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An unoff c al translat on

LAW OF MONGOLIA

June 21, 2018 Government palace, Ulaanbaatar c ty

Th s Law shall come nto force on November 1, 2018

ON STATE REGISTRATION OF PROPERTY RIGHTS

/Rev sed Ed t on/

CHAPTER ONE

GENERAL PROVISIONS

Art cle 1. Purpose of the Law

1.1. The purpose of th s Law s to regulate matters related to reg ster ng r ghts to own property located on
the terr tory of Mongol a and other relevant property r ghts n state reg strat on.

Art cle 2. Leg slat on on State Reg strat on of Property R ghts

2.1. Leg slat on on state reg strat on of property r ghts shall cons st of the Const tut on of Mongol a[1],
C v l Code[2], General Law on State Reg strat on, Law on Land[3], Law on Cadastral Mapp ng and Land
Cadaster[4], Law on Allocat on of Land to Mongol an C t zen for Ownersh p[5], Law on Mortgag ng
Immovable Property[6], Law on Electron c S gnature[7], th s Law and other leg slat ve acts ssued n conform ty
therew th.

2.2. If an nternat onal treaty of Mongol a s ncons stent w th th s Law, then the prov s ons of the
nternat onal treaty shall preva l.

Art cle 3. Def n t ons of Terms of the Law

3.1. The follow ng terms used n th s Law shall be understood as follows:

3.1.1. "Immovable property r ghts" refers to ownersh p and other relevant property r ghts
of land or property wh ch cannot be used accord ng to ts purpose as soon as t s separated from the land;

3.1.2. "State reg strat on of property r ghts" refers to what s stated n Paragraph 3.1.4 of
the General Law on State Reg strat on;

3.1.3. "Pr vate f le" s a set of source documents n paper and electron c forms stored n
state reg strat on database of property r ghts;

3.1.4. "State reg strat on number" refers to a un que number, ssued by the state
adm n strat ve organ n charge of state reg strat on, that proves the state reg strat on of property r ghts;

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3.1.5. "State reg strat on database of property r ghts" refers to a collect on of paper and
electron c nformat on of state reg strat on of property r ghts;

3.1.6. "Appl cat on" refers to a request f led by a c t zen or a legal ent ty n the form
spec f ed n laws to reg ster property r ghts n state reg strat on;

3.1.7. "Ass gnee" refers to a party who rece ves ownersh p and other relevant property
r ghts from an owner, possessor or user.

Art cle 4. State Reg strat on of Property R ghts

4.1. State reg strat on of property r ghts (here nafter referred to as "state reg strat on of r ghts") shall have
the types spec f ed n Art cle 8 of the General Law on State Reg strat on.

4.2. Unless otherw se spec f ed by laws, movable propert es and the r relevant r ghts may be reg stered n
state reg strat on of r ghts, and the relevant procedure shall be approved by the Government.

4.3. The Government shall approve the procedure on reg ster ng mmovable property and ts related
r ghts that refer to state and off c al secrets under laws, n state reg strat on of r ghts.

4.4. R ght to an apartment or common mmovable property shall be reg stered based on parcel number of
the land under or around the part cular mmovable property.

4.5. The Government shall approve the procedure on ma nta n ng state reg strat on of r ghts.

4.6. State reg strar spec f ed n Art cle 19 of the General Law on State Reg strat on shall ma nta n state
reg strat on of r ghts.

Art cle 5. Commencement of the R ght to Own Property and Other Related Property R ghts

5.1. The r ght to own property commences once a c t zen or a legal ent ty reg sters the r ght stated n
Paragraph 8.1.1 of the General Law on State Reg strat on n state reg strat on of r ghts n accordance w th the
procedure prov ded by laws.

5.2. The r ghts that are related to property ownersh p stated n Paragraphs 8.1.2, 8.1.3, 8.1.4, 8.1.5, 8.1.6,
8.1.7, 8.1.8 and 8.1.9 of the General Law on State Reg strat on shall commence once reg stered n state
reg strat on of r ghts.

5.3. The state reg strat on author ty shall ssue a state reg strat on cert f cate n proof of reg ster ng
ownersh p stated n Paragraph 5.1 of th s Law n state reg strat on of r ghts.

5.4. The Government shall approve a template of the cert f cate, the nformat on to be ncluded and the
procedure on ssuance of a state reg strat on cert f cate of the r ght spec f ed n Paragraph 5.3 of th s Law.

5.5. Cert f cate from state reg strat on of r ghts spec f ed n Paragraph 5.3 of th s Law shall be re- ssued
on the follow ng grounds:

5.5.1. Cert f cate s worn out or damaged and s mposs ble to use;

5.5.2. Re- ssuance of the cert c fate s requested due to the changes made n state
res strat on of r ghts;

5.5.3. Cert f cate s lost or destroyed;

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5.5.4. Cert f cate s not poss ble to be used as state reg strat on of r ghts was cons dered
nval d;

5.5.5. When the transfer of an ownersh p s to be reg stered by the court or arb tral
dec s on, t has become mposs ble to conf scate the state reg strat on cert f cate;

5.6. If the cert f cate s lost, t shall be cons dered nval d by a dec s on of the general state nspector
based on the owner’s appl cat on and advert sement to have the cert f cate nval dated n a da ly newspaper and a
state reg strar shall re- ssue the cert f cate w th n 15 work ng days.

5.7. In case of Paragraph 5.5.5 of th s Law, a state reg strar shall re- ssue the cert f cate w th n 15
work ng days based on a request by the appl cant and an off c al letter by court dec s on execut on agency.

5.8. In cases other than stated n Paragraphs 5.6 and 5.7 of th s Law, a state reg strar shall re- ssue the
cert f cate w th n 10 work ng days.

5.9. If the land, reg stered w th purpose of possess on or use n state reg strat on of r ghts, s to be
allocated for the purposes stated n Paragraph 4.1.1 of the Law on Allocat on of Land to Mongol an C t zens for
Ownersh p, t may be recorded n state reg strat on of r ghts.

Art cle 6. Accuracy of State Reg strat on of R ghts

6.1. State reg strat on of r ghts shall be accurate and a state reg strar shall enter each record made by
h m/her n state reg strat on database of property r ghts and ver fy t n accordance w th laws and relevant
procedures.

