§ Sec­tion 1218 Rights of the pled­ger in the event of immi­nent spoi­la­ge

If the goods or rights have a stock exch­an­ge or mar­ket pri­ce, a pri­va­te sale is car­ri­ed out ins­tead of an auc­tion in accordance with Sec­tion 1221 BGB.

In the cases of Sec­tions 65, 214 and 228 AktG, the sale is man­da­to­ry at least at the offi­ci­al stock exch­an­ge pri­ce. (If goods or rights do not have a stock exch­an­ge pri­ce, the sale must be car­ri­ed out by public auc­tion).

In the cases of Sec­tions 23 and 27 GmbHG, the sale of the com­pa­ny share by pri­va­te con­tract is only per­mit­ted with the con­sent of the excluded share­hol­der or the share­hol­der who has relin­quis­hed his share. The sale by the stock­bro­ker, com­mer­cial bro­ker or stock­bro­ker is only per­mit­ted if the lat­ter is publicly aut­ho­ri­zed to do so under sta­te law.

In all cases of sale by pri­va­te trea­ty, the gene­ral­ly publicly appoin­ted, sworn auc­tion­eer is aut­ho­ri­zed to do so (legal defi­ni­ti­on accor­ding to § 383 BGB).