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=S=> BGB 1251. 1 The new pledgee may demand from the previous pledgee the surrender of the pledged item .
=S=> BGB 1251. 2 Upon obtaining possession , the new pledgee takes the place of the previous pledgee in relation to the duties connected with the pledge that are owed to the pledgor . If he fails to perform the duties , the previous pledgee is liable for the damage to be compensated for by him in the same way as a surety who has waived the defence of unexhausted remedies against the principal debtor . The liability of the previous pledgee does not come into existence if the claim passes to the new pledgee by operation of law or is assigned to him on the basis of a statutory obligation .
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