6.2. If a person, who s not ent tled to reg ster a property, acknowledges the demand by a person whose
r ghts and legal status have suffered due to the reg strat on under the name of that unent tled person as spec f ed
n Paragraph 182.3 of the C v l Code, a state reg strar may make amendments n state reg strat on of r ghts based
on relevant ev dences and a state nspector’s assessment.

6.3. If the person whose name s reg stered n state reg strat on of r ghts does not accept the demand
spec f ed n Paragraph 6.2 of th s Law, amendment shall be made to state reg strat on of r ghts after the court
dec s on takes effect.

6.4. Person, who cons dered h s/her r ght s v olated, s ent tled to f le an appl cat on regard ng naccurate
and false records of state reg strat on of r ghts as spec f ed n Paragraph 183.3 of the C v l Code to the state
reg strat on author ty. If the records are found to be naccurate or false dur ng the rev ew, the record may be
changed by the state nspector’s dec s on.

6.5. In case of a compla nt on dupl cate reg strat on or reg strat on based on counterfe t documents,
movement of that record shall be suspended by the state nspector’s dec s on. If necessary, t shall be transferred
to a competent author ty for nvest gat on.

6.6. In cases other than stated n Paragraphs 6.2 and 6.4 of th s Law, state reg strat on of r ghts shall be
nval dated by a court dec s on.

6.7. A state reg strar ma nta n ng the part cular records or an arch v st n charge or a sen or reg strar for
mon tor ng the reg strat on or state nspector may refer to the f les n state reg strat on of r ghts n accordance
w th establ shed procedures. The f les are proh b ted to be taken outs de the prem ses of state reg strat on
author ty.

6.8. Paragraph 6.7 of th s Law shall not apply, when nformat on s to be obta ned electron cally by the
owner or other party, n accordance w th the procedure prov ded n th s Law.

CHAPTER TWO
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STATE REGISTRATION OF IMMOVABLE PROPERTY RIGHTS

Art cle 7. F l ng an Appl cat on

7.1. C t zen or legal ent ty shall f le ts appl cat on for state reg strat on of r ghts spec f ed n Ar ctle 8 of
the General Law on State Reg srtrat on, to the state reg strat on author ty n the terr tor al jur sd ct on of the
part cular mmovable property.

7.2. The appl cat on spec f ed n Paragraph 7.1 of th s Law may be f led on paper or electron cally.

7.3 Head of the state adm n strat ve organ n charge of state reg strat on shall approve the template for
the appl cat on.

7.4. Only one appl cat on shall be f led for reg strat on of r ghts of a common mmovable property. One
of the co-owners may f le an appl cat on on behalf of the others.

7.5. Each person who owns a part of a common mmovable property shall f le an appl cat on to have
h s/her part reg stered.

7.6. Appl cant s ent tled to change or w thdraw h s/her appl cat on pr or to the reg strat on of the
mmovable property r ght n the state reg strat on of r ghts.

7.7. Appl cant s obl ged to prov de correct and accurate appl cat on and support ng documents and
he/she shall be l able for damages caused to others due to the v olat on of th s obl gat on.

7.8. If prov ded by laws, the support ng documents of the appl cat on shall be cert f ed by a notary.

7.9. The part es to the agreement or negot at on shall ensure correctness and accuracy of any agreement,
negot at on or document that are not cert f ed by a notary, and be fully respons ble for legal consequences
thereof.

7.10. Appl cant shall cert fy h s/her s gnature as spec f ed n the Law on Electron c S gnature, when
f l ng an onl ne appl cat on to reg ster the r ghts, stated n Paragraph 4.1 of th s Law, n state reg strat on of
r ghts.

7.11. The general regulat ons prov ded n th s Law shall equally apply to f l ng an onl ne appl cat on.

7.12. State reg strar shall not fy the appl cant of the dec s on on the acceptance or reject on of the onl ne
appl cat on w th n the per od stated n th s Law.

7.13. Onl ne appl cant shall del ver or g nal cop es of the relevant documents to the state reg strat on
author ty w th n 5 work ng days after the rece pt of the not ce on reg strat on spec f ed n Paragraph 7.12 of th s
Law.

7.14. State reg strar shall check and rev ew or g nal cop es of the documents rece ved at the state
reg strat on author ty as spec f ed n Paragraph 7.13 of th s Law, aga nst the documents subm tted onl ne. If there
are no grounds for decl n ng to reg ster the r ghts w th n the pe od prov ded by th s Law, t shall be reg stered
and conf rmed n state reg strat on database of property r ghts.

Art cle 8. Reject on of an Appl cat on

8.1. State reg strar shall reject an appl cat on on the follow ng grounds:

8.1.1. Appl cat on was f led n v olat on of the procedures and requ rements stated n
Art cle 7 of th s Law;

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8.1.2. There are no ev dences to prove the appl cant’s r ghts stated n Paragraph 7.1 of th s
Law;

8.1.3. The documents, wh ch should be enclosed to the appl cat on n accordance w th the
procedures prov ded by laws, are ncomplete or altered, or conta n contrad ctory nformat on;

8.1.4. Fa lure to pay serv ce fee spec f ed n Art cle 21 of the General Law on State
Reg strat on and state stamp duty stated n Paragraph 5.1.40 of the Law on State Stamp Duty[8];

8.1.5. The grounds stated n the appl cat on to reg ster the r ghts, stated n Paragraph 4.1
of th s Law, expl c tly d ffer from the content of the relevant agreement or negot at on;

8.1.6. Val d ty of the r ghts stated n Paragraph 4.1 of th s Law has exp red.

8.2. Unless otherw se prov ded by laws, t s proh b ted to reject an appl cat on on the grounds other than
those stated n Paragraph 8.1 of th s Law.

8.3. If an appl cant does not accept the dec s on of a state reg strar wh ch was made n accordance w th
Paragraph 8.1 of th s Law, he/she may f le a compla nt to a h gher level off c al.

Art cle 9. Immovable Property Value to be Reflected n State Reg strat on of R ghts

9.1. Immovable property value to be reflected n state reg strat on of r ghts shall be determ ned n
accordance w th the follow ng order n cases set forth below:

9.1.1. When mmovable property r ght, except for land ownersh p, s reg stered for the
f rst t me ts value shall be set as the pr ce nd cated n ts order contract. If there s no pr ce nd cated n the
order contract, the value shall be determ ned by the approved budget cost;

9.1.2. In case of f rst t me reg ster ng land ownersh p n state reg strat on of r ghts, ts
value shall be set as f xed base pr ce prov ded by a competent author ty. If base pr ce s not ava lable, market
pr ce prov ded by the owner;

9.1.3. In case of reg ster ng the transfer of an ownersh p and other related property r ghts,
the pr ce nd cated n the agreement, negot at on or dec s on on the transfer of the r ght;

9.1.4. In case of reg ster ng a pr ce change n state reg strat on of r ghts, the pr ce
determ ned by an author zed person who appra ses propert es as prov ded by laws.

