When is a loan agreement concluded between citizens?

Loan agreement between citizens should be concluded in written form if the amount of loan exceeds 10 times the amount of BCV (3 million UZS) and if there is a legal entity in the agreement one of the parties regardless of the amount - in written form.

A loan agreement is considered concluded in writing if there is a receipt from the borrower or another document confirming the transfer of a certain amount or a certain number of things by the lender.

The written form of a loan agreement shall be deemed to have been complied with if the debt obligation is confirmed by a promissory note, bond or other security issued by the borrower, which determines the amount of the loan and the right of the lender to recover it.