LEGISLATIVE INNOVATIONS IN THE FIELD OF SECURING THE PERFORMANCE OF CIVIL CONTRACTUAL OBLIGATIONS

Abstract

This scientific article provides a theoretical and practical analysis of the reforms implemented in recent years in the legislation governing the security for the performance of civil contractual obligations. It highlights the introduction of new methods for securing the performance of obligations arising from civil contractual relations, as well as the improvement of existing mechanisms through appropriate amendments and additions aimed at ensuring a fair balance of interests between the parties to an obligation. In particular, the article examines new provisions introduced into the Civil Code of the Republic of Uzbekistan, including Article 259¹, which enhances mechanisms for securing creditors’ claims; amendments to Article 264 concerning the concept of pledge and the grounds for its creation, strengthening the protection of creditors’ interests; and amendments to Article 279 governing the grounds for foreclosure on pledged property, introduced to safeguard the lawful interests of debtors by clarifying the concept of a “minor breach” (or “insignificant violation”). The article also discusses the introduction of the modern legal institution of escrow into national legislation, emphasizing its significance for e-commerce and the construction sector, and presents a comparative analysis of foreign experience in this field. The author proposes the inclusion of the escrow agreement in the Civil Code as a separate legal institution. The proposals advanced in the article are aimed at further improving the system of securing the performance of obligations and enhancing the effectiveness of law enforcement and judicial practice.