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    DUMA ADOPTS LAW ON FARMLAND MORTGAGES

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    MOSCOW, January 23, 2004. (RIA Novosti correspondent Victoria Prikhodko). At a plenary session Friday the State Duma (lower house of parliament) adopted the Conciliatory Committee's version of the amendments to the federal law "On Mortgages/Security Deposits for Real Estate," that had previously been rejected by the Federation Council (the upper house of parliament).

    In his introduction of the Conciliatory Committee's version of the new law, head of the State Duma Committee on Real Estate Victor Pleskachevsky remarked that until today it was not possible to secure a mortgage for farmland.

    On the one hand, the new law removes restrictions on mortgages for farmland and, on the other hand, introduces limitations on mortgages for federal and municipal properties.

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