ПРОМЕНА ПОВЕРИОЦА ИЛИ НОВАЦИЈА И ЗАСТАРЕЛОСТ
PERSONAL SUBROGATION OR NOVATIO AND STATUTE OF LIMITATIONS

Summary/Abstract: Application of general and seemingly well-established institutes of civil law is bound to provoke a controversy at some point in time. This is often so when the old institutes are to be applied to relationships which have been regulated by subsequently enacted special legislation. Lack of coordination and harmonization between the general and the special rules might result in departure from the generally accepted principle and bring about controversial practice, eroding legal certainty. One of such cases arose after Serbia (i.e. FR Yugoslavia) reached agreements with so-called Paris and London creditors’ clubs and took over debts of the domestic banks, the very debts it has guaranteed for. Pursuant to the general rules of the contract law this brought about subrogation of the State into the claims of the foreign banks vis-a-vis the banks. Pursuant to the legislation enacted subsequently and dealing specifically with this matter, the amount of the assumed debts was converted into shares of the State in the banks it has shielded from their creditors. Furthermore, given that the banks have ended in bankruptcy, the State has attempted to establish a direct legal link to the end users of the credits that the banks drew from the foreign creditors.

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