Qatar Trade Law No. 27/2006 Thursday, 30 June 2011 00:37

If the goods covered by an insurance policy met an incident, the bearer of the receipt of storage or mortgage instrument shall have the right on the amount of insurance money as he has right on the goods.

The bearer of the receipt of storage in case of its loss or damage can request the president of the court to issue an order to deliver him a copy of the receipt, provided that it proves his ownership with the provision of a guarantor or adequate security.

Under the same conditions the person who lost or damaged the mortgage instrument can request the president of the court to issue an order to pay the secured debt if the date has matured.

If the debtor fails to execute the order, the beneficiary can demand to sell the mortgaged goods in accordance with the execution procedures of the mortgage business, provided that the endorsement of an instrument of mortgage would have been registered in the register of the store as well as a guarantor or sufficient security must be provided and the order of the payment must include all statements of endorsement recorded in the register of the store.

The guarantor gets discharged or the security which is provided in case of loss of storage receipt expires at the time of expiry of three years without sending any demand to the store to recover the goods.

The guarantor gets discharged or the security which is provided in case of loss of instrument of mortgage expires at the time of expiry of one year from the date of endorsement’s record in the register of the store.

If the depositor did not recover the goods at the end of period of deposit contract, the treasurer after notifying the depositor can demand to sell the goods in accordance with the procedures for implementation of the mortgage business. The treasurer shall take his due amount from the price of sale and hand over the rest to the depositor or deposit it in the treasury of the court.

The provision set forth in the preceding paragraph shall be applied if the term of the deposit contract was not fixed and one year passed from the date of deposit as well as the depositor didn’t demand to recover the goods or he expresses his desire explicitly or implicitly to continue the contract of deposit.

Everyone who established a public store or invested in it violating the rules of provision (249) of the Act shall be punished by imprisonment for a term not exceeding one year and a fine not exceeding 50,000 (fifty thousand) Qatari Riyals or either of these penalties.

The court may, in case of conviction, order the liquidation of the store by appointing the liquidator and stating his powers.

The treasurer or any of his subordinates shall be punished by the penalty provided for in the preceding provision if he revealed a secret of the deposited goods except in cases permitted by the law.