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zur Rückgabe verpflichtet

English translation: obligated to forward

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
German term or phrase:zur Rückgabe verpflichtet
English translation:obligated to forward
Entered by: Kim Metzger
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00:03 Jun 4, 2002
German to English translations [PRO]
Law/Patents - Law: Contract(s) / contract
German term or phrase: zur Rückgabe verpflichtet
I can't figure out who is obligated to return what here.
Is it the notary or the buyer and obligated zur Rückgabe of what?

Im Falle der Annahme der Abtretung, die dem beurkundenden Notar gegenüber offenzu-legen ist, wird die Bankbürgschaft treuhänderisch von dem Notar zu Gunsten der Bank verwahrt. Er bestätigt den Eingang der Original-Bürgschaftsurkunde dem Käufer und der Bank. Er ist nach Eintragung der Auflassungsvormerkung zur Rückgabe an den Verkäufer berechtigt und verpflichtet.

In the event of an acceptance of the assignment, which shall be disclosed to the authenticating notary, the notary shall hold the bank guaranty in a fiduciary capacity in favor of the bank. He shall confirm receipt of the original guaranty certificate to the buyer and the bank. After entry of the transfer of property agreement he is entitled and obligated to return - Rückgabe an den Verkäufer berechtigt und verpflichtet.
Kim Metzger
Mexico
Local time: 21:17
See explanation:
Explanation:
"Er" in "Er ist nach Eintragung..." is definitely the notary public.

I'm reasonably sure that "Rückgabe" refers to the Original-Bürgschaftsurkunde, as this is the only document in this paragraph that is capable of being returned. The notary public returns the original bank guarantee document to the seller as the party (creditor) who will benefit of the bank guarantee if the purchaser (debtor) defaults on payment. The obligatory relationship (Schuldverhältnis) exists between bank and seller (guarantor and creditor).

Btw: I would say "is *both* entitled and obligated" - flows better. The "berechtigt und verpflichtet" bit may sound strange but is designed to indicate that the notary public is not only under an obligation, but that he/she is also authorised to forward the relevant document.
Selected response from:

Beate Lutzebaeck
New Zealand
Local time: 15:17
Grading comment
Thank you Darien and Petra too.
4 KudoZ points were awarded for this answer

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Summary of answers provided
4 +1See explanation:Beate Lutzebaeck
3paying the sellerTT&V


  

Answers


20 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
See explanation:


Explanation:
"Er" in "Er ist nach Eintragung..." is definitely the notary public.

I'm reasonably sure that "Rückgabe" refers to the Original-Bürgschaftsurkunde, as this is the only document in this paragraph that is capable of being returned. The notary public returns the original bank guarantee document to the seller as the party (creditor) who will benefit of the bank guarantee if the purchaser (debtor) defaults on payment. The obligatory relationship (Schuldverhältnis) exists between bank and seller (guarantor and creditor).

Btw: I would say "is *both* entitled and obligated" - flows better. The "berechtigt und verpflichtet" bit may sound strange but is designed to indicate that the notary public is not only under an obligation, but that he/she is also authorised to forward the relevant document.

Beate Lutzebaeck
New Zealand
Local time: 15:17
Specializes in field
Native speaker of: Native in GermanGerman, Native in EnglishEnglish
PRO pts in category: 222
Grading comment
Thank you Darien and Petra too.

Peer comments on this answer (and responses from the answerer)
agree  Dr. Fred Thomson
1 hr
Login to enter a peer comment (or grade)

24 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5
paying the seller


Explanation:
From reading the above, it is the notary public that has to pay up, in this case to the seller -the sum he is holding -not as the owner- but as the "care" taker.

Hence seller wants to sell, buyer gives a bank guarantee -i.e. money that no one can touch- and the notary prublic takes care of the fund. When the deal is concluded, the notary public releases the funds, and seller gets his money

TT&V
Specializes in field
Native speaker of: Native in DutchDutch
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