Waiver of a Security Interest on efficiency of the new Civil Code

The waiver of a security interest was regulated in the Act No. 40/1964 Col., Civil Code, before the 01 of January 2014, and this in detail in the regulation Sec. 170 Subsec. (1) letter c), where the pledgee waives a security interest unilaterally.

In the new Civil Cide no. 89/2012 Col. is the waiver of a security interest regulated in the Sec. 1377 Subsec. (1) letter b) similarly, as it was regulated in the Civil Code effective before the 01 of January 2014.

In the case of a waiver of a security interest it is necessary to take into consideration, when the security interest was established. If the security interest was established before the 01 of January 2014, it is necessary in accordance to the temporary regulation Sec. 3073 of the new Civil Code to undergo its cease the legal regulation effective in the period of its establishment, so i.e. the Civil Code 40/

The undergoing to the concrete regulation, even if their contents are identical, it is important from the point of the validity of the declaration of the pledge about the waiver of the security interest, which essentials sets the cadastral act Nr.256 /2013 in connection the cadastral ordinance. The cadastral ordinance sets, that the part of the declaration of the pledgee about the waiver of the security interest has to be also the reference to the regulation of the special legal prescription, on behalf of the security interest was ceased. In the declaration it is necessary to set the legal regulation exactly, due to which the pledge waives the security interest, otherwise this declaration would not be able from the point of public legal prescriptions to cause effects that means the delete of the security interest in the cadastre will be not affected.