in accordance with § 1293 BGB Bea­rer secu­ri­ties

Public auc­tions due to con­trac­tu­al pled­ges of rights in accordance with § 1293 BGB Bea­rer secu­ri­ties

Pledge of rights to bea­rer secu­ri­ties in accordance with § 1293 BGB: The pro­vi­si­ons on the pledge of rights on mova­ble pro­per­ty also app­ly to the pledge of rights on bea­rer secu­ri­ties. This appli­es to bea­rer bonds (§ 793 BGB), bea­rer land char­ge cer­ti­fi­ca­tes (§ 1195 BGB), annui­ty bonds (§ 1199 BGB), bea­rer shares (§ 10 para. 1 AktG) and invest­ment cer­ti­fi­ca­tes.

§ Sec­tion 793 BGB rights from the bond to the bea­rer

(1) If someone has issued a docu­ment in which he pro­mi­ses the hol­der of the docu­ment a per­for­mance (bond on the hol­der), the hol­der may demand per­for­mance from him in accordance with the pro­mi­se, unless he is not entit­led to dis­po­se of the docu­ment. Howe­ver, the issuer is also released by the per­for­mance to a hol­der who is not entit­led to dis­po­se of the docu­ment.

(2) The vali­di­ty of the signa­tu­re may be made depen­dent on the obser­van­ce of a spe­cial form by a pro­vi­si­on included in the docu­ment. A signa­tu­re made by mecha­ni­cal repro­duc­tion shall be suf­fi­ci­ent for sig­ning.

§ Sec­tion 1195 BGB Bea­rer land char­ge

A land char­ge may be crea­ted in such a way that the land char­ge cer­ti­fi­ca­te is issued to the bea­rer. The pro­vi­si­ons on bea­rer bonds app­ly accor­din­gly to such a let­ter.

§ Sec­tion 1199 Legal con­tent of the annui­ty debt

(1) A land char­ge can be crea­ted in such a way that a cer­tain sum of money is to be paid from the pro­per­ty at regu­lar­ly recur­ring inter­vals (annui­ty debt).
(2) When the annui­ty debt is crea­ted, the amount must be deter­mi­ned by the pay­ment of which the annui­ty debt can be rede­e­med. The redemp­ti­on amount must be spe­ci­fied in the land regis­ter.