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selbstschuldnerische Bürgschaft einer Bank

English translation: directly enforceable guarantee furnished by a bank

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
German term or phrase:selbstschuldnerische Bürgschaft einer Bank
English translation:directly enforceable guarantee furnished by a bank
Entered by: Beate Lutzebaeck
Options:
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- Include in personal glossary

21:55 May 24, 2002
German to English translations [PRO]
Bus/Financial - Law: Contract(s)
German term or phrase: selbstschuldnerische Bürgschaft einer Bank
Die Sicherheitsleistung kann auch durch die **selbstschuldnerische Bürgschaft einer deutschen Großbank**, einer öffentlichen Sparkasse erbracht werden.

[for American English]

Would that be: "by an absolute guarantee of a major bank"?
Any help will be greatly appreciated.
Anne-Carine Zimmer
United States
Local time: 15:22
directly enforceable guarantee furnished by a major German bank
Explanation:
Guarantee under which the guarantor cannot claim the benefit of discussion

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Note added at 2002-05-24 23:43:10 (GMT)
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Seeing the answer below, I feel compelled to add a further explanation:

I believe we are dealing here with a so-called \"prozessuale Sicherheitsleistung\", i.e. security to be provided by the parties to the proceedings in order to enforce the judgment before it becomes final and non-appealable (plaintiff) or to be able to avert enforcement prior to unappealability (defendant).

The court provides the parties with options as to the form of this security, in your case, it may be provided in the form of a directly enforceable guarantee furnished by a major German bank. Directly enforceable means that the court could, on behalf of the aggrieved party, enforce the guarantee directly against the bank without the bank being able to say: \"Hey, try and get the money from the debtor first.\" This would be the case, for example, if the plaintiff decided to enforce the judgment prior to unappealability, the defendant appeals against the judgment and in the next instance the superior court reverses the decision - but the former plaintiff has gone bust in the meantime. Then the court would call on the guarantee furnished by the bank to satify the former defendant (appelant).

This is the background - it doesn\'t have anything to do with personal liability (and the underwriters of the bank would certainly not be personally liable). If the bank went bust, the usual insolvency provisions would apply - but this doesn\'t have anything to do with selbstschuldnerische Bürgschaft.
Selected response from:

Beate Lutzebaeck
New Zealand
Local time: 10:22
Grading comment
Thank you so much for taking all the time, I really appreciate that. I had tried to find out as much as I could before posting this question, so your translation seemed to be closest to what I had found.
Thank you very much, too, Jerry :)
4 KudoZ points were awarded for this answer

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Summary of answers provided
5 +1directly enforceable guarantee furnished by a major German bankBeate Lutzebaeck
4 -1gaurantee of personal liability by the underwriters of a bankxxxjerryk


  

Answers


11 mins   confidence: Answerer confidence 5/5 peer agreement (net): +1
directly enforceable guarantee furnished by a major German bank


Explanation:
Guarantee under which the guarantor cannot claim the benefit of discussion

--------------------------------------------------
Note added at 2002-05-24 23:43:10 (GMT)
--------------------------------------------------

Seeing the answer below, I feel compelled to add a further explanation:

I believe we are dealing here with a so-called \"prozessuale Sicherheitsleistung\", i.e. security to be provided by the parties to the proceedings in order to enforce the judgment before it becomes final and non-appealable (plaintiff) or to be able to avert enforcement prior to unappealability (defendant).

The court provides the parties with options as to the form of this security, in your case, it may be provided in the form of a directly enforceable guarantee furnished by a major German bank. Directly enforceable means that the court could, on behalf of the aggrieved party, enforce the guarantee directly against the bank without the bank being able to say: \"Hey, try and get the money from the debtor first.\" This would be the case, for example, if the plaintiff decided to enforce the judgment prior to unappealability, the defendant appeals against the judgment and in the next instance the superior court reverses the decision - but the former plaintiff has gone bust in the meantime. Then the court would call on the guarantee furnished by the bank to satify the former defendant (appelant).

This is the background - it doesn\'t have anything to do with personal liability (and the underwriters of the bank would certainly not be personally liable). If the bank went bust, the usual insolvency provisions would apply - but this doesn\'t have anything to do with selbstschuldnerische Bürgschaft.


    Zahn, Banking and Stock Trading
Beate Lutzebaeck
New Zealand
Local time: 10:22
Specializes in field
Native speaker of: Native in GermanGerman, Native in EnglishEnglish
PRO pts in category: 222
Grading comment
Thank you so much for taking all the time, I really appreciate that. I had tried to find out as much as I could before posting this question, so your translation seemed to be closest to what I had found.
Thank you very much, too, Jerry :)

Peer comments on this answer (and responses from the answerer)
agree  xxxjerryk: I am still a little uncomfortable with your translation, though.
1 hr
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53 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): -1
gaurantee of personal liability by the underwriters of a bank


Explanation:
Under these circumstances, the creditor need not go to the debtor, but can approach the bank directly for money owed to them that the bank has gauranteed. A very undesirable arrangement from the bank's point of view.

see

http://www.juraplus.de/forum/messages/18.html



xxxjerryk

Peer comments on this answer (and responses from the answerer)
disagree  Beate Lutzebaeck: I agree with your explanation but not with your translation (see answer above)
56 mins
  -> with your additional explanation, I am inclined to concede.
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Changes made by editors
Apr 6, 2008 - Changes made by Steffen Walter:
FieldLaw/Patents » Bus/Financial
Field (specific)(none) » Law: Contract(s)


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