THE ASPECTS OF PREEMPTION RIGHT IN THE ROMANIAN AND HUNGARIAN LEGAL SYSTEM
THE ASPECTS OF PREEMPTION RIGHT IN THE ROMANIAN AND HUNGARIAN LEGAL SYSTEM

Summary/Abstract: The preemption right, according to its definition, could be described as a right under which a party has the first opportunity to buy an asset before it is offered to a third party. The preemption right is also called, mainly in the business field, the first refusal right. The preemption right or the right of preemption first appeared in the post-communist states after 1989, due to the liberalization of the commerce. In the Romanian legal system it was firstly mentioned in the Act 18/1991 and it was associated with the transfer of agricultural lands, where the neighboring landowners had preemption right in order to purchase each other's agricultural terrains. Later, the Civil Code of both states regulated several types of the preemption right. The scope of our article would be to analyze the doctrine referring to the nature of this right, whether it represents a right in rem, in personam or a potestative right. Different authors have distinct opinions about the problem and we would like to present the reasoning behind the various views.

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