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=U3= UTit1 -- Subtitle 1 Land charge
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=U4= Sec1191 -- Section 1191 Statutory contents of the land charge
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=S=> BGB 1191. 1 A plot of land may be encumbered in such a way that the person in whose favour the encumbrance is created is paid a specific sum of money from the plot of land ( land charge ) .
=S=> BGB 1191. 2 The encumbrance can be created in such a way that interest on the sum of money and other supplementary payments are payable from the plot of land .
=U4= Sec1192 -- Section 1192 Applicable provisions
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=S=> BGB 1192. 1 The land charge is governed by the provisions on mortgages with the necessary modifications , unless the fact that the land charge requires the existence of a claim leads to a different conclusion .
=S=> BGB 1192. 1a If the land charge has been established as security for a claim ( security land charge ) , defences to which the owner is entitled with regard to the land charge on the basis of the security contract with the previous creditor , or which emerge from the security contract , may also be imposed on any acquirer of the land charge ; section 1157 sentence 2 does not apply in this respect . Section 1157 remains unaffected in other respects .
=S=> BGB 1192. 2 Interest on a land charge is governed by the provisions on interest on a mortgage claim .
=U4= Sec1193 -- Section 1193 Termination
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=S=> BGB 1193. 1 The principal of the land charge only falls due until after prior notice of termination . Both the owner and the creditor are entitled to give notice . The notice period is six months .
=S=> BGB 1193. 2 Diverging provisions are admissible . If the land charge serves as security for a monetary receivable , a provision derogating from subsection ( 1 ) is not permissible .
=U4= Sec1194 -- Section 1194 Place of payment
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=S=> BGB 1194 The payment of the principal and interest and other supplementary payments , unless otherwise provided , is to be made at the place where the Land Registry has its seat .
=U4= Sec1195 -- Section 1195 Bearer land charge
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=S=> BGB 1195 A land charge may be created in such a way that the land charge certificate is made out to the bearer . The provisions concerning bearer bonds apply with the necessary modifications to such a certificate .
=U4= Sec1196 -- Section 1196 Owner land charge
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=S=> BGB 1196. 1 A land charge may also be created for the owner .
=S=> BGB 1196. 2 For the creation of the land charge , a declaration of the owner to the Land Registry that the land charge is to be registered in the Land Register for him as well as registration is necessary ; the provision of section 878 applies .
=S=> BGB 1196. 3 A claim for deletion of the land charge in accordance with section 1179a or section 1179b exists only for such mergers of the land charge and the ownership in one person as occur after the land charge has belonged to a person other than the owner .
=U4= Sec1197 -- Section 1197 Deviations from third party land charge
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=S=> BGB 1197. 1 If the owner is the creditor , he may not pursue execution for the purpose of his own satisfaction .
=S=> BGB 1197. 2 The owner is entitled to interest only if the plot of land is seized on application by another for the purpose of judicially enforced receivership , and only for the duration of the receivership .
=U4= Sec1198 -- Section 1198 Permitted conversions
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=S=> BGB 1198 A mortgage may be converted into a land charge and a land charge into a mortgage . The approval of persons with equal or lower-ranking rights is not necessary .
=U3= UTit2 -- Subtitle 2 Annuity land charge
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=U4= Sec1199 -- Section 1199 Statutory contents of the annuity land charge
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=S=> BGB 1199. 1 A land charge may be created in such a way that a specific sum of money is payable from the plot of land on regularly recurring dates ( annuity land charge ) .
=S=> BGB 1199. 2 When the annuity land charge is created , the sum payable to redeem the annuity land charge must be specified . The redemption sum must be stated in the Land Register .
=U4= Sec1200 -- Section 1200 Applicable provisions
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=S=> BGB 1200. 1 The individual payments are governed by the provisions for mortgage interest , and the redemption sum by the provisions applying to the principal of a land charge , with the necessary modifications .
=S=> BGB 1200. 2 The payment of the redemption sum to the creditor has the same effect as the payment of the principal of a land charge .
=U4= Sec1201 -- Section 1201 Right of redemption
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=S=> BGB 1201. 1 The owner has the right of redemption .
=S=> BGB 1201. 2 The creditor may not be granted the right to demand redemption . In the case of section 1133 sentence 2 , the creditor is entitled to demand the payment of the redemption sum from the plot of land .
=U4= Sec1202 -- Section 1202 Termination
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=S=> BGB 1202. 1 The owner may exercise the right of redemption only after giving previous notice . The notice period is six months , unless otherwise provided .
=S=> BGB 1202. 2 A restriction of the right to give notice is admissible only to the extent that the owner may , after thirty years , give notice , observing the six-month notice period .
=S=> BGB 1202. 3 If the owner has given notice , then after the expiry of the notice period the creditor may demand payment of the redemption sum from the plot of land .
=U4= Sec1203 -- Section 1203 Permitted conversions
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=S=> Division 8 Pledge of movable things and over rights
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