Legal update – Independent mortgage re-introduced in Hungary. The new Civil Code, which came into effect in 2014 abolished indeptendent mortgage. The reason for the change was that the legislator intended to ban fiduciary, non-accessory securities. Parallel to this, the charge rules became more flexible providing better position for secured creditors. However, taking into account the fact that the capital requirements regulation provided beneficial rules for the calculation of exposures arising from lending secured by independent mortgage, as of 1 October 2016, independent mortgage will be available on the market.