1838
=U3= Sec1273 -- Section 1273 Statutory contents of the pledge of rights
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=S=> BGB 1273. 1 The object of a pledge may also be a right .
=S=> BGB 1273. 2 Pledge of rights is governed by the provisions on the pledge of movable things with the necessary modifications , except to the extent that sections 1274 to 1296 lead to a different conclusion . The application of the provisions of section 1208 and section 1213 ( 2 ) is excluded .
=U3= Sec1274 -- Section 1274 Creation
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=S=> BGB 1274. 1 A pledge of a right is created in accordance with the provisions governing the transfer of the right . If the delivery of the thing is required for the transfer of the right , the provisions of sections 1205 and 1206 apply . BGB 1274. 2 To the extent that a right is not transferable , no pledge may be created over the right .
=U3= Sec1275 -- Section 1275 Pledge of right to performance
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=S=> BGB 1275 If a right under which an act of performance may be demanded is the object of a pledge , the legal relationship between the pledgee and the person obliged is governed by the provisions that apply to the legal relationship between the purchaser and the person obliged in the event of the transfer of the right , and in the event of a court order made in accordance with section 1217 ( 1 ) , by the provision under section 1070 ( 2 ) , with the necessary modifications .
=U3= Sec1276 -- Section 1276 Cancellation or alteration of the pledged right
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=S=> BGB 1276. 1 A pledged right may be cancelled by legal transaction only with the approval of the pledgee . Approval is to be declared to the person in whose favour it is given ; it is irrevocable . The provision of section 876 sentence 3 is unaffected .
=S=> BGB 1276. 2 The same applies in the event of an alteration of the right , to the extent that it interferes with the pledge .
=U3= Sec1277 -- Section 1277 Satisfaction by execution
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=S=> BGB 1277 The pledgee may seek his satisfaction from the right only on the basis of an enforceable judgment in accordance with the provisions governing execution , unless otherwise provided . The provisions of section 1229 and section 1245 ( 2 ) are unaffected .
=U3= Sec1278 -- Section 1278 Extinction by return
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=S=> BGB 1278 If a right whose pledging requires the delivery of a thing is the object of a pledge , the provision under section 1253 applies with the necessary modifications to the extinction of the pledge through the return of the thing .
=U3= Sec1279 -- Section 1279 Pledge of a claim
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=S=> BGB 1279 The special provisions of sections 1280 to 1290 apply to the pledge of a claim . To the extent that a claim has a stock exchange or market price , the provision of section 1259 applies with the necessary modifications .
=U3= Sec1280 -- Section 1280 Notification of the debtor
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=S=> BGB 1280 The pledging of a claim for whose transfer a contract of assignment suffices is effective only if the creditor gives notice thereof to the debtor .
=U3= Sec1281 -- Section 1281 Performance before the due date
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=S=> BGB 1281 The debtor may pay only to the pledgee and the creditor jointly . Either of them may demand that payment be made to them jointly ; either may demand that , instead of payment , the thing owed be deposited for both , or if it is not suitable for deposit , that it be delivered to a custodian to be appointed by the court .
=U3= Sec1282 -- Section 1282 Performance after the due date
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=S=> BGB 1282. 1 If the requirements of section 1228 ( 2 ) have been fulfilled , the pledgee is entitled to collect the claim and the debtor may pay only to him . The pledgee is entitled to collect a money claim only to the extent that it is necessary for his satisfaction . To the extent that he is entitled to collection , he may also demand that the money claim be assigned to him instead of payment .
=S=> BGB 1282. 2 The pledgee has no right to make other dispositions of the claim ; the right to seek satisfaction from the claim in accordance with section 1277 is unaffected .
=U3= Sec1283 -- Section 1283 Termination
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=S=> BGB 1283. 1 Where the due date of the pledged claim depends on a notice of termination , the creditor requires the approval of the pledgee for this notice only if the latter is entitled to receive the emoluments .
=S=> BGB 1283. 2 The notice of the debtor is only effective if it is declared to the pledgee and the creditor .
=S=> BGB 1283. 3 If the requirements of section 1228 ( 2 ) have been fulfilled , then the pledgee is also entitled to give notice ; for the notice of the debtor , a declaration made to the pledgee suffices .
=U3= Sec1284 -- Section 1284 Deviating agreements
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=S=> BGB 1284 The provisions of sections 1281 to 1283 do not apply to the extent that the pledgee and the creditor agree otherwise .
