Abstract
This article looks into the development of Armenian legislation related to pledge, specifically the non-judicial foreclosure process of collateral, as well as an analysis of the decisions made by the Constitutional Court and the Court of Cassation in Armenia. The article offers an overview of the legal framework for pledge in Armenia, examining the evolution of pledge legislation, and highlights the importance of the non-judicial foreclosure process of collateral and its significance in the context of Armenian legislation. It analyses the legal framework and the processes involved in non-judicial foreclosure, and also looks into the challenges that arise when applying this process in practice. Furthermore, the article analyses the decisions of the Constitutional Court and the Court of Cassation in Armenia that have dealt with issues related to pledge and non-judicial foreclosure. It provides an in-depth analysis of the reasoning for and implications of these decisions, as well as the impact they have had on Armenian legislation and practice. In conclusion, the article sheds light on the development of Armenian legislation on pledge and provides a critical analysis of the non-judicial foreclosure process and related court decisions.