Invalid interest adjustment clauses in current account credits
In May, an important decision was made regarding the effectiveness of so-called interest adjustment clauses. The Higher Regional Court Stuttgart had to assess the validity of a contractual clause of a bank which stipulated the adjustment of interest rates for the contractually agreed current account credit by unilateral determinations. The Court held that this was not the case. The Court held that this was not the case. The interest adjustment clauses in question would discriminate unreasonably against the defendant because the adjustment parameters had not been adequately determined. The clause would lack a binding obligation of the bank to lower the interest rate, maintaining the balance between the contractual interest rate and the refinancing conditions at the date of conclusion of the contract. Thus, the Court uses the requirements the German Federal High Court of Justice has imposed regarding interest adjustment clauses in savings agreements also for interest adjustment clauses in loan agreements and current account credit agreements because they are similar.
beck rechtsanwälte Partnerschaft mbB
Ericusspitze 4
20457 Hamburg
Germany
T: +49 (0)40 30 10 07-0
F: +49 (0)40 30 10 07-100
hamburg@becklaw.de
Berlin Branch:
Kurfürstendamm 11
10719 Berlin
Germany
T: +49 (0)30 88 92 48 86
F: +49 (0)40 30 10 07-100
berlin@becklaw.de
Partnership of lawyers with limited professional liability
Registered office: Hamburg
Register of partnerships: Local court of Hamburg, PR 791
Partners: Michael Haas, Thomas Uebach, Hendrik Sievers
The partners each have sole power of representation.
VAT identification number: DE 282737967
The country of admission for all lawyers is the Federal Republic of Germany. The legal professional title was awarded in the Federal Republic of Germany. The German lawyers are members of the Hanseatic Bar Association.
The relevant German professional regulations are:
Federal Lawyers' Act (BRAO)
Professional Code of Conduct (BORA)
Specialist Lawyers' Act (FAO)
Lawyers' Remuneration Act (RVG)
Code of Conduct for Lawyers in the European Union (CCBE)
You can view the regulations on the German Federal Bar Association’s website at www.brak.de.
Professional liability insurance:
Allianz Versicherungs-AG
Königinstraße 28
80802 Munich
Germany
Scope of application of our professional liability insurance is Europe.
Responsible for the content according to Sec. 18 para. 2 German legal framework for electronic media (MStV):
Michael Haas, Ericusspitze 4, D-20457 Hamburg, Germany
EU platform for out-of-court online dispute resolution:
https://ec.europa.eu/consumers/odr/
As a matter of principle, we are not willing or obliged to participate in dispute resolution proceedings before a consumer arbitration board.
Ericusspitze 4
20457 Hamburg
Germany
T: +49 (0)40 30 10 07-0
F: +49 (0)40 30 10 07-100
hamburg@becklaw.de
Berlin Branch:
Kurfürstendamm 11
10719 Berlin
Germany
T: +49 (0)30 88 92 48 86
F: +49 (0)40 30 10 07-100
berlin@becklaw.de
Partnership of lawyers with limited professional liability
Registered office: Hamburg
Register of partnerships: Local court of Hamburg, PR 791
Partners: Michael Haas, Thomas Uebach, Hendrik Sievers
The partners each have sole power of representation.
VAT identification number: DE 282737967
The country of admission for all lawyers is the Federal Republic of Germany. The legal professional title was awarded in the Federal Republic of Germany. The German lawyers are members of the Hanseatic Bar Association.
The relevant German professional regulations are:
Federal Lawyers' Act (BRAO)
Professional Code of Conduct (BORA)
Specialist Lawyers' Act (FAO)
Lawyers' Remuneration Act (RVG)
Code of Conduct for Lawyers in the European Union (CCBE)
You can view the regulations on the German Federal Bar Association’s website at www.brak.de.
Professional liability insurance:
Allianz Versicherungs-AG
Königinstraße 28
80802 Munich
Germany
Scope of application of our professional liability insurance is Europe.
Responsible for the content according to Sec. 18 para. 2 German legal framework for electronic media (MStV):
Michael Haas, Ericusspitze 4, D-20457 Hamburg, Germany
EU platform for out-of-court online dispute resolution:
https://ec.europa.eu/consumers/odr/
As a matter of principle, we are not willing or obliged to participate in dispute resolution proceedings before a consumer arbitration board.
