Appeals court rejects Merkantil Bank, Merkantil Car contract defense
The Budapest Municipal Court of Appeals on Friday upheld a first-instance ruling rejecting a contract defense by Merkantil Váltó és Vagyonkezelő Bank and Merkantil Car Gépjármű Lízing. The appeals court also rejected the lendersʼ request to initiate a procedure with the European Court of Justice.
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 favour.
ADVERTISEMENT
Magnus Aircraft Signs CNY 65 mln Order
Accommodation Fully Booked Over Pentecost Weekend
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
