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=U3= Sec1204 -- Section 1204 Statutory contents of the pledge of movable things
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=S=> BGB 1204. 1 A movable thing may be encumbered to secure a claim in such a way that the creditor is entitled to seek satisfaction from the thing ( pledge ) .
=S=> BGB 1204. 2 A pledge may also be created for a future or a conditional claim .
=U3= Sec1205 -- Section 1205 Creation
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=S=> BGB 1205. 1 To create a pledge , it is necessary for the owner to deliver the thing to the creditor and for both to agree that the creditor is to be entitled to the pledge . If the creditor is in possession of the thing , agreement on the creation of the pledge suffices .
=S=> BGB 1205. 2 The delivery of possession of a thing in the indirect possession of the owner may be replaced by the owner transferring indirect possession to the pledgee and notifying the possessor of the pledging .
=U3= Sec1206 -- Section 1206 Replacement of delivery by granting joint possession
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=S=> BGB 1206 Granting joint possession suffices instead of delivery of the thing if the thing is under the joint control of the creditor or , if it is in the possession of a third person , it may be delivered only to the owner and the creditor jointly .
=U3= Sec1207 -- Section 1207 Pledging by an unauthorised person
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=S=> BGB 1207 If the thing does not belong to the pledgor , the provisions of sections 932 , 934 and 935 governing the acquisition of ownership apply with the necessary modifications to the pledging .
=U3= Sec1208 -- Section 1208 Acquisition of priority of rank in good faith
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=S=> BGB 1208 If the thing is encumbered with the right of a third party , then the pledge takes priority over the right , unless the pledgee , at the time of acquisition of the pledge , is not in good faith in relation to the right . The provisions of section 932 ( 1 ) sentence 2 , section 935 and of section 936 ( 3 ) apply with the necessary modifications .
=U3= Sec1209 -- Section 1209 Priority of the pledge
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=S=> BGB 1209 The priority of the pledge is determined by the time of its creation , even if it is created for a future or a conditional claim .
=U3= Sec1210 -- Section 1210 Extent of liability of the pledge
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=S=> BGB 1210. 1 The pledged item is liable for the claim as it exists from time to time , in particular including interest and contractual penalties . If a personal debtor is not the owner of the pledged item , the liability is not extended by a legal transaction entered into by the debtor after the pledging .
=S=> BGB 1210. 2 The pledged item is liable for the claims of the pledgee for reimbursement of outlays , for the costs of notice and the pursuit of rights to be reimbursed to the pledgee and for the costs of the sale of the pledged item .
=U3= Sec1211 -- Section 1211 Defences of the pledgor
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=S=> BGB 1211. 1 The pledgor may assert against the pledgee the defences which are available to a personal debtor against the claim , as well as those of a surety under section 770. If the personal debtor dies , then the pledgor may not invoke the fact that his heir has only limited liability for the obligation .
=S=> BGB 1211. 2 If the pledgor is not the personal debtor , he does not forfeit a defence by the personal debtor waiving it .
=U3= Sec1212 -- Section 1212 Extension to separated products
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=S=> BGB 1212 The pledge extends to the products that are separated from the pledged item .
=U3= Sec1213 -- Section 1213 Pledge of emoluments
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=S=> BGB 1213. 1 The pledge may be created in such a way that the pledgee is entitled to take the emoluments of the pledged item .
=S=> BGB 1213. 2 If a thing which by its nature bears fruit is delivered to the pledgee for his sole possession , it is to be presumed in case of doubt that the pledgee is to be entitled to take the fruit .
=U3= Sec1214 -- Section 1214 Duties of the pledgee entitled to emoluments
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=S=> BGB 1214. 1 If the pledgee has the right to take the emoluments , he is obliged to attend to the production of the emoluments and to render account .
=S=> BGB 1214. 2 The net yield of the emoluments is set off against the payment owed and , if costs and interest are payable , against these first .
=S=> BGB 1214. 3 Diverging provisions are admissible .
