Loan agreement and its nature as an absolute contractual relationship
The Supreme Court addressed the issue of the legal regime of loan agreements. While the court of first instance and court of appeal considered a loan agreement where one party is a consumer a contract which shall be governed by the Civil Code, the Slovak General Prosecutor on the other hand considered such contact an absolute contractual relationship governed by the Commercial Code. The importance of resolving the issue lays in the duration of the statute of limitations.
The Supreme Court held that under Section 52 paragraph 2 of the Civil Code in legal relationships involving a consumer the application of the Civil Code is preferable. On the basis of this claim, where a party to a loan agreement is a consumer the duration of the statute of limitations shall be three years.