Termination Of Pledge Agreement

The creditor`s claims are satisfied with the proceeds of the security in two stages: forced execution on the mortgaged object and sale of the mortgaged property. A copy of a drawing of the property (border card) must be attached to a real estate mortgage contract (Article 67 of the Hypothec Act). Security lockdown can be done either through the courts or by extrajudicial process. The extrajudicial forced execution of the mortgaged property is permitted only by an agreement of the creditor and the murderer guaranteed according to Deraste, which has been certified by a notary. Post-subordinate collateral is permitted if a deposit contract does not otherwise provide for it (Article 342 BGB). The rights of all subsequent commitments are less well classified than the rights of the first pledge. A pfandgor informs all subsequent commitments of all existing pledges of the land, the nature and amount of the receivables guaranteed by the collateral. In the absence of such notification, post-registration commitments are not automatically cancelled, but a collateral company is responsible for compensating for any losses from the sale of the deposit caused by the infringement. B. Creation of Pledge or Chattel Mortgage. The transfer of goods to the processing and ownership of the pawnbroker is not permitted (Article 338 BGB).

Collateral is automatically terminated when pawned property is confiscated by the collateral company on the grounds that the owner of the property is another person or as a punishment for committing a crime or other violation or on the basis of a requirement or nationalization order. In these cases, the pawnbroker has the right to demand the early performance of an obligation guaranteed by the undertaking. If another property is provided in exchange for confiscated property, it becomes a guarantee. If the compensation is paid for this property, the secured creditor has the priority right to satisfy his claim against the amount of compensation due to the pawning. Under section 340 of the HF Civil Code, the entire company may be subject to a mortgage. In this case, all personal property (equipment, raw materials, products, mobile constructions, etc.) and land (buildings, immobilized buildings, etc.), including claim rights and exclusive rights, serve as collateral, unless the contract is otherwise stated.

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