§ 1273 BGB in com­pa­ny shares and rights

Accor­ding to 1273 para. 1 BGB, rights can also be the sub­ject of the pledge of rights. All trans­fera­ble pro­per­ty rights, e.g. expec­tancy rights, co-heirs’ shares, secu­ri­ties, share rights, licen­sing rights, trade­mark rights, patents, IP rights, domains, com­pa­ny shares such as limi­t­ed lia­bi­li­ty com­pa­nies and part­ner­ship shares (shares in cor­po­ra­ti­ons, shares in limi­t­ed lia­bi­li­ty com­pa­nies, etc.) can be sei­zed. They are rea­li­zed on the basis of an enforce­ment order by way of com­pul­so­ry enforce­ment (Sec­tion 1277 sen­tence 1 BGB). By way of dero­ga­ti­on from this sta­tu­to­ry method of rea­liza­ti­on, howe­ver, col­la­te­ral enforce­ment by public auc­tion or pri­va­te sale by a gene­ral­ly publicly appoin­ted, sworn auc­tion­eer can also be agreed wit­hout the exis­tence of a title in rem.

(Cf. Marx/Arens The Auc­tion­eer, 2004, p. 274)