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(eine Forderung) durch Wechselziehung mobilisieren

English translation: see below

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08:26 Sep 11, 2000
German to English translations [PRO]
Bus/Financial
German term or phrase: (eine Forderung) durch Wechselziehung mobilisieren
Another excerpt from the letter of subordination:
"Solange die Banken bezüglich ihrer Ansprüche aus dem beabsichtigen Darlehen nicht voll befriedigt sind, verpflichten wir uns, über unsere Forderung ohne vorherige Zustimmung der Banken nicht zu verfügen, insbes. sie nicht einzuziehen, sie nicht von der Firma X sicherstellen zu lassen und sie auch nicht an einen Dritten abzutreten, zu verpfänden oder durch Wechselziehung zu mobilisieren."
Context:
Company A (my client) has a claim against Company B in a certain amount. A group of banks are planning to make a loan to Company B. Company A is being required (presumably at the banks' request)to subordinate its claim against Company B; in other words, the banks' claims against Company B arising from the loan will have priority over Company A's claims.
Any help greatly appreciated - TIA, Beth
Beth Kantus
United States
Local time: 13:05
English translation: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
Selected response from:

Dan McCrosky
Local time: 19:05
Grading comment
Thanks to both of you for your very helpful explanations!
4 KudoZ points were awarded for this answer

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Summary of answers provided
nasee below
Elisabeth Moser
nasee belowDan McCrosky


  

Answers


34 mins
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


Dan McCrosky
Local time: 19:05
Native speaker of: Native in EnglishEnglish
PRO pts in pair: 1541
Grading comment
Thanks to both of you for your very helpful explanations!
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41 mins
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
Elisabeth Moser
United States
Local time: 13:05
Native speaker of: Native in GermanGerman
PRO pts in pair: 772
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