08:26 Sep 11, 2000 |
German to English translations [PRO] Bus/Financial | |||||||
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| Selected response from: Dan McCrosky (X) Local time: 16:43 | ||||||
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Summary of answers provided | ||||
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na | see below |
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na | see below |
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see below Explanation: "… not to mobilize the claim by drawing a bill of exchange …" Zahn Zahn even mentions a "Mobilisierungswechsel" = mobilization bill. Company A must promise not to make the claim readily negotiable by converting it into a bill of exchange, which could be passed from creditor to creditor, endangering the banks' claim priority. This is a real danger because normally a bill of exchange automatically has the highest priority. - HTH - Dan |
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see below Explanation: you have the context right. Wechselziehung means that Company A verzichtet darauf einen Wechsel von Company B einzuloesen und in ihrer Vorrangigkeit zurueckzutreten, diese der Bank zu ueberlassen. Ein Wechsel is an instrument one signs (both parties actually sign--Bezogener und Bezogene) i.e. for a certain amount of money--post-dated, dated at some time in the future. If the person who gives the Wechsel has good credit, the other person can loan on the Wechsel. At due date the Wechsel "baloons," meaning all monies are due either to the other party or, if given to the bank for security of a loan, then the monies have to be paid to the respective bank at the due date. The legal implications are great, if one cannot keep the payment commitment. I am not aware of any equivalent procedure in the US. It is sim. to a post-dated check, but if you don't make the check good at the date of issuance, the implications are not so severe. In Muret-Sanders I found the following words for it: draft, bill einen Wechsel zur Annahme vorlegen- to present a bill for acceptance; einen Wechsel ziehen, wuerde soviel bedeuten, als einen Wechsel zur Zahlung annehmen-to accept a bill Hope this helps. Good luck. Muret-Sanders |
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