Amended Pledge Law

Original Language Title: Grozījumi Komercķīlas likumā

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Read the untranslated law here: https://www.vestnesis.lv/ta/id/223426

The Saeima has adopted and the President promulgated the following laws: law on Pledge to make the pledge in the law of the Republic of Latvia (Saeima and the Cabinet of Ministers rapporteur, 1998, nr. 24; 2000, no. 3; 2004, nr. 2; 2005, no. 10; Latvian journal, 2009, no. 199) the following amendments: 1. Replace article 20, first paragraph, the words "creditors, novation takes place to record the pledge in the register of commercial collaterals required workers, pledge and new vendor application" with the words "going on, workers of the pledge, the novation to record the pledge in the register shall be submitted to the workers of the pledge, the pledge and the new pledge in the worker's application".
2. To supplement the law with article 20.1 the following: 20.1 "article. Pledge of change reorganisation or workers in the event of transfers of undertakings (1) If the change happens in the pledge the reorganisation or in the event of transfers of undertakings, the change of workers pledge to record the pledge in the register shall be submitted to the workers and the new pledge, the pledge of the worker's application.
(2) an application form and submit to this law, 12, 14 and 18 in accordance with the procedure laid down in article.
(3) the new pledge to the worker within 30 days from the deadline of registration of change of workers pledge day pledge register shall notify the employer of the pledge pledge for change of registration of workers, including: 1) the new pledge in the worker's name, registration number and registered office;
2) pledge registration date and number;
3 change of workers of pledge);
4) date when the pledge of change workers registered in the register of commercial pledges. "
3. Supplement article 23, first subparagraph, after the words "of the pledge registry" with the words "on the pledge of change reorganisation or workers in the event of transfers of undertakings".
The law shall enter into force on January 1, 2011.
The law adopted by the Parliament in December 16, 2010.
President Valdis Zatlers in Riga of the 2010 December 29.