9.2. Appl cant shall prov de real st c property pr ces.

Art cle 10. In t al Reg strat on of Immovable Property Ownersh p

10.1. In t al reg strat on of mmovable property ownersh p n state reg strat on of r ghts shall be based on
the land parcel number. One f le shall be opened on each land parcel and the mmovable property r ght shall be
reg stered as one w th the parcel’s r ght.

10.2. Ownersh p of an apartment or a part of a common mmovable property shall be reg stered n
compl ance w th Paragraph 4.4 of th s Law and each part shall have a separate f le.

10.3. In t al reg strat on of mmovable property ownersh p n state reg strat on of r ghts shall nclude the
follow ng nformat on:
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10.3.1. Date, number and val d ty of a dec s on on land r ghts;

10.3.2. Parcel number, land s ze, purpose, address and locat on;

10.3.3. Land cond t on and state qual ty assurance assessment;

10.3.4. S ze, purpose and comm ss oned date and pr ce of mmovable property on a
parcel;

10.3.5. Immovable property des gn, water and power sources as descr bed by an
appl cant;

10.3.6. If the owner of an mmovable property s a c t zen, fam ly name, surname, g ven
name, reg strat on number. If the owner s a legal ent ty, the g ven name, state reg strat on number and
reg strat on number;

10.3.7. Appl cat on date;

10.3.8. Other nformat on to nd cate n the reg strat on n accordance w th laws.

10.4. If a co-owner of a common property spec f es each share n the appl cat on and ver f cat on
documents, each share shall be nd cated n state reg strat on of r ghts.

10.5. For n t al reg strat on of mmovable property ownersh p, whether to reg ster n state reg strat on of
r ghts shall be dec ded and the appl cant shall be not f ed w th n 5 work ng days after the rece pt of or g nal
cop es of relevant documents.

10.6. An appl cat on for n t al reg strat on of mmovable property ownersh p shall be supported by the
follow ng ver f cat on documents:

10.6.1. Ver f cat on document of ownersh p;

10.6.2. Dec s on on the ssuance of land ownersh p;

10.6.3. Land cadastral map reg stered n the land cadaster database;

10.6.4. Land cond t on and state qual ty assurance assessment w th respect to the land
owned by a c t zen;

10.6.5. Construct on des gn and four-s ded full mage;

10.6.6. Address of the mmovable property locat on ssued by a competent author ty;

10.6.7. State stamp duty and serv ce fee rece pts;

10.6.8. As for a part cular mmovable property whether an agreement or negot at on was
held on ts future ownersh p subject to certa n requ rements, f such agreement or negot at on took place then
the r cop es, l st of cl ent names and the r nvestment.

10.7. If an owner s a c t zen, c t zen dent ty card, or f the owner s a legal ent ty, the state reg strat on
nformat on, const tuent documents and charter shall be checked and rev ewed from the electron c database. If
not poss ble, a copy of the appl cant’s c t zen dent ty card or the legal ent ty’s state reg strat on cert f cate shall
be obta ned and enclosed to the appl cat on.

10.8. State reg strar shall access the shared database spec f ed n Paragraph 9.11 of the General Law on
State Reg strat on to check and rev ew the cadastral nformat on of a parcel.
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10.9. The Government shall approve the procedure on reg ster ng the r ghts of state-owned mmovable
property other than those prov ded n the Law on State and Off c al Secrets[9], n compl ance w th th s Law and
other relevant laws.

10.10. If an unf n shed mmovable property s be ng constructed by the nvestment or order of two or
more persons, the mmovable property shall be reg stered as a common property or as separately owned parts of
co-owners based on the ver f cat on documents prov ded n Paragraph 10.6 of th s Law accord ng to the nvestor
or cl ent’s appl cat on to state reg strat on of r ghts.

Art cle 11. Reg strat on of the Transfer of Immovable Property Ownersh p and other Related Property
R ghts

11.1. In case of reg ster ng a transfer of mmovable property ownersh p and other related property r ghts,
the follow ng nformat on shall be spec f ed n state reg strat on of r ghts:

11.1.1. Appl cat on date;

11.1.2. f an ass gnee s a c t zen, the fam ly name, surname, g ven name and reg strat on
number; f t s a legal ent ty, the g ven name, state reg strat on number and reg strat on number;

11.1.3. Name and type of the agreement or negot at on;

11.1.4. f the r ght s be ng transferred by the dec s on of an author zed person, date and
number of the dec s on;

11.1.5. Property value.

11.2. If the mmovable property ownersh p and other related property r ghts are transferred on the bas s
of an agreement or negot at on, the or g nal copy of the agreement or negot at on shall be enclosed to the f le.

11.3. If an owner, possessor or user s changed based on a court or arb tral dec s on, a person who w ll
acqu re the ownersh p and other related property r ghts shall f le an appl cat on wh ch shall be accompan ed w th
the court or arb tral dec s on.

11.4. In case of the c rcumstances prov ded n Paragraph 11.3 of th s Law, a person reg stered n state
reg strat on of r ghts, whose r ghts and nterests may be affected, shall be not f ed n wr t ng by the state
reg strat on author ty.

11.5. A person, who purchased an mmovable property through a forced auct on, shall subm t an
appl cat on on the transfer of mmovable property ownersh p. The appl cat on shall be accompan ed w th a
dec s on on the transfer of an ownersh p by auct on, an agreement, and f t s taken aga nst the payment
obl gat ons as spec f ed n the Law on Mortgag ng Immovable Property, the notes on th s matter and other
relevant documents.

11.6. If the mmovable property under mortgage s d rectly sold w thout a court dec s on, sales and
purchase agreement; f t s sold by auct on w thout a court dec s on, the auct on record; f t was taken aga nst
the payment obl gat on as prov ded n the Law on Mortgag ng Immovable Property, the notes on th s matter and
other relevant documents shall be attached to the appl cat on.

11.7. Cadastral map w th the parcel number, construct on des gn of parts, wh ch w ll be transferred and
kept, that are cert f ed by s gnatures of the part es to the agreement shall be enclosed to the appl cat on, when
some parts of mmovable property s transferred to others.

