The Verkhovna Rada adopted in its entirety bill No. 9266 on electronic agricultural receipts. By the second reading, its name changed to the law “On Agrarian Notes.”
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The bill provides for the adoption of a special law to introduce into circulation “agricultural notes”, which will have the status of securities and will be published electronically form under the control of the National Commission for Securities and Stock Market, simultaneously with existing agricultural receipts, which are documents of title.
At the same time, the defining features of the relationship between the debtor and the creditor, the obligations of the parties, the requirements for the person who has the right to issue the document, the subject of pledge, the entire conceptual apparatus are the same for both agricultural receipts and “agrarian notes”.
The document expands the range of entities that can issue electronic agricultural receipts, at the expense of agricultural cooperatives, and also simplifies the issuance procedure , circulation and termination of electronic agricultural receipts in comparison with traditional paper ones.
The bill provides that the debtor can fulfill his obligations under an electronic agricultural note as a pledge of the future harvest, live animals, products of animal and plant origin, and products of their primary processing , guarantees of the rights and legitimate interests of creditors.