PRIVACY POLICY
1. The Controller’s and the Data Protection Officer’s name and contact details:
Data Controller:
beck rechtsanwälte Partnerschaft mbB
Ericusspitze 4
20457 Hamburg
Germany
T: +49 (0)40 30 10 07-0
F: +49 (0)40 30 10 07-100
hamburg@becklaw.de
Partners: Michael Haas, Thomas Uebach, Hendrik Sievers
2. Collection, Storage, and Erasure of Personal Data, as well as their Type, Purpose and Usage:
When you visit our Website www.becklaw.de, the browser you are using on your terminal device automatically sends information to the server of our website. This information will be temporarily stored in a so-called log file. The following information will be collected without your intervention and stored until automated deletion:
> IP address of the requesting computer,
> date and time of access,
> name and URL of the file accessed,
> website from which access has been made (Referrer-URL),
> the browser used and, if applicable, your computer’s operating system, and your access provider’s name.
We will be processing the above-mentioned data for the following purposes:
> ensuring a smooth connection of the website,
> ensuring comfortable use of our website,
> evaluation of system security and stability,
> for other administrative purposes.
The legal basis for data processing is GDPR sec. 6 para 1 lit. f. Our legitimate interest follows from the purposes listed above for data collection. Under no circumstances will we use the data collected for the purpose of drawing conclusions about you.
In addition, we use cookies when you visit our website, e.g., to save the language setting. For further information, please see point 4 below.
3. Disclosure of Data to Third Parties:
Your personal data will not be transmitted to third parties for purposes other than those listed below.
We only pass on your personal data to third parties:
> if you expressively have consented pursuant GDPR sec. 6 para. 1 sentence 1 lit. a;
> if passing on your personal data pursuant GDPR sec. 6 para. 1 sentence 1 lit. f is necessary for assertion, exercise or defense of legal claims, and there is no reason to believe that you have an overriding interest worthy of protection in non-disclosure of your data;
> in the event of a legal obligation existing for their transfer pursuant to GDPR sec. 6 para. 1 sentence 1 lit. c; and
> this is permitted by law and it is necessary for processing our contractual relationships with you pursuant to GDPR sec. 6 para. 1 sentence 1 lit. b.
4. Cookies:
We use cookies on our site. Cookies are small files that your browser automatically creates and that are stored on your device (laptop, tablet, smartphone, etc.) when you visit our site. Cookies do not damage your end device, do not contain viruses, ransomware or other malware. In the cookie is stored information which is the result of connection with the specifically used terminal device. However, this does not mean that we immediately become aware of your identity.
The use of cookies is necessary from a technical point of view and serves to make the use of our services more pleasant for you. We only use so-called session cookies, which save your language settings, for example. The cookies are automatically deleted after you leave our site.
The data processed by cookies is required for the aforementioned purposes in order to protect our legitimate interests pursuant to GDPR sec. 6 para 1 lit. f.
Most browsers automatically accept cookies. However, you can configure your browser in a way that no cookies will be stored on your computer or a message always will appear prior to a new cookie being created. However, complete deactivation of cookies might lead to you not being able to use all our website’s functions.
5. Rights of Data Subjects:
You have the right:
> to request information about your personal data processed by us in accordance with GDPR sec. 15. In particular, you may request information about the purposes of processing, the category of personal data, the categories of recipients to whom your data have been or will be disclosed, the planned storage period, the existence of a right to rectification, deletion, restriction of processing or objection, the existence of a right of appeal, the origin of your data, if these have not been collected by us, and the existence of automated decision-making including profiling and, if applicable, meaningful information on their details;
> to immediately request the correction of incorrect or complete personal data stored by us in accordance with GDPR sec. 16;
> to request the deletion of your personal data stored by us pursuant to GDPR sec. 17, unless the processing for the exercise of the right to freedom of expression and information, for the fulfilment of a legal obligation, for reasons of public interest;
> pursuant to GDPR sec. 18 DSGVO, to restrict the processing of your personal data if you dispute the accuracy of the data, if the processing is unlawful, but you refuse to delete it and we no longer need the data, but you do so for the purpose of assertion, exercise, or processing of your personal data;
> to receive your personal data, which you have provided to us, in a structured, common, and machine-readable format in accordance with GDPR sec. 20.
