Domestic
Citizen looses 1930's bank deposit case
The Budapest Municipal Court decided in favor of the Finance Ministry in a case initiated by a Hungarian citizen who placed a USD deposit in a Hungarian branch of the Hungarian-Italian Bank Rt back in the 1930's. Liquidation proceedings started against the bank by creditors in 1947 was only closed in 2003. The plaintiff claimed that according to a regulation taken effect in the 1950's, the Hungarian state should hold him harmless against the loss of his bank deposit. The court's decision is precedential in regard to the relating regulations not being applicable to bank accounts set up before 1945. (Vg 4) R.G.
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