.
Article 333. Reduction of the penalty.
Article 334. The concept and grounds for the emergence of a pledge.
Article 335. Pledger.
Article 336. Subject of pledge.
Article 337. Claim secured by pledge.
Article 338. Pledge without transfer and with transfer of the pledged property to the pledgee.
Article 339. The contract of pledge, its form and registration.
Article 340. Property subject to the rights of the pledgee.
Article 341. The emergence of the right of pledge.
Article 342. Subsequent pledge.
Article 343. Maintenance and preservation of mortgaged property.
Article 344. Consequences of loss or damage to the pledged property.
Article 345. Replacement and restoration of the pledged item.
Article 346. Use and disposal of the subject of pledge.
Article 347. Protection by the pledgee of their rights to the subject of pledge.
Article 348. Grounds for foreclosure of mortgaged property.
Article 349. Procedure for foreclosure of pledged property.
Article 350. Realization of the pledged property.
Article 351. Early fulfillment of the obligation secured by a pledge, and foreclosure of the mortgaged property.
Article 352. Termination of Pledge.
Article 353. Preservation of pledge in case of transfer of the right to pledged property to another person.
Article 355. Concession of rights under a pledge agreement.
Article 356. Transfer of a debt under an obligation secured by a pledge.
Article 357. Pledge of goods in circulation.
Article 358. Pledge of things in a pawnshop.
Article 359. Grounds for withholding.
Article 360. Satisfaction of claims at the expense of property held.
Article 361. Contract of Guarantee.
Article 362. The form of a contract of guarantee.
Article 363. The responsibility of the guarantor.
Article 364. The right of the guarantor to object to the creditor’s claim.
Article 365. Rights of the guarantor who has fulfilled the obligation.
Article 366. Notification of the surety about the performance of the obligation by the debtor.
Article 367. Termination of a guarantee.
Article 368. The concept of a bank guarantee.
Article 369. Providing a bank guarantee of the obligation of the principal.
Article 370. Independence of a bank guarantee from the principal obligation.
Article 371. Irrevocability of a bank guarantee.
Article 372. Non-transferability of rights under a bank guarantee.
Article 373. Entry into force of a bank guarantee.
Article 374. Submission of requirements for bank guarantees.
Article 375. Obligations of the guarantor when considering the requirements of the beneficiary.
Article 376. Refusal of the guarantor to satisfy the requirement of the beneficiary.
Article 377. Limits of the obligation of the guarantor.
Article 378. Termination of a bank guarantee.
Article 379. Regressive requirements of the guarantor to the principal.
Article 380. The concept of the deposit. The form of the agreement on the deposit.
Article 381. Consequences of the termination and non-performance of the obligation secured by a deposit.