21:24 Jul 30, 2004 |
German to English translations [PRO] Bus/Financial - Finance (general) | |||||||
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| Selected response from: Ingrid Blank | ||||||
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Summary of answers provided | ||||
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4 -1 | courtesy of Beate Lutzebaeck: risk associated with the legal validity of (the) accounts receivable |
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4 -1 | (liability under) moral hazard |
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courtesy of Beate Lutzebaeck: risk associated with the legal validity of (the) accounts receivable Explanation: also confirmed here: Unter Forfaitierung wird der regresslose Verkauf der Leasingforderungen an Kreditinstitute verstanden. "Regresslos" meint dabei, dass der Käufer der Forderung (Forfaiteur)das Risiko der Zahlungsfähigkeit des Leasingnehmers trägt. Die Leasinggesellschaft (Forfaitist) behält jedoch die Haftung für den rechtlichen Bestand der Leasingforderung (VERITÄTSHAFTUNG) http://www.hanseatische-leasing.de/download/leasinglexikon.p... So I fail to see where "moral hazard" enters the picture as suggested by Robin. -------------------------------------------------- Note added at 2004-07-31 12:23:04 (GMT) -------------------------------------------------- @Robin: where, in the context of this question, does it denote the RISK that documentary representation as to the existence of certain assets may be incorrect or fraudulent? My understanding is that \"für den rechtlichen Bestand der Forderungen gehaftet wird\" and that is also the wording in the question \" ...übliche Veritätshaftung ....für die Existenz der Forderungen\" Veritätshaftung beim Rechtskauf Rechtsmängel beim Rechtskauf sind etwa bestehende Einreden des Schuldners, Verfügungsbeschränkungen, Aufgebote zur Kraftloserklärung von Inhaberpapieren. Beim Rechtskauf haftet der Verkäufer auch für den rechtlichen Bestand des von ihm verkauften Rechts (§ 437 BGB). Das ist eine Spezialregelung gegenüber der allgemeinen Vorschrift des § 306 BGB über die Nichtigkeit von Verträgen bei anfänglicher objektiver Unmöglichkeit. Daraus und aus § 434 BGB folgt, daß sich beim Rechtskauf die Rechte des Käufers bei Nichtbestehen des verkauften Rechts oder beim Vorliegen eines Rechtsmangels nach den §§ 320 ff. BGB(Zitat) richten. Dagegen ist die Zahlungsunfähigkeit des Schuldners (seine fehlende Bonität) kein Rechtsmangel, für den der Forderungsverkäufer ohne besondere Vereinbarung einzustehen hätte (§ 438 BGB). |
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V eritätshaftung (liability under) moral hazard Explanation: I think that Veritätshaftung is essentially related to Veritätsrisiko, which is "moral hazard." See: -------------------------------------------------- Note added at 12 hrs 22 mins (2004-07-31 09:46:39 GMT) -------------------------------------------------- The term \"moral hazard\" has several meanings, which may be confusing. In the context of this question, it denotes the risk that documentary representations as to the existence of certain assets (receivables) may be incorrect or fraudulent. A more common occurrence relates to the case where receivables are assigned as security for loans. If these loans are then sold and repackaged as asset-backed securities, the moral hazard issue becomes even more serious. This was the context of a large translation I did a couple of years back for one of the large Frankfurt banks. This document also mentioned a study that suggested that between 5 and 15% of receivables included in ABSs were subject to acute moral hazard. That this figure is so high shouldn\'t come as a surprise, given examples like the Flowtex scandal here in Germany, as well as a large number of highly publicized collapses of listed companies (mostly Neuer Markt), again in Germany. Plus, of course, our own industry\'s case of apparent receivables fraud, Belgian language technology company Lernout & Hauspie. -------------------------------------------------- Note added at 12 hrs 23 mins (2004-07-31 09:48:09 GMT) -------------------------------------------------- And again, please check the original Kudoz question. I think you\'ll find that answer more than satisfactory. Reference: http://www.proz.com/kudoz/310755 |
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