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Mar 27
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ONCE AGAIN ON LOANS INDEXED IN SWISS FRANCS

Dijana Marković-Bajalović

10.5937/pravpriv2001064M
ABSTRACT /

The problem of loans indexed in Swiss francs has stimulated the debate regarding the legality of these loans and the legality of state intervention to protect debtors during the last decade. The problem is not new since the issue of changes in the value of monetary obligations has occupied a legal mind for many centuries. The theory of monetary nominalism has been generally used in comparative law to regulate monetary obligations, while the valorist theory has served as its corrective. It is necessary to answer under which conditions the nominalist theory should step back, and the valorist theory should be applied? In search for the answer, the author explains the development of the institute of changed circumstances (rebus sic stantibus), emphasizing the contemporary approach to allow for the accepting of the extraordinary changes of commercial factors and the subsequent frustration of the contract’s commercial purpose as justifications for the breach of contract or its amendment by courts. The European countries have solved the problem of loans indexed in Swiss francs by adopting special laws on the conversion of the CHF debts and by annulling the CHF loans on the grounds of the failure of banks to inform their customers about risks related with the undertaking of debts indexed in foreign currency. The author analyses the Serbian Law on conversion of living property loans indexed in Swiss francs and the legal opinion of the Serbian Supreme Cassation Court on the nullity of the Swiss francs contract clause in the light of comparative law views on the issues of the changes in the value of monetary obligations and the duty to inform in pre-contractual stage.

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