771 BGB definition

771 BGB. The guarantor may refuse to satisfy the creditor's claims as long as the creditor has not successfully enforced its claims against the primary obligor (defense of failure to pursue remedies).
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Examples of 771 BGB in a sentence

  • The original of the suretyship instrument to be handed over to the CL must be in the CL’s name, be unconditional and be valid for an indefinite period, and include a waiver of the benefit of discussion (§ 771 BGB) and of the right to deposit the suretyship amount, and include an agreement to the effect that the exclusive place of jurisdiction for disputes arising out of the suretyship relationship shall be the venue of the authority competent with regard to the CL’s legal representation in court.

  • Pursuant to Section 771 of the German Civil Code the Seller is obliged to enforce its claims against the Purchaser pursuant to Sections 2.3.1 and 2.4.4 of the Purchase Agreement before making claims under the Guarantee (Einrede der Vorausklage im Sinne des § 771 BGB).

  • The Guarantor hereby waives any defenses of avoidance (Anfechtbarkeit) and set-off (Aufrechenbarkeit) (except in the case of undisputed or finally determined claims) pursuant to Section 770 BGB and unexhausted remedies (Vorausklage) pursuant to Section 771 BGB.

  • The guaranteeing bank must forego the pleas of appeal, offset- ting, and failure to pursue reme- dies as per §§ 770, 771 BGB (German Civil Code), and must undertake to make payment at the first writ- ten request.

  • Guarantor waives its right to defense of the surety, due to Lessee and guarantor under the law, in particular defenses of defeasibility, of offset, and of failure to pursue remedies (Sections 768, 770, 771 BGB, Civil Code), and the possibility of depositing.