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Bucharest
April 20, 2021
BUSINESS

Trust, an innovation of the new Civil Code

The new Civil Code improved the way letters of guarantee are regulated, with the effect of increasing the trust of traders and returning Romania to the international commercial and trade finance circuit, the head of the Legal Department of Banca Comerciala Romana (BCR), Alexandru Berea said in a press conference on fiscal themes hosted by the National Bank of Romania (BNR), Mediafax informs. During the same event, the deputy governor of BNR, Bogdan Olteanu mentioned that the litigations regarding the loan contracts concluded before October 1st will be tried by courts according to the provisions of the current Civil Code and will not benefit from the imprevision (force majeure) clause provided by the new Civil Code. Another problem to be solved by BNR and the National Securities Commission (CNVM) is defining safe investments, provided by the new Civil Code for certain situations, especially in the case of managing the wealth by another person. In his turn, Justice Minister Catalin Predoiu referred to the novelties brought by the Civil Code, with trust being one of the innovations that regard the banking system. Another novelty is the contract imprevision.

According to Predoiu, the new Civil Code features a series of new contracts and banking instruments such as the current account, contracts like the deposit or rental of safe deposit boxes.

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