Learning from Common Law? The Binding Nature of the Hungarian Curia’s Judgments Péter Gárdos Elte Law Journal, 2026 This paper critically examines the Hungarian legal system’s recent turn toward a limited precedent model, introduced by the 2019 Precedents Act. Originally presented at a conference celebrating Professor Vékás’s 85th birthday, the study situates this development within the broader debate over the role of courts in shaping civil law and evaluates whether the new framework enhances legal certainty or instead obfuscates the applicable law. Through a detailed comparison with the English common law precedent system, the paper identifies structural weaknesses in Hungary’s quasi-precedent regime, including the lack of clarity around binding elements, challenges in accessing and navigating a vast body of precedents, and the rigidity imposed on the Curia’s jurisprudential development. The analysis raises fundamental questions about the viability and legitimacy of the Hungarian precedent system and calls for greater transparency, judicial infrastructure and professional engagement to ensure the rule of law. The paper concludes by reaffirming the importance of comparative legal dialogue, as advocated by Professor Vékás.
Exit Right of Shareholders Péter Gárdos European Company and Financial Law Review, 2025 660 Abstract This paper explores the legal framework governing shareholder exit rights, with particular emphasis on European Union law. It investigates how company law in England, Germany, and Hungary – as well as relevant EU directives – seeks to reconcile the principle of capital “lock-in” with the need to grant shareholders a right to exit in exceptional circumstances.Among the rules on cross-border mergers of limited liability companies, Directive (EU) 2017 / 1132 Directive (EU) 2017/1132 of the European Parliament and of the Council of 14 June 2017 relating to certain aspects of company law. (the ‘Company Law Directive’) introduced a notable exception to the lock-in principle. See Title II of the Company Law Directive. It provides that shareholders of merging companies who voted against the approval of the common draft terms of the cross-border merger must be offered the option to exit by receiving adequate cash compensation for their shares. Article 126a of the Company Law Directive. Such rights, allowing dissenting shareholders to receive cash consideration, are rare in company law. Typically, modern company law assumes that shareholders may only exit by transferring their shares to a willing buyer; a direct return of capital from the company is not permitted during its lifetime. This restriction stems from the fundamental rule that shareholders’ capital contributions remain locked in the company and are not returnable outside formal dissolution.This article identifies circumstances in which company law permits shareholder exit and the legal mechanisms used to facilitate it. These include takeover situations under Directive 2004 / 25 / EC on takeover bids (the ‘Takeover Directive’), which entitle shareholders to sell their shares at a fair price in response to a mandatory bid. Some national laws extend similar rights to minority shareholders in private companies where a shareholder acquires a qualified majority. Further, the Company Law Directive recognises an exit right in cross-border conversions, cross-border mergers and cross-border divisions, while certain domestic legal systems also provide exit options in the context of domestic conversions.The article argues that although the underlying purpose of these rules is to protect shareholders by facilitating the transfer of their stake, the detailed legal provisions vary significantly across jurisdictions and contexts. By analysing English, German, and Hungarian law, it contends that Hungary’s approach offers valuable insights for other jurisdictions seeking to refine their regulation of exit rights – both within the scope of the Company Law Directive and beyond. While Hungarian law serves as the primary case study, the article’s broader contribution lies in identifying doctrinal inconsistencies, interpretive ambiguities, and practical challenges that remain unresolved under EU law. Ultimately, the paper advocates for a more coherent and principled legal framework that aligns exit rights more closely with private law doctrines and enhances the protection of minority shareholders across the internal market.
From Resolution to Claim: The Legal Transformation of the Dividend Right Péter Gárdos European Business Organization Law Review, 2025 In the last 2 years, two Hungarian regional courts of appeal have published decisions in which they examined the nature of the right to dividends. The courts had to answer whether the general meeting had the right to amend its earlier decision on the payment of dividends. The judgments were based on the premise that the decision to pay dividends does not change the legal nature of the member’s right to dividends, and it does not create an obligation between the member and the company under the law of obligations. The courts therefore concluded that the decision to pay dividends could subsequently be amended by the company. In this paper, we argue that this interpretation is wrong. The decision to pay dividends creates a monetary claim (dividend claim) for the company’s members under the law of obligations. It follows therefore that company law measures, such as a resolution of the general meeting, cannot affect the dividend claim, and—as with all other monetary claims—it can only be changed based on a contract between the creditor (i.e., the shareholder) and the debtor (i.e., the company), in line with the rules of the law of obligations. We also examine the question of when such a dividend claim becomes due. We argue, acknowledging the difficulties of interpretation, that the claim becomes due when the decision is taken by the general meeting, but that the company cannot make a payment if this would jeopardise the company’s solvency.