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11.8. An appl cat on by a co-owner of a common property, to transfer h s/her parts to others on the bas s
of an agreement or transact on, shall be accompan ed w th a document cert fy ng that r ghts of a person hold ng
prerogat ve r ghts are not nfr nged, f other co-owners refused to purchase the spec f ed part or d d not prov de
an answer w th n the per od set forth n Paragraph 108.7 of the C v l Code.

11.9. If an mmovable property ownersh p s be ng tranferred, the dec s on to make appropr ate changes
n state reg strat on of r ghts shall be taken w th n 3 work ng days after the rece pt of or g nal cop es of the
relevant documents and the appl cant shall be not f ed n a wr tten or electron c form. The change shall
const tute the ownersh p r ght of the new owner.

Art cle 12. Reg strat on of the R ght of a Person Who Acqu red Unowned Immovable Property n
State Reg strat on of R ghts

12.1. A person, who acqu red an unowned mmovable property, may f le an appl cat on n
accordance w th the procedure prov ded n th s Law, to be reg stered as the owner of the mmovable property as
spec f ed n Paragraphs 104.1 and 104.2 of the C v l Code.

12.2. If a person, who acqu red an unowned mmovable property, subm ts an appl cat on as spec f ed n
Paragraph 12.1 of th s Law, a f le shall be opened n state reg strat on of r ghts and a prel m nary record shall be
made n accordance w th Art cle 185 of the C v l Code.

12.3. If a person, who acqu red an unowned mmovable property, reg sters t n accordance w th
Paragraph 12.2 of th s Law, he/she shall obta n the ownersh p n accordance w th Paragraph 104.2 of the C v l
Code.

12.4. If the r ght of a person, wh ch was reg stered n accordance w th the procedure prov ded n
Paragraph 12.2 of th s Law, s transferred to others based on nher tance of r ghts, the successor shall reg ster the
property n state reg strat on of r ghts.

12.5. If the per od spec f ed n Paragraph 104.2 of the C v l Code exp res after the reg strat on made by a
person, who acqu red an unowned mmovable property, state reg strat on of r ghts shall be amended and the
ownersh p shall be reg stered n accordance w th the request by the person who reg stered the property.

12.6. If a person, who acqu red an unowned mmovable property, llegally acqu red t or f the legal
owner of the mmovable property was dent f ed w th n the per od spec f ed n Paragraph 104.2 of the C v l
Code, the reg strat on shall be amended and the ownersh p of the legal owner shall be reg stered.

Art cle 13. Amendment or Change n State Reg strat on of R ghts

13.1. State reg strat on of r ghts shall be amended or changed n the follow ng cases:

13.1.1. Change n s ze, pr ce and performance of an mmovable property;

13.1.2. Change n address of an mmovable property locat on;

13.1.3. Change n the purpose of an mmovable property;

13.1.4. Change n reg strat on number, fam ly name, surname, g ven name of the
mmovable property owner or ts g ven name, state reg strat on and reg strat on number as a legal ent ty;

13.1.5. Change n parcel number;

13.1.6. Change n other nformat on spec f ed n the reg strat on.

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13.2. Appl cat on for amendment or change n state reg strat on of r ghts shall be accompan ed w th the
follow ng ver f cat on documents:

13.2.1. Appl cat on;

13.2.2. Cadastral map wh ch reflects and cert f es the change f there s a change n the
mmovable property s ze;

13.2.3. An author zed organ zat on’s dec s on, n case of a change n the address of
mmovable property locat on;

13.2.4. Construct on des gn and four-s ded full mage;

13.2.5. Ver f cat on documents for other changes, wh ch are subm tted for reg strat on;

13.2.6. Rece pts for state stamp duty and serv ce fee.

13.3. A state reg strar shall access electron c database to check and rev ew wh le reg ster ng a change n
owner’s reg strat on number, fam ly name, surname and g ven name. If not poss ble, cop es of the relevant
documents shall be obta ned from the appl cant and attached to the appl cat on.

13.4. In case of a change n the terr tor al jur sd ct on of prov nce, cap tal c ty, soum and d str ct, n
wh ch the mmovable property s located, the reg strat on f le shall be transferred n accordance w th the
jur sd ct on.

13.5. In case of amendments and changes to state reg strat on of r ghts based on the grounds spec f ed n
Artc le 13 of th s Law, the appropr ate changes shall be made and the appl cant shall be not f ed w th n 3
work ng days after the rece pt of the or g nal cop es of the relevant documents.

13.6. If t s cons dered that there are grounds for decl n ng reg strat on of a change or amendment n the
state reg strat on of r ghts, a state reg strar shall respond to the appl cant w th n the per od spec f ed n Paragraph
13.5 of th s Law.

Art cle 14. Term nat on of State Reg strat on of R ghts

14.1. State reg strar shall close the state reg strat on of r ghts n the follow ng cases by the dec s on of the
head of state adm n strat ve organ n charge of state reg strat on, based on the appl cant’s request, relevant
ver f cat on documents and state nspector’s conclus on:

14.1.1. Separately reg stered parts of a common mmovable property were transferred to
one person by the owners’ request;

14.1.2. Two or more than two parcels were comb ned nto one parcel;

14.1.3. Court or arb tral dec s on was ssued;

14.1.4. Immovable property ownersh p and other related property r ghts were term nated
by the dec s on of an author zed person;

14.1.5. Dupl cate records n state reg strat on of r ghts;

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14.1.6. State reg strat on of ownersh p r ght of a part cular apartment has been completed
as ncluded n the l st of apartments bu lt by order;

14.1.7. Immovable property, as a subject of ownersh p, was demol shed.

14.2. Relevant documents for clos ng state reg strat on of r ghts shall be enclosed to the f le and the state
reg strat on number shall be nval dated to term nate the state reg strat on of r ghts.

Art cle 15. State Reg strat on of Other Immovable Property R ghts Related to Immovable Property
Ownersh p

15.1. The follow ng nformat on shall be prov ded n the reg strat on form for other mmovable property
r ghts related to the mmovable property ownersh p:

15.1.1. Agreement type and a dec s on that const tuted the r ght;

15.1.2. Informat on of the part es to the agreement (fam ly name, surname, g ven name,
reg strat on number n case of a c t zen; g ven name, state reg strat on number and reg strat on number n case of
a legal ent ty, as well as fam ly name, surname, g ven name and reg strat on number of ts author zed person);

15.1.3. Agreement tenure;

15.1.4. Agreement value;

15.1.5. Reg strat on date.

15.2. The agreement, wh ch serves as a just f cat on for the reg strat on of r ghts n state reg strat on of
r ghts as st pulated n Paragraphs 8.1.2, 8.1.3, 8.1.4, 8.1.5, 8.1.6, 8.1.7, 8.1.8 and 8.1.9 of the General Law on
State Reg strat on, shall be stamped as “reg stered” and returned to the appl cant.

