Disclosure obligation

The borrower must disclose his financial circumstances if and to the extent that an objective assessment of the financial situation shows that repayment of the loan is not possible or not likely, i.e. the lender was expected to take an unusual risk under the circumstances by granting the loan.

Term-Nr.: 285

German: Offenbarungspflicht (577)

Source: LK-Lötscher, 11.05.2020