For practicing lawyers – an edition explaining legal norms of hypothec reform
For practicing lawyers – an edition explaining legal norms of hypothec reform
A group of theortitians and practitioners in the area of civil law presents an edition dedicated to the new legal regulation of hypothec which will be very helpful for lawyers, their clients, creditors and debtors. Bookstores already have on stock a commentary for the XI part of Book Four of the Civil Code of the Republic of Lithuania dealing with property rights – „Hypothec“. The edition has been prepared by former members of working group on hypothec reform formed by the Ministry of Justice, a lawyer Dr. Andrius Smaliukas and the former head of this group Renata Juzikiene together with lawyers of a lawyers‘ office LAWIN Vaida Jankauskiene and Agne Jonaityte, a notary Marius Stračkaitis, a lwyer of the Notary Chamber Egle Caplinskiene. „First of all this commentry to the Civil Code is meant for notaries who come across hypothec deals every day, but this book will be especially important and useful for all the lawyers representing creditors and debtors. The book will faciliatate formation of general legal practice in the sphere of legal regulation of hypothec“, - one of the initiators and authors of the commentary to the hypothec law, a partner of the lawyers‘ office LAWIN lawyer Dr. A. Smaliukas says. „We strived to create an instrument for notaries and other lawyers, to reveal the essence of legal norms of hypothec, their interrelations, to discuss questions that arise in our everyday practice“, - one of the co-authors of the commentary, the president of Lithuanian Notary Chamber M. Stračkaitis says. After the new legal regulation of hypothec came into force on the 1st of July, 2012 hypothec judges were vacated and all the functions of determination and collection of hypothec under mortgage deals were assigned to notaries. Together with legal regulation electronic news have been introduced: according to „one-stop shop“ principle a mortgage deal is confirmed and registered online at the Hypothec registry by a notary. The authors of the book of commentaries point out that the reform that came into force almost a year and a half ago, among other matters, presupposes an advanced institute of corporate hypothec and explains legal regulation of other types of hypothec. „A more effective mechanism of debt collection from the mortgaged property is presupposed: an enforcement entry under mortgage documents is now issued by a notary“, - The president of Lithuanian Notary Chamber M. Stračkaitis explains. According to Dr. А. Smaliukas, at the same time the reformed hypothec law ensures a fair balance of rights and obligations of a debtor and a creditor, after the rights of a creditor have been expanded corresponding guarantess for the debtor‘s rights have been provided for as well. The edition of commentries to hypothec has been reviewed by a judge of the Supreme Court of Lithuania Janina Stripeikiene, prof. habil. Dr. Vytautas Nekrosius, a.p. Dr. Egidijus Baranauskas. The edition has been prepared for printing and published by the publishing house „Justitia“.