Rea­liza­ti­on right of the pled­gee

Rea­liza­ti­ons are car­ri­ed out on the basis of the Pawn­bro­ker Ordi­nan­ce. Ordi­nan­ce on the busi­ness ope­ra­ti­ons of com­mer­cial pawn­bro­kers (Pawn­bro­kers’ Ordi­nan­ce — PfandlV)

§ 9 Uti­liza­ti­on

(1) The pled­gee may satis­fy hims­elf from the pledge at the ear­liest one month after the matu­ri­ty of the enti­re loan, unless the pled­gor agrees to an ear­lier rea­liza­ti­on after matu­ri­ty.

(2) The pawn­bro­ker shall rea­li­ze the pawn no later than six months after the rea­liza­ti­on entit­le­ment ari­ses. The com­pe­tent aut­ho­ri­ty may extend the dead­line for good cau­se at the request of the pawn­bro­ker. If the pawn­bro­ker is pre­ven­ted from rea­li­zing the pledge in due time by a judi­cial or offi­ci­al mea­su­re, the time limit shall be sus­pen­ded until such mea­su­re is lifted; the peri­od during which the time limit is sus­pen­ded shall not be included in the rea­liza­ti­on peri­od pur­su­ant to sen­tence 1.

(3) Para­graph 2 sen­tence 1 shall not app­ly if the pled­gee agrees a dif­fe­rent rea­liza­ti­on peri­od with the pled­gor at the lat­ter’s request.

(4) The pawn­bro­ker shall arran­ge for the auc­tion to be announ­ced in a dai­ly news­pa­per in which offi­ci­al noti­ces are usual­ly published at least one week and at most two weeks befo­re the date sche­du­led for the auc­tion. The announce­ment must sta­te the place and time of the auc­tion, the gene­ral desi­gna­ti­on of the pled­ges, the name or com­pa­ny name of the pled­gee, the num­bers of the indi­vi­du­al pledge agree­ments or the start and end num­bers of the series to be auc­tion­ed and the peri­od of the pled­ges; in the case of pled­ges who­se auc­tion has alre­a­dy been announ­ced in ear­lier adver­ti­se­ments and which have not been auc­tion­ed, a refe­rence to the ear­lier adver­ti­se­ments shall suf­fice ins­tead of sta­ting the num­bers and peri­od.