Author: Gárdos István
Practical Law Company Cross-Border Handbooks 2010, page 105-111
13. Are there any types of receivables that it is not possible or not practical to securitise in your jurisdiction (for example, future receivables)?
The general rule is that claims are transferable, unless by their nature they are tied to a specific person, or transfer is specifically prohibited. Therefore, any type of debt receivable (such as mortgage loans, commercial or consumer loans, hire-purchase receivables, trade receivables or credit card receivables) can be securitised regardless of the currency of the debt.
The Civil Code contains no provision on the assignability of future receivables. The court practice is ambiguous on this question. The Supreme Court stated in a decision in 1996 that due to the requirement that receivables be specified exactly in the assignment contract, future receivables cannot be assigned. The Supreme Court later seems to have overruled this decision, but it is still uncertain to what extent future receivables are assignable.
It seems to follow from these decisions that future receivables can only be assigned where the legal basis out of which the receivable will arise already exists at the time of the assignment. The new Civil Code expressly states that future receivables can also be assigned. The Bill would make it clear that all transferable receivables can be securitised.
14. How is any security attached to the receivables transferred to the SPV? What are the perfection requirements?
In an assignment, accessory security rights securing the assigned claims automatically transfer to the assignee, without any specific agreement or other act.
There are two types of mortgages under Hungarian law: accessory and independent mortgage. In an accessory mortgage, registration of the new mortgagee in the Land Register is still advisable. The importance of registration is that as long as the new mortgagee is not registered, the registered mortgagee is able to allow the mortgage to be terminated. The registered mortgagee can consent to deregistration of the mortgage, and any bona fide third party can rely on information registered in the Land Registry.
An independent mortgage is not an accessory security right, so the above rules of automatic transfer do not apply to it. Therefore the transfer documentation must explicitly include these mortgages. There is some uncertainty in the relevant statutory provisions as to whether an independent mortgage passes directly as a result of the transfer agreement or whether registration is also required to actually acquire such right. The majority view is that registration is only necessary to create the mortgage, and the mortgage can be transferred by mere agreement between the parties without registering the new mortgagee.
Prohibitions on transfer
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