Change of Circumstances (Section 313 BGB) Trigger for the Next Financial Crisis?

European Review of Private Law (ERPL), Vol. 23, No. 1, pp. 85-99, 2015

Max Planck Private Law Research Paper No. 15/10

16 Pages Posted: 27 May 2015

See all articles by Juan Carlos Dastis

Juan Carlos Dastis

Max Planck Institute for Comparative and International Private Law

Abstract

This article aims to analyse the facts of a recent landmark decision of the Supremo Tribunal de Justiça (Portuguese Supreme Court of Justice – 'SJT') under German law. Furthermore, now that the dust has settled after the financial crisis, it gives a general overview of the German law on interest rate swap contracts. Particular emphasis is placed on whether the financial crisis can be seen as a change of circumstances under section 313 Bürgerliches Gesetzbuch (German Civil Code – 'BGB').

Note: This article is published in this Research Paper Series with the permission of the rights owner, Kluwer Law International.

Keywords: Swap contracts, Financial crisis, Bank’s Advisory Duty, Infringement of Public Policy § 138 Bürgerliches Gesetzbuch (German Civil Code – ‘BGB’), Change of Circumstances (§ 313 BGB), Artigo 437 Código Civil Português (Portuguese Civil Code)

Suggested Citation

Dastis, Juan Carlos, Change of Circumstances (Section 313 BGB) Trigger for the Next Financial Crisis?. European Review of Private Law (ERPL), Vol. 23, No. 1, pp. 85-99, 2015; Max Planck Private Law Research Paper No. 15/10. Available at SSRN: https://ssrn.com/abstract=2607460

Juan Carlos Dastis (Contact Author)

Max Planck Institute for Comparative and International Private Law ( email )

Mittelweg 187
Hamburg, D-20148
Germany

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