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The Council of the Federation approved amendments to the Civil Code with respect to financial transactions

DATE: August 28, 2017 | AUTHOR: atlawyers

Inter alia, the loan agreement between legal entities may now be deemed executed upon its signing and not upon the actual transfer of funds.  For such loan to be executed it shall include a direct intention to transfer the funds within the agreed terms. The amendments allow to demand the transfer of funds under the loan agreement in court and claim respective damages arising from violation of the agreement if the funds are not transferred.

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