903
=U5= Sec463 -- Section 463 Requirements for exercise
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=S=> BGB 463 A person entitled to the right of preemption in respect of an object may exercise the right as soon as the person obliged by it has entered into a purchase agreement relating to the object with a third party .
=U5= Sec464 -- Section 464 Exercise of the right of preemption
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=S=> BGB 464. 1 Exercise of the right of preemption occurs by declaration to the person obliged . The declaration is not subject to the formal requirements laid down for the purchase agreement .
=S=> BGB 464. 2 When the right of preemption is exercised , the purchase takes effect between the person entitled and the person obliged , subject to the terms that the person obliged agreed with the third party .
=U5= Sec465 -- Section 465 Ineffective agreements
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=S=> BGB 465 An agreement made by the person obliged with the third party which provides that the purchase is subject to the non-exercise of the right of preemption or which reserves for the person obliged the right to withdraw from the agreement in the event that the right of preemption is exercised is ineffective in relation to the person entitled to preemption .
=U5= Sec466 -- Section 466 Collateral performance
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=S=> BGB 466 If the third party has agreed in the contract to render an act of collateral performance which the person entitled to preemption is unable to perform , the person entitled to preemption must pay the value of the collateral performance instead of rendering it . If the collateral performance cannot be assessed in money , the exercise of the right of preemption is excluded ; the agreement to render collateral performance is , however , not performed if the contract with the third party would have been entered into even without it .
=U5= Sec467 -- Section 467 Total price
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=S=> BGB 467 If the third party purchased the object which is subject to the right of preemption together with other objects at a total price , then the person entitled to preemption must pay a proportionate part of the total price . The person obliged may demand that the preemption is extended to all things that cannot be separated without disadvantage to him .
=U5= Sec468 -- Section 468 Deferral of the purchase price
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=S=> BGB 468. 1 If the third party is granted deferral of payment of the purchase price in the contract , the person entitled to preemption may claim the deferral only if he gives security for the amount deferred .
=S=> BGB 468. 2 If a plot of land is the subject matter of the preemption , there is no need to provide security to the extent that there has been an agreement to create a mortgage on the plot of land for the deferred purchase price , or a debt for which a mortgage on the land exists has been assumed and credited towards the purchase price . This applies with the necessary modifications if a registered ship or ship under construction is the object of the right of preemption .
=U5= Sec469 -- Section 469 Duty to notify , exercise period
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=S=> BGB 469. 1 The person obliged must inform the person entitled to preemption without undue delay of the contents of the contract entered into with the third party . Notice by the third party replaces notice by the person obliged .
=S=> BGB 469. 2 The right of preemption for plots of land may be exercised only before the end of a period of two months after notice is received , and the right of preemption for other objects only before the end of a period of one week after notice is received . If a period of time is specified for exercise of the right , this period replaces the statutory period .
=U5= Sec470 -- Section 470 Sale to heir on intestacy
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=S=> BGB 470 The right of preemption , in case of doubt , does not apply to a sale that is made to an heir on intestacy with a view to a future right of succession .
=U5= Sec471 -- Section 471 Sale in case of execution of judgment or insolvency
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=S=> BGB 471 The right of preemption is excluded if the sale occurs by way of execution of judgment or from an insolvency estate .
=U5= Sec472 -- Section 472 More than one person with a right of preemption
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=S=> BGB 472 If the right of preemption is held by more than one person jointly , it may be exercised only in its entirety . If it has expired with regard to one of the entitled persons or if one of them does not exercise his right , then the others are entitled to exercise the right of preemption in its entirety .
=U5= Sec473 -- Section 473 Non-transferability
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=S=> BGB 473 The right of preemption is not transferable and does not pass to the heirs of the person entitled to it unless otherwise provided . If the right is limited to a specific period , then , in case of doubt , it is inheritable .
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