In accordance with decision no. 1167/2007 of ÎCCJ, the foreign law is not enforceable in the case of the contracts concluded between the Romanian residents carrying out their full activity on the territory of Romania, without any other foreign or intrinsic element . The author of this paper pleads in favour of the recognition, as valid, of the contractual clauses for the designation of a foreign law in the above-mentioned contracts.

This article proposes a view on the impact of the New Civil Code on a credit instrument of Anglo-Saxon origin – the overdraft which was regulated, until the coming into force of the new code, only by BNR (National Bank of Romania) norms, mainly aiming at prudential aspects. As a consequence, the credit institutions had a greater liberty for establishing the related obligations, a liberty which, used while ignoring the norms of the New Ci...