> to revoke your consent given pursuant GDPR sec. 7 para 3 anytime. As a result, we are no longer allowed to continue processing data based on this consent in the future, and
> to lodge a complaint with a supervisory authority pursuant to GDPR sec. 77. As a rule, you can contact the supervisory authority of your usual place of residence or workplace or at the head office of our lawfirm.
6. Right of Objection:
If your personal data are processed on the basis of legitimate interests pursuant to GDPR sec. 6 para. 1 sentence 1 lit. f, you have the right to object to the processing of your personal data pursuant to GDPR sec. 21, provided that there are reasons for this which arise from your particular situation or the objection is directed against direct advertising. In the latter case, you have a general right of objection, which we will implement without specifying a particular situation.
If you would like to make use of your right of revocation or objection, simply send an e-mail to hamburg@becklaw.de.
7. Data Security:
We use the most common SSL (Secure Socket Layer) method in connection with the highest level of encryption supported by your browser. Usually, this is a 256-bit encryption. If your browser does not support 256-bit encryption, we use 128-bit v3 technology instead. Whether a single page of our website is transmitted in encrypted form or not, can be seen from the closed display of the key or lock symbol in the lower status bar of your browser.
Other suitable technical and organisational security measures to protect your data against accidental or intentional manipulation, partial or complete loss, destruction or against unauthorized access by third parties. Our security measures are being continuously improved in line with technological developments.
8. Currentness and Change of this Privacy Policy
This data protection declaration is currently valid and has the status as of January 2021. Due to further development of our website and offers or due to changed legal or official requirements, it may become necessary to change this data protection declaration.
1. The Controller’s and the Data Protection Officer’s name and contact details:
Data Controller:
beck rechtsanwälte Partnerschaft mbB
Ericusspitze 4
20457 Hamburg
Germany
T: +49 (0)40 30 10 07-0
F: +49 (0)40 30 10 07-100
hamburg@becklaw.de
Partners: Michael Haas, Thomas Uebach, Hendrik Sievers
2. Collection, Storage, and Erasure of Personal Data, as well as their Type, Purpose and Usage:
When you visit our Website www.becklaw.de, the browser you are using on your terminal device automatically sends information to the server of our website. This information will be temporarily stored in a so-called log file. The following information will be collected without your intervention and stored until automated deletion:
> IP address of the requesting computer,
> date and time of access,
> name and URL of the file accessed,
> website from which access has been made (Referrer-URL),
> the browser used and, if applicable, your computer’s operating system, and your access provider’s name.
We will be processing the above-mentioned data for the following purposes:
> ensuring a smooth connection of the website,
> ensuring comfortable use of our website,
> evaluation of system security and stability,
> for other administrative purposes.
The legal basis for data processing is GDPR sec. 6 para 1 lit. f. Our legitimate interest follows from the purposes listed above for data collection. Under no circumstances will we use the data collected for the purpose of drawing conclusions about you.
In addition, we use cookies when you visit our website, e.g., to save the language setting. For further information, please see point 4 below.
3. Disclosure of Data to Third Parties:
Your personal data will not be transmitted to third parties for purposes other than those listed below.
We only pass on your personal data to third parties:
> if you expressively have consented pursuant GDPR sec. 6 para. 1 sentence 1 lit. a;
> if passing on your personal data pursuant GDPR sec. 6 para. 1 sentence 1 lit. f is necessary for assertion, exercise or defense of legal claims, and there is no reason to believe that you have an overriding interest worthy of protection in non-disclosure of your data;
> in the event of a legal obligation existing for their transfer pursuant to GDPR sec. 6 para. 1 sentence 1 lit. c; and
> this is permitted by law and it is necessary for processing our contractual relationships with you pursuant to GDPR sec. 6 para. 1 sentence 1 lit. b.
4. Cookies:
We use cookies on our site. Cookies are small files that your browser automatically creates and that are stored on your device (laptop, tablet, smartphone, etc.) when you visit our site. Cookies do not damage your end device, do not contain viruses, ransomware or other malware. In the cookie is stored information which is the result of connection with the specifically used terminal device. However, this does not mean that we immediately become aware of your identity.
The use of cookies is necessary from a technical point of view and serves to make the use of our services more pleasant for you. We only use so-called session cookies, which save your language settings, for example. The cookies are automatically deleted after you leave our site.
The data processed by cookies is required for the aforementioned purposes in order to protect our legitimate interests pursuant to GDPR sec. 6 para 1 lit. f.
