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BGB 234. 1 Securities are only suitable for the provision of security if they are made out to the bearer , have a market value and are of a kind in which money held in trust for a ward may be invested . Instruments made out to order and endorsed in blank are equivalent to bearer instruments .
Section 793 Rights under a bearer bond
BGB 793. 1 If a person has issued a document in which he promises payment to the bearer ( bearer bond ) , then the holder may demand from him the act of performance in accordance with the promise , unless he is not entitled to dispose of the document . However , the issuer is also released by payment to a non-entitled bearer .
BGB 794. 1 The issuer is obliged under a bearer bond even if it has been stolen from him or is lost or if it otherwise comes into circulation against his will .