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Appeals court rejects CIB leasing unitʼs contract defense

Issues

The Budapest Municipal Court of Appeals on Tuesday upheld a first-instance ruling rejecting a contract defense by the property leasing unit of CIB Bank, Hungarian news agency MTI reported.

Under borrowersʼ relief legislation approved last year, lenders must refund clients for unilateral changes to contracts if they cannot successfully defend the practice in court.

A number of lenders earlier defended such changes to foreign currency-denominated retail loan contracts, but none enjoyed a ruling fully in their favor.

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