July 06th 2017
Sometimes it happens that by borrowing some money we do not specify the exact term of the loan repayment. When the parties have not agreed on a repayment date in the agreement, provisions of art. 723 of the Civil Code shall apply, which provides that the debtor is obliged to return the loan within six weeks of the termination of the agreement by the lender. Therefore, the lender should first give the borrower a statement (preferably in writing) concerning the termination of the loan agreement and at the same letter lender should call for its repayment by indicating a 6-week term. In those letter lender should also indicate the manner of repayment of the loan, i.e. by specifying the bank account number to which the borrower should return the loan. If the amount of the loan is not repaid within 6 weeks, the lender can take the legal action.