The amendments in the Obligations and Contracts Act (OCA) which introduce the absolute lapse period for obligations of individuals adopted by the National Assembly last week, are published in the National Gazette. The six-month vаcatio legis starts today and the new rules shall apply as of June 1st 2021.
The new article 112 OCA provides that all pecuniary liabilities of individuals shall be lapsed with the expiry of 10 years irrespectively of any interruptions, except for the cases of differed or staggered payments.
These rules shall not apply for obligations from the commercial activities of sole traders or the individuals who are shareholders in partnerships, obligations related to torts, unjust enrichment, allowance, alimony, palimony, support money, salaries, remuneration under the Labour Code, obligations arising from a privatization or related to the restitution of property.
Para 3 of article 112 OCA is ambiguous since it expressly provides that the rules for suspension and for the possibilities for restitution of payments made after the expiry of the ten-year period shall apply to the absolute lapse prescription period. This raises the question whether any of the other rules for the five-year lapse prescription period shall be applicable.