Most browsers automatically accept cookies. However, you can configure your browser in a way that no cookies will be stored on your computer or a message always will appear prior to a new cookie being created. However, complete deactivation of cookies might lead to you not being able to use all our website’s functions.
5. Rights of Data Subjects:
You have the right:
> to request information about your personal data processed by us in accordance with GDPR sec. 15. In particular, you may request information about the purposes of processing, the category of personal data, the categories of recipients to whom your data have been or will be disclosed, the planned storage period, the existence of a right to rectification, deletion, restriction of processing or objection, the existence of a right of appeal, the origin of your data, if these have not been collected by us, and the existence of automated decision-making including profiling and, if applicable, meaningful information on their details;
> to immediately request the correction of incorrect or complete personal data stored by us in accordance with GDPR sec. 16;
> to request the deletion of your personal data stored by us pursuant to GDPR sec. 17, unless the processing for the exercise of the right to freedom of expression and information, for the fulfilment of a legal obligation, for reasons of public interest;
> pursuant to GDPR sec. 18 DSGVO, to restrict the processing of your personal data if you dispute the accuracy of the data, if the processing is unlawful, but you refuse to delete it and we no longer need the data, but you do so for the purpose of assertion, exercise, or processing of your personal data;
> to receive your personal data, which you have provided to us, in a structured, common, and machine-readable format in accordance with GDPR sec. 20.
> to revoke your consent given pursuant GDPR sec. 7 para 3 anytime. As a result, we are no longer allowed to continue processing data based on this consent in the future, and
> to lodge a complaint with a supervisory authority pursuant to GDPR sec. 77. As a rule, you can contact the supervisory authority of your usual place of residence or workplace or at the head office of our lawfirm.
6. Right of Objection:
If your personal data are processed on the basis of legitimate interests pursuant to GDPR sec. 6 para. 1 sentence 1 lit. f, you have the right to object to the processing of your personal data pursuant to GDPR sec. 21, provided that there are reasons for this which arise from your particular situation or the objection is directed against direct advertising. In the latter case, you have a general right of objection, which we will implement without specifying a particular situation.
If you would like to make use of your right of revocation or objection, simply send an e-mail to hamburg@becklaw.de.
7. Data Security:
We use the most common SSL (Secure Socket Layer) method in connection with the highest level of encryption supported by your browser. Usually, this is a 256-bit encryption. If your browser does not support 256-bit encryption, we use 128-bit v3 technology instead. Whether a single page of our website is transmitted in encrypted form or not, can be seen from the closed display of the key or lock symbol in the lower status bar of your browser.
Other suitable technical and organisational security measures to protect your data against accidental or intentional manipulation, partial or complete loss, destruction or against unauthorized access by third parties. Our security measures are being continuously improved in line with technological developments.
8. Currentness and Change of this Privacy Policy
This data protection declaration is currently valid and has the status as of January 2021. Due to further development of our website and offers or due to changed legal or official requirements, it may become necessary to change this data protection declaration.
Büro Hamburg
Ericusspitze 4
20457 Hamburg
Germany
T: +49 (0)40 30 10 07-0
F: +49 (0)40 30 10 07-100
hamburg@becklaw.de
www.becklaw.de
Büro Berlin
Kurfürstendamm 11
10719 Berlin
Germany
T: +49 (0)30 88 92 48 86
F: +49 (0)40 30 10 07-100
berlin@becklaw.de
www.becklaw.de
Ericusspitze 4
20457 Hamburg
Germany
T: +49 (0)40 30 10 07-0
F: +49 (0)40 30 10 07-100
hamburg@becklaw.de
www.becklaw.de
Büro Berlin
Kurfürstendamm 11
10719 Berlin
Germany
T: +49 (0)30 88 92 48 86
F: +49 (0)40 30 10 07-100
berlin@becklaw.de
www.becklaw.de
beck rechtsanwälte is a commercial law firm with offices in Hamburg and Berlin. Being a full-service law firm, we assist our clients with their cross border and their German transactions. We provide particular professional expertise in real estate, renewable energy and IT/new media. We are the partner of choice for clients who want to settle or to invest in Germany. beck rechtsanwälte is a member of LNI Legal Network International - an association of lawyers worldwide that provides clients with legal services in over 50 countries.