On February 20, 2011 important changes which have been introduced to the act on land and mortgage registers and mortgage are coming into force. The changes refer mainly to mortgages. One of the most important changes is that it will be possible to secure a number of receivables of different entities (e.g. consortium of banks) with one mortgage in case when these entities participate in financing of a joint business. Another significant change is the possibility to substitute receivables secured with a mortgage with other receivables due to the same creditor and the possibility to request for the amount of a mortgage to be decreased in case if the mortgage constitutes an excessive security.
Contact person: Mirosław Stefanik, ms@pnplaw.pl