=U3= Sec1215 -- Section 1215 Duty of safekeeping
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=S=> BGB 1215 The pledgee is obliged to keep the pledged item in safe custody .
=U3= Sec1216 -- Section 1216 Reimbursement of outlays
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=S=> BGB 1216 If the pledgee makes outlays on the pledged item , the duty of reimbursement of the pledgor is determined under the provisions on agency without specific authorisation . The pledgee is entitled to remove an installation with which he furnished the pledged item .
=U3= Sec1217 -- Section 1217 Violation of rights by the pledgee
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=S=> BGB 1217. 1 Where the pledgee violates the rights of the pledgor to a substantial degree and where he continues this injurious conduct notwithstanding a warning given by the pledgor , the pledgor may demand that the pledged item is deposited at the cost of the pledgee or , if it is not suitable for deposit , that it is delivered to a custodian to be appointed by the court .
=S=> BGB 1217. 2 Instead of the deposit or the delivery of the thing to a custodian , the pledgor may demand the return of the pledged item in return for the satisfaction of the creditor . If the claim is interest-free and is not yet due , then the pledgee is entitled only to the amount which , with the addition of the statutory interest for the period from the payment until the due date , is equivalent to the amount of the claim .
=U3= Sec1218 -- Section 1218 Rights of the pledgor in the case of imminent spoilage
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=S=> BGB 1218. 1 If the spoilage of the pledged item or a substantial decrease in its value is to be feared , the pledgor may demand the return of the pledged item in return for the provision of some other security ; the provision of security by sureties is excluded .
=S=> BGB 1218. 2 The pledgee must notify the pledgor of the imminent spoilage without undue delay , unless notification is impracticable .
=U3= Sec1219 -- Section 1219 Rights of the pledgee in the case of imminent spoilage
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=S=> BGB 1219. 1 If the imminent spoilage of the pledged item or a substantial decrease of its value that is to be feared jeopardises the security of the pledgee , the pledgee may have the pledged item sold by public auction .
=S=> BGB 1219. 2 The proceeds take the place of the pledged item . Upon demand by the pledgor , the proceeds are to be deposited .
=U3= Sec1220 -- Section 1220 Warning of auction
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=S=> BGB 1220. 2 The pledgee must notify the pledgor of the auction without undue delay ; in the event of failure to do so , he is obliged to pay damages .
=S=> BGB 1220. 3 The warning , the determination of a time limit and the notification may be omitted if they are impracticable .
=U3= Sec1221 -- Section 1221 Sale by private agreement
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=S=> BGB 1221 If the pledged item has a stock exchange or market price , the pledgee may effect the sale privately at the current price through a commercial broker officially authorised to effect such sales or through a person authorised to sell by public auction .
=U3= Sec1222 -- Section 1222 Pledge of more than one thing
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=S=> BGB 1222 If the pledge extends to more than one thing , each thing is liable for the entire claim .
=U3= Sec1223 -- Section 1223 Duty to return the pledged item ; right to redeem the pledged item
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=S=> BGB 1223. 1 The pledgee is obliged to return the pledged item to the pledgor after the pledge is extinguished .
=S=> BGB 1223. 2 The pledgor may demand the return of the pledged item in return for the satisfaction of the pledgee as soon as the debtor is entitled to perform .
=U3= Sec1224 -- Section 1224 Satisfaction by deposit or set-off
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=S=> BGB 1224 The satisfaction of the pledgee by the pledgor may also be given by deposit or by set-off .
=U3= Sec1225 -- Section 1225 Passing of claim to the pledgor
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=S=> BGB 1225. 1 If the pledgor is not the personal debtor , then , insofar as he satisfies the pledgee , the claim passes to him . The provision of section 774 , governing a surety , applies with the necessary modifications .
=U3= Sec1226 -- Section 1226 Limitation of compensation claims
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=S=> BGB 1226 The compensation claims of the pledgor for alterations or deteriorations of the pledged item and the claims of the pledgee for the reimbursement of outlays or for leave to remove an installation are subject to a six-month limitation period . The provision of section 548 ( 1 ) sentence 2 and 3 , ( 2 ) applies with the necessary modifications .
