Functional Approach to Time Limits in Civil and Commercial Law. Extinctive Prescription: Surveying the Landscape
Functional Approach to Time Limits in Civil and Commercial Law. Extinctive Prescription: Surveying the Landscape

Author(s): Irina Bogdanova
Contributor(s): Savina Mihaylova-Goleminova (Editor)
Subject(s): Law, Constitution, Jurisprudence, Civil Law, Commercial Law
Published by: Сиела Норма АД
Keywords: time limits in civil law; extinctive prescription; acquisitive prescription
Summary/Abstract: This paper aims to explain the concept of ‘time limit’ or ‘term’ in civil law traditions with a focus on the limitation of actions, also known as ‘extinctive prescription’ in civil law jurisdictions such as Bulgaria. The initial section of the chapter delves into the various meanings of the word ‘term’, which include an additional clause to the juridical act that forms the ‘accidentalia negotii’ of the contract, an expression or determination of time, and a period for the extinction of a right or its acquisition. The chapter then briefly compares the acquisition of title to property due to the lapse of time (known as ‘acquisitive prescription’) to the loss of a right resulting from the passage of time (known as ‘extinctive prescription’). The second portion of the paper is exclusively focused on extinctive prescription, starting with its historical origins and legal effects, including the underlying policy considerations for its existence, as well as a comparative perspective and its specific application under Bulgarian civil law. At the end of the exhibition, special attention is paid to the length of different delays, general rules on the commencement of prescription, and the ‘interruption’ and ‘suspension’ of extinctive prescription and their effect.

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