Amendments To The Hungarian Civil Code In The Area Of Security Interests

by Dr Eva Hegedus (1)

The relevant provisions (Sections 251-269) of the Hungarian Civil Code regarding security interests have been amended by the Hungarian Parliament by way of Act XXVI of 1996 ("Act") April 9, 1996. The Act entered into effect May 1, 1996 with the exception of the amendment of sections 254, 256 (3) and 260 (2) established by section 1 of the Act and all of the sections established by section 2 of the Act. The latter sections will enter into effect only May 1, 1997. Although all of the sections on security interests have been substantially reorganised and amended, only the most significant changes have been summarised below.

1. SECURITY INTEREST IN MOVEABLE PERSONAL PROPERTY