=U3= Sec1227 -- Section 1227 Protection of the pledge
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=S=> BGB 1227 If the right of the pledgee is adversely affected , then the claims of the pledgee are governed by the provisions applying to claims from ownership , with the necessary modifications .
=U3= Sec1228 -- Section 1228 Satisfaction by sale of the pledged item
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=S=> BGB 1228. 1 The satisfaction of the pledgee from the pledged item is effected by sale .
=S=> BGB 1228. 2 The pledgee is entitled to effect the sale as soon as the claim is due in whole or in part . If the object owed does not consist in money , the sale is not permitted until the claim has been converted into a money claim .
=U3= Sec1229 -- Section 1229 Prohibition of a forfeiture agreement
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=S=> BGB 1229 An agreement made before the right to sell comes into existence by which the ownership of the thing is to pass or be transferred to the pledgee if he is not satisfied or is not satisfied in good time is void .
=U3= Sec1230 -- Section 1230 Selection of pledged item from more than one pledged item
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=S=> BGB 1230 The pledgee may , unless otherwise provided , select from more than one pledged item those that are to be sold . He may only sell as many pledges as are required for his satisfaction .
=U3= Sec1231 -- Section 1231 Surrender of pledged item for sale
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=S=> BGB 1231 If the pledgee is not in sole possession of the pledged item , he may , after the right to sell comes into existence , demand the surrender of the pledged item for the purpose of sale . At the request of the pledgor , delivery to a joint custodian is to be effected instead of surrender ; the custodian must , when delivery is made , agree to make the pledged item available for sale .
=U3= Sec1232 -- Section 1232 Lower-ranking pledgees
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=S=> BGB 1232 The pledgee is not obliged to surrender the pledged item to a pledgee who is lower-ranking than himself for the purpose of sale . If he is not in possession of the pledged item , then he may not , unless he himself handles the sale , object to sale by a lower-ranking pledgee .
=U3= Sec1233 -- Section 1233 Execution of the sale
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=S=> BGB 1233. 1 The sale of the pledged item is to be effected in accordance with the provisions of sections 1234 to 1240.
=S=> BGB 1233. 2 If the pledgee has obtained an enforceable judgment against the owner for his right of sale , he may also have the sale made in accordance with the provisions governing the sale of a pledged thing .
=U3= Sec1234 -- Section 1234 Warning of sale ; waiting period
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=S=> BGB 1234. 1 The pledgee must warn the owner of the sale in advance and at the same time specify the sum of money for which the sale is to take place . The warning may be given only after the right of sale has arisen ; it may be omitted if it is impracticable .
=S=> BGB 1234. 2 The sale may not be effected until after the expiry of one month after the warning . If the warning is impracticable , the month is calculated from the time when the right of sale arises .
=U3= Sec1235 -- Section 1235 Public auction
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=S=> BGB 1235. 1 The sale of the pledged item is to be made by public auction .
=S=> BGB 1235. 2 If the pledged item has a stock exchange or market price , the provision of section 1221 applies .
=U3= Sec1236 -- Section 1236 Place of auction
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=S=> BGB 1236 The auction is to be held at the place at which the pledged item is kept . If an auction at the place of safekeeping is not expected to result in reasonable success , the pledged item is to be auctioned at another suitable place .
=U3= Sec1237 -- Section 1237 Public notice
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=S=> BGB 1237 The time and place of the auction are to be publicly announced , together with a general description of the pledged item . The owner and third parties who have rights in the pledged item are to be notified separately ; the notification may be omitted if it is impracticable .
=U3= Sec1238 -- Section 1238 Conditions of sale
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=S=> BGB 1238. 1 The pledged item may be sold only subject to the condition that the purchaser immediately pays the sale price in cash and that he forfeits his rights if this does not take place .