=U3= Sec1285 -- Section 1285 Cooperation in collection
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=S=> BGB 1285. 1 Where performance is to be made to the pledgee and the creditor jointly , they are reciprocally obliged to cooperate in the collection if the claim is due .
=S=> BGB 1285. 2 Insofar as the pledgee is entitled to collect the claim without the cooperation of the creditor , he is to ensure collection in due form . He must notify the creditor of the collection without undue delay , unless the notification is impracticable .
=U3= Sec1286 -- Section 1286 Duty of termination in the case of danger
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=S=> BGB 1286 If the maturity of the pledged claim depends on notice , the pledgee may , unless he has the right to give notice , demand that the creditor gives notice , if the collection of the claim is necessary under the rules of proper management of assets by reason of a danger to its safety . Subject to the same requirement , the creditor may demand from the pledgee his approval of the notice , to the extent that approval is required .
=U3= Sec1287 -- Section 1287 Effect of performance
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=S=> BGB 1287 Where the debtor performs under sections 1281 and 1282 , then upon performance the creditor acquires the object provided and the pledgee a pledge over the object . Where performance consists in the transfer of the ownership of a plot of land , the pledgee acquires a debt-securing mortgage ; if it consists of the transfer of ownership of a registered ship or a ship under construction , the pledgee acquires a ship mortgage .
=U3= Sec1288 -- Section 1288 Investment of collected money
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=S=> BGB 1288. 1 If a money claim is collected under section 1281 , the pledgee and the creditor are reciprocally obliged to cooperate in order that the collected amount , to the extent that this is practicable without impairing the interests of the pledgee , is invested at interest in accordance with the provisions governing the investment of money held in trust for wards , and at the same time the pledge is created for the pledgee . The type of investment is determined by the creditor .
=S=> BGB 1288. 2 If the collection is made under section 1282 , the claim of the pledgee , to the extent that he is entitled to the collected amount for his satisfaction , is deemed settled by the creditor .
=U3= Sec1289 -- Section 1289 Extension to the interest
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=S=> BGB 1289 The pledge of a claim extends to the interest on the claim . The provisions of section 1123 ( 2 ) and sections 1124 and 1125 apply with the necessary modifications ; the attachment is replaced by the notification by the pledgee to the debtor that he is exercising the right of collection .
=U3= Sec1290 -- Section 1290 Collection in the case of multiple pledges
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=S=> BGB 1290 If there is more than one pledge of a claim , only the pledgee whose pledge has priority over the remaining pledges is entitled to collect .
=U3= Sec1291 -- Section 1291 Pledge of land charge or annuity land charge
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=S=> BGB 1291 The provisions on the pledge of a claim also apply to the pledge of a land charge and of an annuity land charge .
=U3= Sec1292 -- Section 1292 Pledging of instruments made out to order
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=S=> BGB 1292 For the pledging of a bill of exchange or any other instrument that may be transferred by endorsement , agreement between the creditor and the pledgee and the delivery of the endorsed instrument are sufficient .
=U3= Sec1293 -- Section 1293 Pledge of bearer instruments
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=S=> BGB 1293 The pledge of a bearer instrument is governed by the provisions on the pledge of movable things .
=U3= Sec1294 -- Section 1294 Collection and notice of termination
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=S=> BGB 1294 If a bill of exchange , another instrument that may be transferred by endorsement or a bearer instrument is the object of a pledge , then even if the requirements of section 1228 ( 2 ) have not yet been fulfilled , the pledgee is entitled to collection and , if notice is required , to give notice , and the debtor may pay only to the pledgee .
=U3= Sec1295 -- Section 1295 Private sale of instruments made out to order
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=S=> BGB 1295 Where a pledged instrument , transferable by endorsement , has a stock exchange or market price , the creditor is entitled , after the fulfilment of the requirements of section 1228 ( 2 ) , to have the instrument sold under section 1221. Section 1259 applies with the necessary modifications .
=U3= Sec1296 -- Section 1296 Extension to interest coupons
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=S=> BGB 1296 The pledge of a security extends to the interest , annuity or dividend coupons belonging to the instrument only if they have been delivered to the pledgee . The pledgor may , unless otherwise provided , demand the surrender of the coupons , to the extent that they fall due before the fulfilment of the requirements of section 1228 ( 2 ) .
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