Author: Gárdos István
Practical Law Company Cross-Border Handbooks 2010, page 105-111
Creating security
19. Please briefly list the main types of security that can be taken over the various assets of the SPV in your jurisdiction, and the requirements to perfect such security.
The assets of the SPV mainly consist of receivables. The only relevant security right regulated in Hungarian law is a charge. A charge is a proprietary security right attached to the collateral, which ensures priority enforcement of the secured obligation, both out of and in insolvency procedures. A charge over receivables can be created by the mere agreement of the chargor and the chargee. Notification of the debtor or registration is not necessary for creation of the security interest. Enforcement and priority is regulated by the Civil Code and the insolvency legislation.
In addition to a charge, in practice a security right over receivables is also created by assignment. However, the assignment of future receivables by way of security is not “insolvency-proof”. The Supreme Court has ruled that, after the start of the insolvency procedure, outstanding assigned claims belong to the insolvency estate of the assignor, and the assignee can neither seek performance from the obligors nor dispose of the assigned claims in any other way.
A security interest over any other intangible or tangible assets of the SPV can be created by a charge. The validity of a charge requires registration. If the collateral is real property, the charge is registered in the Land Registry, while in the case of movables registration is made in the Charge Registry.
For further information on taking security over assets in Hungary, see PLCCross-border Finance Handbook 2010, Country Q&A, Hungary.
20. How is the security granted by the SPV held for the investors? If the trust concept is recognised, are there any particular requirements for setting up the trust (for example, the security trustee providing some form of consideration)? Are foreign trusts recognised in your jurisdiction?
The trust concept is not recognised in Hungarian law. It is not possible to give security in favour of a trustee or a fiduciary acting on behalf of the beneficiaries of the security. The new Civil Code will introduce “security holders”, whose role and status is similar to that of a security trustee.
Credit enhancement
21. What methods of credit enhancement are commonly used in your jurisdiction? Are there any variations or specific issues that apply to the credit enhancement techniques set out in the Model Guide?
There is currently no practice available to comment on.
Risk management and liquidity support
22. What methods of liquidity support are commonly used in your jurisdiction? Are there any variations or specific issues that apply to the provision of liquidity support as set out in the Model Guide?
Honlapunk sütiket használ annak érdekében, hogy személyre szabott módon tudjuk megjeleníteni Önnek a tartalmakat. Kérjük, olvassa el Süti Kezelési Tájékoztatónkat, amelyben további információkat olvashat a sütikről és azok kezeléséről. Beállításait módosíthatja ezen a linken vagy saját böngészőjének beállításaiban.
Ezek a sütik szükségesek a weboldal futtatásához, és nem kapcsolhatók ki. Az ilyen sütik csak olyan műveletekre vonatkoznak, mint például a nyelv, az adatvédelmi preferenciák. Beállíthatja a böngészőjét, hogy blokkolja ezeket a sütiket, de webhelyünk esetleg nem megfelelően fog működik.
A Süti Adatkezelési Tájékoztatót megismertem és hozzájárulok ahhoz, hogy a Gárdos Mosonyi Tomori Ügyvédi Iroda, mint adatkezelő a Google Analytics sütikkel kapcsolatban az IP címemet statisztikai célból kezelje. Tudomásul veszem, hogy a hozzájárulásomat bármikor visszavonhatom.