15.3. A state reg strar shall make a note on the reg strat on form and attach t to the f le.

15.4. Head of state adm n strat ve organ n charge of state reg strat on shall approve the template of the
form spec f ed n Paragraph 15.1 of th s Law.

15.5. If the r ghts and obl gat ons of the part es were changed, or the agreement was term nated, or the
part es to the agreement changed, an amendment to th s effect shall be made n state reg strat on of r ghts.

15.6. If the r ghts prov ded n Paragraphs 8.1.2, 8.1.3, 8.1.4, 8.1.5, 8.1.6, 8.1.7, 8.1.8 and 8.1.9 of the
General Law on State Reg strat on are reg stered n state reg strat on of r ghts, t shall be noted n the f le.

15.7. Whether to reg ster the r ghts prov ded n Paragraphs 8.1.2, 8.1.3, 8.1.4, 8.1.5, 8.1.6, 8.1.7, 8.1.8
and 8.1.9 of the General Law on State Reg strat on shall be dec ded and the appl cant shall be not f ed w th n 3
work ng days after the rece pt of the appl cat on.

Art cle 16. Reg strat on of Immovable Property Mortgage

16.1. Owner or h s/her author zed representat ve shall subm t an appl cat on for reg strat on of the
mortgage.

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16.2. Procedure prov ded n Paragraph 16.1 of th s Law shall equally apply to reg strat on of mortgage,
wh ch s ar sen on grounds spec f ed n laws, n state reg strat on of r ghts.

16.3. Order of the reg strat on of mortgages shall be determ ned by the chronolog cal order of the
appl cat ons reg stered n state reg strat on of r ghts.

16.4. In add t on to those prov ded n Paragraph 15.1 of th s Law, state reg strat on of pledge r ghts shall
spec fy the follow ng nformat on:

16.4.1. Loan amount and nterest rate;

16.4.2. Loan agreement number;

16.4.3. Contractually agreed terms to have the requ rements fulf lled by the collateral tem;

16.4.4. Whether pledge cert f cate was ssued;

16.4.5. Whether the pledge agreement proh b ts the r ght to cross-collateral zat on.

16.5. An appl cat on for the reg strat on of mortgage on state-owned mmovable property shall be
accompan ed w th perm ss on by an author zed person spec f ed n the Law on State and Local Property[10].

Art cle 17. Reg strat on of the Transfer of a Mortgage to Another Person

17.1. The appl cat on to reg ster the transfer of a mortgage to another person shall be subm tted by the
transferee and a state reg strar shall make relevant notes n the f le.

17.2. Mortgage and requ rements serv ng as ts grounds shall be s multaneously transferred to another
party and the correspond ng documents shall be attached to the appl cat on.

17.3. A th rd party, who sat sf ed the obl ger’s demand, s ent tled to subm t an appl cat on to state
reg strat on author ty to transfer the mortgage under h s/her name as spec f ed n Paragraph 172.6 of the C v l
Code and the ver f cat on documents on fulf llment of the obl ger’s demand shall be attached to the appl cat on.

17.4. Mortgage transfer agreement shall be enclosed to the appl cat on spec f ed n Paragraphs 17.1 and
17.3 of th s Law.

Art cle 18. Reg strat on of Transfer of Mortgage to Owner

18.1. If the mortgage s transferred to the owner n accordance w th Paragraph 168.1 of the C v l Code,
the owner shall term nate the mortgage and remove t from state reg strat on of r ghts, or keep the reg strat on
order and request to transfer t to another person. The request shall be enclosed w th an or g nal or a notar zed
copy of the documents prov ng the term nat on of the obl ger’s demand or refusal from h s/her demand.

18.2. If the owner keeps the reg strat on order and subm ts an appl cat on to transfer the mortgage to
another person as spec f ed n Paragraph 18.1 of th s Law, a state reg strar shall record the changes n
compl ance w th the procedure prov ded n Art cle 16 of th s Law.

18.3. If an owner s l able before a th rd party for term nat ng the mortgage, or the mmovable property
and the mortgage are to transferred to the same person, he/she shall request for prel m nary records to th s effect.
State reg strar shall make the prel m nary records n state reg strat on of r ghts n accordance w th the procedure
prov ded n Art cle 31 of th s Law.

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18.4. The regulat ons spec f ed n Paragraphs 18.1, 18.2 and 18.3 of th s Law shall equally apply to the
land owners.

Art cle 19. Reg strat on of Replacement of Demand Secured by Mortgage w th Other Demand

19.1. If an owner and an obl ger agreed to replace the demand secured by mortgage w th other demand n
accordance w th Paragraph 165.3 of the C v l Code, the owner shall f le an appl cat on to reg ster such a change
and the appl cat on shall be enclosed w th the document prov ng the agreement w th the obl ger to replace the
demand.

Art cle 20. Reg strat on of Pledge Cert f cate

20.1. If the pledgee’s r ght s cert f ed by the pledge cert f cate, pledger or h s/her author zed
representat ve shall f le an appl cat on for reg ster ng the pledge cert f cate n state reg strat on of r ght.

20.2. State reg strar shall record the date, place of the agreement, s gn and put a stamp on the ledge
cert f cate. The copy shall be kept n the f le, and the pledge cert f cate shall be reg stered and returned to the
pledgee w th n 3 work ng days.

20.3. The amendment to the pledge cert f cate shall be reg stered based on pledger’s appl cat on and a
state reg strar shall cert fy the enclosure reflect ng the amendment and attach t to the f le.

20.4. If a new pledge cert f cate was ssued as spec f ed n Paragraph 17.1.2 of the Law on Mortgag ng
Immovable Property, the old pledge cert f cate shall be stamped as “ nval d” and returned. The nval dat on of
the reg strat on of such pledge cert f cate shall be recorded n the f le and the new pledge cert f cate shall be
reg stered n accordance w th the procedure prov ded n th s Law.

