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Vorbehaltsgutvereinbarung

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09:10 Nov 3, 2007
German to English translations [PRO]
Bus/Financial - Law: Contract(s)
German term or phrase: Vorbehaltsgutvereinbarung
Die Gründung einer Personengesellschaft ohne notarielle Vorbehaltsgutvereinbarung ist möglich.
Robert
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Summary of answers provided
4 -1retained title agreementRod Darby
2 +1separate property agreement
SusieZ


  

Answers


2 hrs   confidence: Answerer confidence 2/5Answerer confidence 2/5 peer agreement (net): +1
separate property agreement


Explanation:
§ 1418
Vorbehaltsgut

(1) Vom Gesamtgut ist das Vorbehaltsgut ausgeschlossen.

(2) Vorbehaltsgut sind die Gegenstände,
1. die durch Ehevertrag zum Vorbehaltsgut eines Ehegatten erklärt sind,
2. die ein Ehegatte von Todes wegen erwirbt oder die ihm von einem Dritten unentgeltlich zugewendet werden, wenn der Erblasser durch letztwillige Verfügung, der Dritte bei der Zuwendung bestimmt hat, dass der Erwerb Vorbehaltsgut sein soll,
3. die ein Ehegatte auf Grund eines zu seinem Vorbehaltsgut gehörenden Rechts oder als Ersatz für die Zerstörung, Beschädigung oder Entziehung eines zum Vorbehaltsgut gehörenden Gegenstands oder durch ein Rechtsgeschäft erwirbt, das sich auf das Vorbehaltsgut bezieht.

(3) Jeder Ehegatte verwaltet das Vorbehaltsgut selbständig. Er verwaltet es für eigene Rechnung.

(4) Gehören Vermögensgegenstände zum Vorbehaltsgut, so ist dies Dritten gegenüber nur nach Maßgabe des § 1412 wirksam.

In US English, this is referred to as "separate property" as opposed to "community property".

Whereas a community property agreement puts all the couple's assets into the marital pot, a separate property agreement identifies which assets will remain in the name of one spouse only, not subject to equitable distribution in divorce or probate.

Why this is term is being used in conjunction with the formation of a business entity is beyond me without more context.

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Note added at 2 hrs (2007-11-03 11:45:44 GMT)
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http://www.jcrlaw.com/PracticeAreas/Separate-Property.asp

SusieZ
United States
Local time: 10:33
Specializes in field
Native speaker of: English
PRO pts in category: 35

Peer comments on this answer (and responses from the answerer)
agree  Rod Darby: like your translation better than mine. Yes, it is a bit of a mystery, unless it is really a pre-nuptial and the classification is simply wrong...
3 mins
  -> Thanks, Rod!
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2 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): -1
retained title agreement


Explanation:
this is most commonly found in pre-nuptial agreements, the idea being that one of the partners specifically retains title to "goods" which would otherwise become joint property by operation of the normal BGB rules.
I'm rather surprised to find it in connection with what appears to be a commercial - and presumably unlimited - partnership, as, in my understanding of the rules relating to unlimited partnerships, it may be possible to retain to title to goods vis-a-vis the other members of the partnership but it won't work vis-a-vis third parties. Unless, of course, we are talking about the limited partners in a KG - perhaps you could shed more light here, Robert.
Rod


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Note added at 2 hrs (2007-11-03 11:34:23 GMT)
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sorry: "retain the title..." my fingers are behaving rather independently again...

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Note added at 1 day6 hrs (2007-11-04 15:18:51 GMT)
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Beatriz,
well, what's your take on the "exact meaning" then?
Rod
(BTW, the abbreviation of "it is" in English is "it's" - makes sense, doesn't it?)

Rod Darby
Ghana
Local time: 14:33
Works in field
Native speaker of: English
PRO pts in category: 10

Peer comments on this answer (and responses from the answerer)
disagree  Beatriz Galiano: Dont think its the exact meaning
1 day2 hrs
  -> then what would the exact meaning be, in your opinion?
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Changes made by editors
Nov 3, 2007 - Changes made by casper:
LevelNon-PRO » PRO


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