The Flexibility of Company Law: The Lessons of the Hungarian Law Reform Péter Gárdos European Business Law Review, 2024 Until 2013, the substantive rules of Hungarian company law were regulated by various company acts. When Hungary adopted a new Civil Code in 2013, it included, for the first time in Hungarian legal history, the substantive rules of company law. One of the most controversial novelties of the new company law rules was the provision that gave unprecedented freedom to company members to deviate from the company law rules of the Civil Code, as long as the Civil Code does not expressly prohibit the deviation or it does not manifestly prejudice to the rights of creditors, employees or a minority of the members of the legal person or hider the supervision of the lawful operation of the legal person. This article analyses this provision from a comparative perspective. The analysis compares the English, American, German and Hungarian solutions and finds that there are significant differences regarding the right of the parties to determine the company’s articles of association. Building on the findings of this comparison, the article argues that a more enabling regulatory approach could facilitate the pursuit of interests beyond the narrow interests of company members, using the example of corporate purpose and employee participation.
Transfer of Contracts under Hungarian Law Péter Gárdos Elte Law Journal, 2023 The paper explores how the transfer of contracts has evolved in Hungarian law. Even though the Civil Code of 1959 did not include rules on the transfer of contracts, the courts acknowledged that legal succession in the position of a contracting party is possible by way of a trilateral contract, where all rights under the original contract are assigned and all debts are assumed. The new Civil Code of 2013 incorporated some rules that developed in the case-law of the courts, but these rules have led to uncertainties. These can all be traced back to the fundamental question of how the transfer of contract can be described, whether it is a novation, an assignment together with an assumption of debt or whether it is a sui generis legal institution. This paper argues that the transfer of contract can be described as a transfer of all rights and the assumption of all debts under a contract. A law based on this interpretation can fulfil the needs of all parties involved and can fit into the system of the Hungarian Civil Code.
Change of Parties in the New Hungarian Civil Code from a Comparative Perspective Péter Gárdos Studia Iuridica Lublinensia, 2023 The Hungarian Civil Code introduced changes regarding the change of parties. The paper argues that comparative law helped the Hungarian legislator to introduce new rules that address relevant market needs. The author shows how the clarification of the system of the transfer of receivables opened up new opportunities for the parties and how the treatment of non-assignment clauses changed in light of legislative changes in several European countries. It is argued that the new Hungarian Civil Code found the right balance between the interests of the debtor and the assignor. The second part of the article explains that the New Civil Code introduced a significant change through the rule on free transferability of rights. The third part presents how the New Civil Code introduced rules on the transfer of contracts, following the solutions of several European countries and international unification instruments, and explains the challenges posed by these rules.
Non-assignment clauses as obstacles to true sale securitisations Péter Gárdos Hungarian Journal of Legal Studies, 2022 The new European rules on securitisation entered into force in 2019 with a view to revitalising the securitisation market. By introducing public law rules, the regulation intends to avoid the re-creation of the risks that played a role in the 2008–2009 financial crisis. The regulation, however, does not contain private law rules. Consequently, the substantive rules pertaining to securitisation will remain to be formed by the national laws of the Member States of the European Union. This paper argues that the ways in which non-assignment clauses are regulated in Member States will have a significant impact on the availability of securitisation.
At the End of the Waterfall – Resolvability of Central Counterparties Péter Gárdos Credit and Capital Markets, 2021 After the prudential requirements introduced by EMIR in 2012, the European Union took a further step when it adopted a regulation in 2021 on the framework for the recovery and resolution of central counterparties. The regulation is based on the bank recovery and resolution directive of 2014. This paper provides a critical overview of the new regulation by focusing on the question of whether the bank resolution tools are useful and effective in the case of central counterparty resolutions.
Hungary Péter Gárdos US Supreme Court and the Modern Common Law Approach, 2015 A summary is not available for this content so a preview has been provided. Please use the Get access link above for information on how to access this content.
RECENT SCHOLAR PUBLICATIONS
Learning from Common Law? The Binding Nature of the Hungarian Curia’s Judgments P Gárdos ELTE Law Journal, 71-81 , 2026 2026
Exit Right of Shareholders P Gárdos European Company and Financial Law Review 22 (5-6), 660-696 , 2025 2025
From Resolution to Claim: The Legal Transformation of the Dividend Right P Gárdos European Business Organization Law Review, 1-23 , 2025 2025
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