20.5. The pledge cert f cate wh ch s to be re- ssued n accordance w th Paragraph 19.1 of the Law on
Mortgag ng Immovable Property shall be s gned and stamped by a state reg strar for return. The re- ssuance
shall be recorded n the f le and the copy shall be attached to the f le.

Art cle 21. Reg strat on of Term nat on of Pledge R ght

21.1. Pledge r ght shall be term nated on the bas s of the request of ts legal owner or that of pledgee or a
dec s on by court or arb trat on.

21.2. Pledge r ght cert f ed by the pledge cert f cate shall be term nated by reg ster ng such term nat on n
state reg strat on of r ghts, and t shall be recorded n the f le.

Art cle 22. Reg strat on of Immovable Property Rent

22.1. The r ght to rent shall be reg stered on the bas s of the appl cat on by a lessee or lessor n
accordance w th the procedure prov ded n Paragraph 15.1 of th s Law.

22.2. The appl cat on shall be accompan ed w th an author zed person’s dec s on and rent agreement and
the follow ng nformat on shall be reflected n state reg strat on of r ghts n add t on to those spec f ed n
Paragraph 15.1 of th s Law:

22.2.1. Rent area;

22.2.2. Rent purpose.

Art cle 23. Reg strat on of Serv tude

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23.1. Appl cat on for the reg strat on of serv tude shall be subm tted e ther by an owner or a person
ent tled to the serv tude and shall be reg stered n accordance w th the procedure set forth n Art cle 15 of th s
Law.

23.2. If publ c serv tude s establ shed on the land under the ownersh p of a c t zen as spec f ed n
Paragraph 33.1 of the Law on Allocat on of Land to Mongol an C t zens for Ownersh p, the appl cat on shall be
accompan ed w th a soum or d str ct governor’s dec s on on the establ shment of publ c serv tude.

Art cle 24. Reg strat on of Usufruct

24.1. Usufruct shall be reg stered based on an appl cat on by ts possessor n accordance w th the
procedures set forth n Art cle 15 of th s Law.

24.2. If a possessor of usufruct s to pledge or rent the mmovable property, t shall be reg stered n state
reg strat on of r ghts as spec f ed n th s Law and the appl cat on shall be accompan ed w th a notar zed copy of
ts possessor’s consent spec f ed n Paragraph 152.2 of the C v l Code.

Art cle 25. Reg strat on of R ght to Construct Bu ld ngs and Fac l t es on Other’s Land

25.1. R ght to construct bu ld ngs and fac l t es on other’s land (here nafter referred to as “r ght for
construct on”) shall be reg stered based on the appl cat on by a person who acqu red the r ght or h s/her
author zed representat ve n accordance w th the procedure prov ded n Art cle 15 of th s Law.

25.2. In add t on to those spec f ed n Paragraph 15.1 of th s Law, the follow ng nformat on shall be
reflected n state reg strat on of the r ght for construct on:

25.2.1. Val d ty and purpose of the r ght for construct on;

25.2.2. Construct on s te s ze;

25.2.3. Note of transfer or pledge of the r ght for construct on to other’s ownersh p,
possess on or usage.

25.3. An amendment shall be made state reg strat on of r ghts n accordance w th the procedure prov ded
n th s Law, f the r ght for construct on s be ng succeeded, pledged, sold or adm n stered for other purposes.

25.4. The ownersh p for bu ld ngs and fac l t es constructed based on the r ght for construct on shall be
reg stered n state reg strat on of r ghts n accordance w th Art cle 10 of th s Law.

Art cle 26. Reg strat on of the R ght to F nanc al Leas ng of Watercraft and A rcraft

26.1. R ght to the f nanc al leas ng of watercraft or a rcraft shall be reg stered n state reg strat on of
r ghts based on the appl cat on of a party to the agreement or ts author zed representat ve, as well as watercraft
and a rcraft f nanc al leas ng agreement.

26.2. Procedure set forth n Art cle 15 of th s Law shall apply to the reg strat on of the r ght to watercraft
and a rcraft f nanc al leas ng n state reg strat on of r ghts.

Art cle 27. Reg strat on of Guarantee Agreement

27.1. Guarantee agreement shall be reg stered based on the appl cat on f led by an owner or guarantor for
reg strat on n accordance w th the procedure set forth n Art cle 15 of th s Law.

Art cle 28. State Reg strat on of Land Possess on and Land Use R ghts
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28.1. Land off ces of prov nce, cap tal c ty and d str cts, and land off cer of soums shall enter the
follow ng nformat on n the shared database spec f ed n Paragraph 9.11 of the General Law on State
Reg strat on, send onl ne appl cat ons for the reg strat on of land possess on and land use r ghts n state
reg strat on of r ghts and shall also be respons ble for the accuracy of the appl cat on:

28.1.1. Land possess on and land use r ght cert f cate;

28.1.2. Land possess on and land use agreement;

28.1.3. Governor’s dec s on on land possess on and land use;

28.1.4. Land cadastral map;

28.1.5. Dec s on and agreement that establ shed serv tude on other’s possess on and use;

28.1.6. Agreement on us ng land w th l m ted r ghts;

28.1.7. Agreement on transferr ng land possess on r ght to others;

28.1.8. Dec s on or agreement on replacement or recla m of land for state spec al needs w th
compensat on;

28.1.9. Adm n strat ve and terr tor al jur sd ct on un ts of the land.

28.2 The state reg strat on author ty shall carefully rev ew the nformat on spec f ed n Paragraph 28.1 of
th s Law and conta ned n the shared database stated n Paragraph 9.11 of the General Law on State Reg strat on
and reg ster the land possess on and land use r ghts n state reg strat on of r ghts.

28.3. The state reg strat on author ty shall enter the state reg strat on number of land possess on and land
use r ghts n the shared database referred to n Paragraph 9.11 of the General Law on State Reg strat on.

28.4. Paragraphs 7.11, 7.12, 7.13 and 7.14 of th s Law shall not apply to the reg strat on of land
possess on and land use r ghts n state reg strat on.

28.5. Land off ces of prov nce, cap tal c ty and d str ct and land off cer of soums shall make note of the
state reg strat on number prov ded n Paragraph 28.3 of th s Law on the land possess on and land use r ghts
cert f cate.

