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Vorausklage

English translation: See below

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23:36 Aug 24, 2000
German to English translations [PRO]
Bus/Financial
German term or phrase: Vorausklage
This is in the text of a bank guarantee. The bank guarantees to pay a certain sum and then states 'unter Verzicht auf Einreden der Anfechtung, der Aufrechnung, der Aufgabe eines Pfandrechtes und der Vorausklage gemaess Abs. 770/771 BGB'
JP
English translation:See below
Explanation:
Romain offers "plea of unexhausted remedies" and "benefit of discussion" for "Einrede der Vorausklage," explaining it as the "privilege of a surety [in this case, the bank] that the creditor should first proceed against the debtor and exhaust his remedy against him." The Eurodicautom offers "benefit of execution" and "right of execution."

What I understand this to mean is that since the bank is stepping in with its guaranty and stating that it will pay the debt of the debtor that secured the guaranty should that debtor go into default, the bank will not, if the debtor indeed goes into default, claim that the creditor has to go to the debtor first and exhaust the debtor's funds before then asking the bank for the money.
Selected response from:

Cami Townsend
Grading comment
Mamy thanks for your help and the explanantion.
4 KudoZ points were awarded for this answer

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naSee belowCami Townsend


  

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25 mins
See below


Explanation:
Romain offers "plea of unexhausted remedies" and "benefit of discussion" for "Einrede der Vorausklage," explaining it as the "privilege of a surety [in this case, the bank] that the creditor should first proceed against the debtor and exhaust his remedy against him." The Eurodicautom offers "benefit of execution" and "right of execution."

What I understand this to mean is that since the bank is stepping in with its guaranty and stating that it will pay the debt of the debtor that secured the guaranty should that debtor go into default, the bank will not, if the debtor indeed goes into default, claim that the creditor has to go to the debtor first and exhaust the debtor's funds before then asking the bank for the money.

Cami Townsend
PRO pts in pair: 227
Grading comment
Mamy thanks for your help and the explanantion.
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