=S=> BGB 1238. 2 If the sale is effected without this provision , the sale price is to be seen as received by the pledgee ; the rights of the pledgee against the buyer are unaffected . If the immediate payment of the sale price is not made , the same applies , unless the reservation of the forfeiture of rights is invoked before the end of the auction .
=U3= Sec1239 -- Section 1239 Bidding by creditor and owner
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=S=> BGB 1239. 1 The pledgee and the owner may join in the bidding at the auction . If the bid of the pledgee is accepted , he is deemed to have received the sale price .
=S=> BGB 1239. 2 The bid of the owner may be rejected unless the amount is paid in cash . The same applies to the bid of the debtor if the pledged item is liable for the debt of another .
=U3= Sec1240 -- Section 1240 Things made of gold or silver
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=S=> BGB 1240. 1 Things made of gold or silver may not be knocked down at less than the gold or silver value .
=S=> BGB 1240. 2 If no sufficient bid is made , the sale may be effected privately by a person authorised to sell by public auction at a price not less than the gold or silver value .
=U3= Sec1241 -- Section 1241 Notification of the owner
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=S=> BGB 1241 The pledgee must notify the owner of the sale of the pledged item and the result without undue delay , unless notification is impracticable .
=U3= Sec1242 -- Section 1242 Effects of the legal sale
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=S=> BGB 1242. 1 The lawful sale of the pledged item gives the purchaser the same rights as if he had purchased the thing from the owner . This also applies if it is knocked down to the pledgee .
=S=> BGB 1242. 2 Pledges of the thing are extinguished , even if the purchaser had knowledge of them . The same applies to a usufruct , unless it outranks all pledges in priority .
=U3= Sec1243 -- Section 1243 Unlawful sale
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=S=> BGB 1243. 1 The sale of the pledged item is not lawful if the provisions of section 1228 ( 2 ) , section 1230 sentence 2 , section 1235 , section 1237 sentence 1 or section 1240 are violated .
=S=> BGB 1243. 2 Where the pledgee contravenes another provision governing the sale , he is obliged to pay damages if he is at fault .
=U3= Sec1244 -- Section 1244 Acquisition in good faith
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=S=> BGB 1244 Where a thing is sold as a pledged item , and the seller is not entitled to a pledge or the requirements upon which the lawfulness of the sale depends are not satisfied , the provisions of sections 932 to 934 and 936 apply with the necessary modifications , if the sale was effected in accordance with section 1233 ( 2 ) , or if the provisions of section 1235 or section 1240 ( 2 ) have been observed .
=U3= Sec1245 -- Section 1245 Deviating agreements
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=S=> BGB 1245. 1 The owner and the pledgee may agree on a manner of sale of the pledged item that deviates from the provisions of sections 1234 to 1240. If a third party has a right in the pledged item which is extinguished by the sale , then the approval of this third party is necessary . Approval is to be declared to the person in whose favour it is given ; it is irrevocable .
=S=> BGB 1245. 2 The observation of the provisions of section 1235 , section 1237 sentence 1 and section 1240 may not be waived before the right of sale comes into existence .
=U3= Sec1246 -- Section 1246 Deviation for reasons of equity
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=S=> BGB 1246. 1 If a manner of sale of the pledged item deviating from the provisions of sections 1235 to 1240 corresponds with the interests of the parties concerned as appears just , each of them may demand that the sale be made in this manner .
=S=> BGB 1246. 2 If an agreement is not reached , the court decides .
=U3= Sec1247 -- Section 1247 Proceeds of the pledged item
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=S=> BGB 1247 To the extent that the pledgee is entitled to the proceeds from the pledged item for his satisfaction , the claim is deemed settled by the owner . Apart from this , the proceeds take the place of the pledged item .
=U3= Sec1248 -- Section 1248 Presumption of ownership
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=S=> BGB 1248 When the pledged item is sold , the pledgor is deemed , for the benefit of the pledgee , to be the owner , unless the pledgee knows that the pledgor is not the owner .
