Appeals court rejects contract defense of OTP leasing units

Issues

The Budapest Municipal Court today announced that it rejected the contract defense of Merkantil Váltó és Vagyonbefektető Bank and Merkantil Car Gépjármű Lízing, the leasing units of Hungary's biggest commercial lender, OTP Bank, Hungarian news agency MTI reported today.

The lenders were among the myriad of institutions to appeal first-instance rulings rejecting their defense of unilateral changes made to loan contracts. Legislation approved in the summer requires lenders to compensate clients for such changes unless they can successfully defend the practice in court.

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