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  • In the attached documents you can find professional articles on various aspects of financing transactions and security taking, prepared by our colleagues and published in several professional magazines, including: “LIENS AND DETENTION RIGHTS” published by Sweet & Maxwell in December 2001, (English); Hungarian chapter of “AIRCRAFT FINANCE” published by Sweet & Maxwell in May 2002, […]

  • In theory, most of the security instruments used to secure financing transactions in other jurisdictions are generally available in Hungary. In the context of more traditional financings, lenders will take security to allow them to realise the collateral and satisfy the outstanding debt in the event that the borrower fails to perform its obligations set […]

  • Selected legal and regulatory issues of securitisation in Hungary

  • In recognition of the prevalent sovereign immunity doctrine, Act IV of the Hungarian Civil Code (1959) specifically allowed the Hungarian state to enter into private law contractual obligations (for example, loans, state guarantee and construction mandates). However, for several years the scope and procedure governing the state’s liability for the performance of these contracts have […]

  • Hungary has recently adopted several amendments to Act CXII of 1996 on credit institutions (the Banking Act) and Act CXX of 2001 on capital markets (CMA). The Acts provide an integrated legal framework for the activities of financial and investment service providers and their supervision. The changes were triggered by comments from market participants and […]

  • The Hungarian Supreme Court has issued a second judgement (BH 2002.364) confirming that assignments by way of security do not survive the assignor’s insolvency. Although Supreme Court judgements are not binding as precedent, two recent judgements on this issue cast considerable doubt on the effectiveness of existing methods of taking security over rights and claims. […]