1896de Book3 Chapter08 Title02 Part02

GERMAN CIVIL CODE OF 1896

• Based on the English Translation by: Wang, Chung Hui (1907). The German Civil Code, translated and annotated with historical introduction and appendices. London: Stevens and Sons. [available on Archive.org]
• Original Version in German.

Book III. Low of Things.

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Chapter VIII. Hypotheca. Land Charge. Annuity Charge.

Title II. Land Charge. Annuity Charge.

Section 1199.

• [I] A land charge may be granted in such manner that a specified sum of money is to be paid out of the land at regularly recurring periods (i.c., an annuity charge).
• [II] In granting an annuity charge the amount, by payment of which the annuity charge may be redeemed, must be specified. The redemption sum must be stated in the land register.

Section 1200.

• [I] The provisions applicable to interest on a hypothecary claim apply mutatis mutandis to the individual payments; and the provisions applicable to the principal of a land charge apply mutatis mutandis to the redemption sum.
• [II] The payment of the redemption sum to the creditor has the same effect as the payment of the principal of a land charge.

Section 1201.

• [I] The right of redemption belongs to the owner.
• [II] The right to demand redemption cannot be conferred upon the creditor. In the case provided for by 1133, sentence 2, the creditor is entitled to demand the payment of the redemption sum out of the land.

Section 1202.

• [I] The owner can exercise the right of redemption only after notice has been given. The term of notice is six months, unless it is otherwise provided.
• [II] A limitation of the right to give notice is permissible only in so far as the owner can give notice after thirty years, with observance of the six months' term.
• [III] If the owner has given notice, the creditor may, after the expiration of the term of notice, require the payment of the redemption sum out of the land.

Section 1203.

• An annuity charge may be converted into an ordinary land charge, and vice versa. The consent of persons having rights of equal or subsequent rank is not necessary.