ENFORCEABILITY OF AUTONOMOUS BANK WARRANTIES IN THE PERIMETER OF
BUSINESS-TO-BUSINESS LOANS
The paper focuses on the problematics of the enforceability of autonomous bank warranties and security agreements, accompanying B2B loans, which continuously raised multiple interrogations for legal practitioners. Firstly, the paper approaches the enforceable character of the non-jurisdictional title materialized as a bank guarantee, which is not expressly regulated under European Contract Law. The salient question arises as to whether, under the current provisions of Romanian Law, particularly in the light of the provisions of Article 120 of Governmental Extraordinary Ordinance no. 99/2006, the fiduciary guarantee contracts, concluded by a credit institution, could constitute enforceable titles. Secondly, specific attention is devoted to the issue of identifying enforceable autonomous bank guarantees as an extrinsic enforceability not being incidentally mirrored in the main legal relationship, particularly of the bank credit agreement. Thirdly, the paper examines whether it remains possible for the enforceability deduced from the intrinsic value of the debt specified by the autonomous bank guarantee, to be conjugated with their irrevocable specificity, which would be established between the main contract (as the generator of the executability of the guaranteed bank loan) and the considered personal guarantees (passive solidarity of debtors) as accessories of the B2B credit agreement. Under the current jurisprudence, it remains crucial to establish the autonomous nature of the payment warranties, especially for the autonomous counter-guarantee, as suretyship varieties where the guarantor undertakes to fulfil the debtor’s obligations in the hypotheses that the latter fails to perform.
Keywords: enforceability, autonomous bank warranties, B2B loans, creditors, security agreement, suretyship.
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