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Goncharov A.I. The Mortgage Certificate of Participation as the Tool of Legal Guarantee of Housing Construction. Part 2

Goncharov Aleksandr Ivanovich
Doctor of Juridical Sciences, Doctor of Economic Sciences, Professor,
Department of Constitutional and Municipal Law, Department of Civil and International Private Law,
Volgograd State University, Base Department of Southern Scientific Center
of the Russian Academy of Sciences (SSC RAS)
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Prosp. Universitetsky, 100, 400062 Volgograd, Russian Federation


Abstract. The author investigates the legal regulation of the turnover of the creditor bank demands to the borrowers, whose obligations are provided by the mortgage and can be converted into securities with the participation of special organization. This special organization does not deal with the entire range of bank procedures, but performs only account and receipt of payments from mortgage borrowers. Thus, creditor bank fulfils its task – it does not wait for the recovery of sum lent to the mortgage borrower for several decades but sells obtained securities at the market. The special organization monitors the requirements, which are established by the creditor bank after granting long-term credits. It is worth mentioning that the requirements are guaranteed by real estate loan and form mortgage backing.

The special organization cannot sell the requirements provided by creditor bank, cannot buy other more advantageous requirements, it only fulfills fiscal functions of receiving payments due to the mortgage demands. The mortgage certificate of participation – this is a nominal security, which certifies the right of its owner to the share of the general property on the mortgage backing. It also certifies the right to require proper confidence control of mortgage backing from the organization which provided the certificate, the right to the share of cash resources, obtained for meeting liabilities, requirements composing the mortgage backing.

The delivery of mortgage certificates of participation can be performed only by commercial organizations, which have license for carrying out the activity on management of the investment trusts, share investment trusts, non-governmental pension funds, and credit organizations.


Key words: uncertificated securities, mortgage, borrower, confidential management, dwelling real estate, requirements, payments, income.

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