Reregulated non-accessory lien in the new Hungarian civil code

Abstract

The new Civil Code, which entered in force in 2014, contained certain provisions on the accessory lien. since 2014, however, the changing economic conditions required the amendment of the Civil Code. In 2016 the and non-accessory lien was re-introduced into the Hungarian legal system. The reason for the amendment was to enhance the debenture bond market and to make refinancing more secure. The amendment tries to preserve the negotiability and the flexibility of the non-accessory lien and provides increased protection for the pledger (the owner of the object of the pledge). The article explains the nature of the non-accessory lien in a comparative context and clarifies the reasons of its reintroduction in Hungary.