Art cle 29. Refusal of Reg strat on n State Reg strat on of R ghts

29.1 A state reg strar shall refuse to reg ster the appl cat on n state reg strat on of r ghts and return t
together w th ts support ng documents on the follow ng grounds:

29.1.1. The r ght, spec f ed n the appl cat on for reg strat on, refers to the banned r ghts or
restr ct ons set by spec al records as stated n Art cle 30 of th s Law;

29.1.2 The pend ng reg strat on after the prel m nary records s l kely to term nate or damage the cla m of
a person whose r ght s protected by the prel m nary records pursuant to Paragraph 185.4 of the C v l Code or
consent s not obta ned from a person who had prel m nary records made;

29.1.3. Incons stency between the appl cat on and ts support ng documents or the content s n
v olat on of the relevant laws and regulat ons;

29.1.4. Onl ne appl cant has not ver f ed h s/her s gnature as prov ded n the Law on Electron c
S gnature;

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29.1.5. If the d spute regard ng the ownersh p and other related property r ghts s be ng rev ewed
by court;

29.1.6 Other grounds prov ded n laws.

29.2. A state reg strar shall not fy the appl cant of the refusal to reg ster and shall clearly state the
grounds for refusal n the response.

29.3. If an appl cant d sagrees w th the state reg strar’s dec s on spec f ed n Paragraph 29.1 of th s Law,
a compla nt may be f led n accordance w th the procedure prov ded n the General Adm n strat ve Law[11].

CHAPTER THREE

SPECIAL AND PRELIMINARY RECORDS IN

STATE REGISTRATION OF RIGHTS

Art cle 30. Spec al Records n State Reg strat on of R ghts

30.1. Spec al records shall be made n state reg strat on of r ghts n the follow ng cases:

30.1.1. In case of a court dec s on, wh ch found the owner to be legally ncapable or m ss ng, or
pronounced h m/her deceased, becomes legally effect ve;

30.1.2. Court dec s on on bankruptcy of a legal ent ty;

30.1.3. Court dec s on on adm n ster ng the execut on of obl gat ons by the property;

30.1.4. Dec s on by the court, arb trat on, prosecutor or court dec s on enforcement agency to
restr ct the owner’s r ght;

30.1.5. Sale or transfer of collateral to the ownersh p of pledgee on the grounds prov ded n the
Law on Mortgag ng Immovable Property;

30.1.6. Request for spec al records, spec f ed n Paragraph 14.4 of the Law on Asset-backed
Secur t es[12];

30.1.7. Dec s on by a state nspector n relat on to the dupl cated records or counterfe t documents
n state reg strat on.

30.2. An amendment shall be made n state reg strat on of r ghts based on the appl cat on by an
ass gnee, f a spec al record was made on the grounds spec f ed n Paragraph 30.1.1 of th s Law.

30.3. An amendment shall be made n state reg strat on of r ghts based on the request by a trustee
of a bankruptcy case, f a spec al record was made on the grounds spec f ed n Paragraph 30.1.2 of th s Law.

30.4. An amendment shall be made n state reg strat on of r ghts based on the dec s on of an
author zed off c al of court dec s on enforcement author ty, f a spec al record was made on the grounds
spec f ed n Paragraph 30.1.3 of th s Law.

30.5. If a spec al record was made on the grounds spec f ed n Paragraph 30.1.4 of th s Law, t
shall be nval dated by a dec s on of an author zed person.

30.6. If a spec al record was made on the grounds spec f ed n Paragraph 30.1.5 of th s Law,
amendments shall be made n state reg strat on of r ghts based on the follow ng documents:

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30.6.1. If a collateral tem s sold, a buyer’s appl cat on and a state nspector’s conclus on;

30.6.2. If a collateral tem s transferred to a pledgee n accordance w th the procedure prov ded
n laws, a pledgee’s appl cat on and a state nspector’s conclus on.

30.7. Amendment shall be made n state reg strat on of r ghts based on Paragraph 14.6 of the Law on
Asset-backed Secur ty, f a spec al record was made on the grounds spec f ed n Paragraph 30.1.6 of th s Law.

30.8. Amendment shall be made n state reg strat on of r ghts based on the dec s on by a competent
author ty or a state nspector, f a spec al record was made on the grounds spec f ed n Paragraph 30.1.7 of th s
Law.

30.9. Spec al record shall be made by a dec s on of an author zed person spec f ed n Paragraph 30.1 of
th s Law and such spec al record shall not prevent the owner from exerc s ng h s/her r ghts other than the ones
restr cted by the spec al record and hav ng other reg strat ons made.

Art cle 31. Prel m nary Records n State Reg strat on of R ghts

31.1. Prel m nary records may be made n state reg strat on of r ghts n order to protect the r ghts and
nterests of an owner, possessor, user, ass gnee and successor.

31.2. If the ownersh p of unf n shed bu ld ng s reg stered n state reg strat on of r ghts, c t zens or legal
ent t es (contractee) wh ch nvested n the bu ld ng may request for prel m nary records.

31.3. Owner, possessor, user and ass gnee shall f le an appl cat on jo ntly for prel m nary records and
cop es of agreements, negot at ons and other relevant ver f cat on documents shall be enclosed.

31.4. Prel m nary records, requested by a testator’s appl cat on, shall be based on the reference letter of a
notary who cert f ed the w ll.

31.5. The procedure prov ded n Paragraph 15.6 of th s Law shall apply to mak ng prel m nary records n
state reg strat on of r ghts.

31.6. Person who acqu red unowned mmovable property may have prel m nary records made n
accordance w th Art cle 185 of the C v l Code.

Art cle 32. Term nat on and Inval dat on of Prel m nary Records

32.1. If the cond t ons of the prel m nary record are met or an ass gnee acqu res the mmovable property,
the prel m nary record shall be term nated.

32.2. The prel m nary records shall be nval dated n the follow ng cases:

32.2.1. The ass gnee’s fa lure to fulf ll h s/her obl gat ons was proved by ev dences;

32.2.2. The ass gnee accepted the demand made by an owner, possessor or user w th respect to
los ng h s/her opportun ty to use the mmovable property for a long per od of t me due to the prel m nary records
pursuant to Paragraph 185.5 of the C v l Code.