=U3= Sec1249 -- Section 1249 Right of redemption
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=S=> BGB 1249 A person , who through the sale of the pledged item would forfeit a right in the pledged item , may satisfy the pledgee as soon as the debtor is entitled to perform . The provision of section 268 ( 2 ) and ( 3 ) applies with the necessary modifications .
=U3= Sec1250 -- Section 1250 Transfer of claim
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=S=> BGB 1250. 1 Upon the transfer of the claim , the pledge passes to the new creditor . The pledge may not be transferred without the claim .
=S=> BGB 1250. 2 If , when the claim is transferred , the passing of the pledge is excluded , the pledge is extinguished .
=U3= Sec1251 -- Section 1251 Effect of the passing of the pledge
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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 .
=U3= Sec1252 -- Section 1252 Extinction with the claim
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=S=> BGB 1252 The pledge is extinguished together with the claim to which it relates .
=U3= Sec1253 -- Section 1253 Extinction by return
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=S=> BGB 1253. 1 The pledge is extinguished if the pledgee returns the pledged item to the pledgor or to the owner . A reservation of the continuation of the pledge is ineffective .
=S=> BGB 1253. 2 If the pledged item is in the possession of the pledgor or of the owner , there is a presumption that the pledged item has been returned to him by the pledgee . This presumption also applies if the pledged item is in the possession of a third party who obtained possession , after the creation of the pledge , from the pledgor or the owner .
=U3= Sec1254 -- Section 1254 Claim for return
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=S=> BGB 1254 If there is a defence to the pledge that permanently excludes the enforcement of the pledge , the pledgor may demand the return of the pledged item . The owner has the same right .
=U3= Sec1255 -- Section 1255 Cancellation of the pledge
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=S=> BGB 1255. 1 For the cancellation of the pledge by legal transaction , it is sufficient for the pledgee to declare to the pledgor or to the owner that he gives up the pledge .
=S=> BGB 1255. 2 If the pledge is encumbered with the right of a third party , the approval of the third party is necessary . Approval is to be declared to the person in whose favour it is given ; it is irrevocable .
=U3= Sec1256 -- Section 1256 Coincidence of pledge and ownership
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=S=> BGB 1256. 1 The pledge is extinguished if it coincides with ownership in the same person . There is no extinction as long as the claim for which the pledge exists is encumbered with the right of a third party .
=S=> BGB 1256. 2 The pledge is not deemed to be extinguished if the owner has a legal interest in the continuation of the pledge .
=U3= Sec1257 -- Section 1257 Pledge by operation of law
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=S=> BGB 1257 The provisions on a pledge created by legal transaction apply with the necessary modifications to a pledge created by operation of law .
=U3= Sec1258 -- Section 1258 Pledge of the share of a co-owner
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=S=> BGB 1258. 1 If there is a pledge relating to the share of a co-owner , the pledgee exercises the rights that arise from the community of co-owners with regard to the management of the thing and the nature of its use .
=S=> BGB 1258. 2 The dissolution of the community may , before the pledgee's right of sale comes into existence , be demanded only by the co-owner and the pledgee jointly . After the right of sale has come into existence , the pledgee may demand that the community be dissolved without a need for the approval of the co-owner ; he is not obliged by an agreement by which the co-owners have permanently or temporarily excluded the right to demand the dissolution of the community or have determined a period for notice of termination .
=S=> BGB 1258. 3 If the community is dissolved , the pledgee is entitled to a pledge over the objects of property that take the place of the share .
=S=> BGB 1258. 4 The right of the pledgee to sell the share is unaffected .
=U3= Sec1259 -- Section 1259 Realisation of a commercial pledged item
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=S=> BGB 1259 If the owner and pledgee are entrepreneurs , legal persons under public law or special funds under public law , they may agree when the pledge is created , with regard to the realisation of a pledged item that has a stock exchange or market price , that the pledgee may effect the sale privately at its current price himself or through third parties or that the ownership of the thing is to fall to the pledgee when the claim becomes payable . In this case , the claim is deemed to be settled by the owner in the amount of the stock exchange or market price applicable on the due date . Sections 1229 and 1233 to 1239 do not apply .
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