The lien securing such debt instrument (a charge as security)

A CHARGE AS A SECURITY Act No. 89/2012 Coll., the New Civil Code (the "New Civil Code") has been in effect since 1 January 2014. The New Civil Code has substantially changed Czech civil law in many respects, including the rules governing the grant and enforcement of asset security. The following paper analyzes, inter alia, the changes to these rules brought about by the New Civil Code, and in particular seeks to evaluate them from a practical perspective, utilizing standard interpretative methodologies, as well as interpretation e ratione legis, and comparative law. Prior to adoption of the Act, rules governing security were unsatisfactorily derived from a number of legislative sources (Act No. 40/1964 Coll., the Civil Code, Act No. 513/1991 Coll., the Commercial Code and Act No. 591/1992 Coll., the Securities Act), and were relatively underdeveloped, such that some quite basic issues were left for the courts to decide. Both of these deficiencies have been addressed by the New Civil Code. The New Civil Code replaces the old Civil Code, the Commercial Code and the Securities Act, thus unifying the divergent rules on asset security, and develops these rules in greater detail. The New Civil Code has introduced new legal concepts and instruments to the asset security framework under Czech law. These..