32.2.3. Cancellat on of a w ll by a testator.

CHAPTER FOUR

PROVIDING OR OBTAINING INFORMATION TO/FROM

STATE REGISTRATION OF RIGHTS

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Art cle 33. Prov s on of Informat on

33.1. A notary shall carry out the follow ng act v t es related to the state reg strat on of
mmovable property r ghts upon conclud ng an agreement w th the state adm n strat ve organ zat on for state
reg strat on matters:

33.1.1. Ensure that an appl cat on and relevant documents subm tted to the state reg strat on
author ty by an appl cant comply w th legal requ rements, send them to state reg strat on database at the
appl cant’s request, and act as an ntermed ary for reg strat on;

33.1.2. Acqu re nformat on, requ red for prov d ng ntermed ary serv ces n the del very and
reg strat on of appl cat on spec f ed n Paragraph 33.1.1 of th s Law, from the state reg strat on electron c
database, and use t w th n the scope prov ded n th s Law and the agreement.

33.2. A notary shall ensure the accuracy of the appl cat on and ts support ng documents and shall
be fully respons ble for the legal consequences thereof, when prov d ng serv ces to an appl cant.

33.3. Government member n charge of state reg strat on shall approve the operat ng procedure of
the notary spec f ed n Paragraph 33.1 of th s Law, the agreement template spec f ed n Paragraph 35.1 of th s
Law, tra n ng spec f ed n Paragraph 34.1.5 of th s Law and user fee of the database spec f ed n Paragraph
35.1.3 of th s Law.

Art cle 34. Requ rements for Del very of Informat on by a Notary

34.1. The notary shall meet the follow ng requ rements to be engaged n the del very of
nformat on:

34.1.1. Create the necessary cond t ons to ensure conf dent al ty of a customer prov ded by law
and nformat on secur ty;

34.1.2. Ava lab l ty of workplace, hardware and software for operat on;

34.1.3. Ava lab l ty of storage fac l ty for arch ve documents n accordance w th relevant
standards and requ rements;

34.1.4. Be ng prov ded w th gu del nes, nstruct ons and methodolog es necessary for operat on;

34.1.5. Part c pat on n tra n ng.

34.2. State adm n strat ve organ n charge of state reg strat on shall organ ze the tra n ng stated n
Paragraph 34.1.5 of th s Law.

Art cle 35. Conclus on of Agreement w th a Notary

35.1. State adm n strat ve organ n charge of state reg strat on shall conclude an agreement on
del ver ng and obta n ng nformat on w th a notary, who makes a request and meets the requ rements under
Paragraph 34.1 of th s Law. The agreement shall nclude the follow ng:

35.1.1. Operat ng procedure on obta n ng and us ng nformat on from the state reg strat on
electron c database and ensur ng ts secur ty and rel able operat on;

35.1.2. R ghts and obl gat ons of the part es;

35.1.3. User fee of state reg strat on database;

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35.1.4. Procedure on resolv ng damages caused to others due to v olat on of the procedure on
del ver ng and obta n ng nformat on;

35.1.5. Agreement tenure, cond t ons and procedures for term nat on and cancellat on of the
agreement;

35.1.6. Other cond t ons.

35.2. The r ght to access the electron c database, scope of nformat on, restr ct ons and other
relevant ssues shall be governed by the agreement on del ver ng and obta n ng nformat on.

Art cle 36. Obta n ng Informat on from Electron c Database

36.1. Notary, who rece ved nformat on from state reg strat on of r ghts, shall use t for the
purposes spec f ed n the laws and agreement. Its usage or transfer to others n ways that may damage the r ghts
and leg t mate nterests of the owner s proh b ted.

36.2. Property owner s ent tled to obta n nformat on from the electron c database for free on
h s/her property reg stered n state reg strat on of r ghts.

36.3. State reg strat on author ty s respons ble for ensur ng the owner’s r ght to obta n
nformat on stated n Paragraph 36.2 of th s Law.

CHAPTER FIVE

MISCELLANEOUS

Art cle 37. L ab l ty Insurance of State Reg strar

37.1. If a competent author ty determ nes that a state reg strar made a profess onal error by
enter ng naccurate nformat on nto reg strat on and caused damages to an owner, possessor or user or other
r ght holders, the l ab l ty nsurance shall be used to compensate for the damages.

37.2. The state central adm n strat ve organ n charge of legal matters shall be respons ble for
select ng an nsurance company for l ab l ty nsurance of state reg strars.

37.3. L ab l ty nsurance fee of state reg strars shall be covered by the Government.

Art cle 38. L ab l t es for V olat on of the Law

38.1. If an act by an off c al n breach of th s Law s not cr m nal n nature, l ab l t es spec f ed n

the Law on C v l Serv ce shall be mposed.

38.2. A person or a legal ent ty that v olates th s Law shall be subject to l ab l t es under the
Cr m nal Code or the Law on V olat on.

Art cle 39. Effect ve Date of the Law

39.1. Th s Law shall come nto force on the effect ve date of the General Law on State
Reg strat on (Rev sed Ed t on).

M.ENKHBOLD

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CHAIRMAN OF THE STATE GREAT KHURAL

OF MONGOLIA

[1] The Const tut on of Mongol a, publ shed n “Tor n Medeelel” (State Bullet n), Vol.1, 1992.

[2] The C v l Code, publ shed n “Tor n Medeelel” (State Bullet n), Vol.7, 2002.

[3] The Law on Land, publ shed n “Tor n Medeelel” (State Bullet n), Vol.27, 2002.

[4] The Law on Cadastral Mapp ng and Land Cadaster, publ shed n “Tor n Medeelel” (State Bullet n),
Vol.1, 2000.

[5] The Law on Allocat on of Land to Mongol an C t zens for Ownersh op, publ shed n “Tor n
Medeelel” (State Bullet n), Vol.27, 2002.

[6] The Law on Mortgag ng Immovable Property, publ shed n “Tor n Medeelel” (State Bullet n),
Vol.28, 2009.

[7] The Law on Electron c S gnature, publ shed n “Tor n Medeelel” (State Bullet n), Vol.1, 2012.

[8] The Law on State Stamp Duty, publ shed n “Tor n medeelel” (State Bullet n), Vol.1, 2011.

[9] The Law on State and Off c al Secrets, publ shed n “Tor n medeelel” (State Bullet n), Vol.11, 2017.

[10] The Law on State and Local Property, publ shed n “Tor n medeelel” (State Bullet n), Vol.11, 1996.

[11] The General Adm n strat ve Law, publ shed n “Tor n Medeelel” (The State Bullet n), Vol.28, 2015.

[12] the Law on Asset-backed Secur t es, publ shed n “Tor n Medeelel” (The State Bullet n), Vol.20,
2010.

https://www.legal nfo.mn/law/showPr nt/15590 19/19