General Terms and Conditions of pawn credits

GENERAL TERMS AND CONDITIONS OF PAWN CREDITS

1. With the surrender of the pawn and acceptance of the pawn ticket as well as by the out payment of the loan, a pawn credit agreement is concluded, which complies with the regulations governing the business operations of the pawnbroker, other appropriate rules as well as these general terms and conditions.

2. The pledger declares with the handing over of the pawn and the acceptance of the pawn ticket, that the pawn is his personal property.

3. If the lien was correctly appointed and the pawn not released (number 4), the pawnbroker can only satisfy himself out of the pawn. In so far as the pawnbroker receives no lien because of claims by a third party, the pledger agrees to indemnify the pawnbroker for the loan, the interest noted on the pawn ticket as well as the reimbursement of expenses due under a valid pawn credit agreement until the day of handing over the pawn to the legitimate third party. If the pawnbroker has released the pawn to a third-party who has been able to plausibly justify their incapacitating title, or is sentenced to deliver the pawn, the lien is treated as void and not concluded. The same applies if the pawnbroker has already disposed of the pawn and the third party demands compensation: If this compensation is higher than in the previous paragraph, the pledger is liable for the full sum.

4. Against repayment of the loan, including the interest und reimbursement of expenses, the pawn can be released upon return of the pawn ticket, insofar as this has not already been given to the auctioneer for realisation. The pawnbroker is not obliged to check the authorisation of the pawn ticket owner when releasing the pawn, insofar as the pawnbroker cannot be accused of deliberate or gross negligence.

5. On the maturity date of the loan a renewal of the pawn credit agreement is only possible on payment of the interest and reimbursement of expenses and only in the case of agreement by the pawnbroker.

6. The pledger must immediately report the loss of the pawn ticket to the pawnbroker and offer credible proof in that either the number of the pawn ticket or the day of the pledging and a description of the pawn are given. If the pledger can plausibly justify the loss, a certificate will be issued as proof of reporting the loss. The release or renewal of the pawn is at any time possible.

7. Interest and reimbursement of expenses, which are calculated on a monthly basis will be assessed according to the commencement of each new month. The day of the pledging will only then be included when the pawn is released on the same day.

8. If the pawn is not released or renewed, it will be realised through public auction. If the auction has already been sufficiently publicly announced once and subsequent auctions prove to be necessary, only a general notice about the inclusion of unsold remaining pledged items is required. Pledger and pawnbroker are in agreement that the threat of an auction, the setting of a time limit for it and a notification about the date and time of the auction are inappropriate and will be omitted - with the exception of the legal requirement for a public announcement -as well as the notification of the auction result, notwithstanding the rights of the legitimate redeemer, where the excess achieved can be collected from the pawnbroker. If several items are included under a pawn credit agreement, the pawnbroker is authorised to realise all pawned items without taking into account the value attained from each individual piece. If the pledger, as entrepreneur, pledges an object from his business assets, the pawnbroker is authorised in a situation where the pawn is realised to settle up over the auction proceeds through a credit note.

9. The excess of a realisation belongs to the legitimate redeemer and will be paid on the return of the pawn ticket; number 6 applies accordingly. The excess is that part of the realised sum from the pawn, which remains after deduction of the loan, the interest, reimbursement of expenses as well as auction costs pro rata, to the extent these have not been taken from the buyer. If the excess from a realisation is not claimed within two years from the pawnbroker, it will be delivered to the responsible authority and is thereafter not recoverable. The time limit begins at the end of the year in which the pawn was realised.

10. The pawn is to be insured by the pawnbroker, at his expense, for at least twice the amount of the loan against fire and water pipe damage, against breaking and entering as well as suitably insured against robbery. The pawnbroker is liable for damage or loss only to the extent of the concluded insurance with the insured sum. An extended liability, in particular against damage through break-in, vermin of all kinds or similar is excluded, except where the pawnbroker can be accused of intentional or gross negligence. Claims for compensation can only be made at the time of acceptance of the pawn. Any liability on the part of the pawnbroker is excluded once the item has been removed from the premises and any damage not objected to.

11. The pawn can also be released or renewed by post: The pledger must contact the pawnbroker about the details of the execution. To avoid a forthcoming auction, in the case of realisation at least the loan amount, in the case of renewal the amount due up until the payment date of interest and reimbursement of expenses, must be received by the pawnbroker at the latest two days before the day of the auction. The shipment is at the responsibility of the initiating body. In the same way the pawn credit agreement can be renewed when the pawn ticket is sent alongside a payment for the due interest and reimbursement of expenses Also by the dispatch of the pawn item, the liability exclusions apply as in number 10, paragraph 3, sentence 2. Cheques, bills of exchange or other methods of payment will not be accepted. In the case of written enquiries, please enclose a stamped and addressed envelope.

12. The place of jurisdiction and execution is – when not otherwise statutorily laid down – the town of the business branch of the pawnbrokers at which the pawn credit agreement was concluded. In accordance with § 1245 BGB (German Civil Code) it is agreed that the regulations of § 1240 BGB shall not apply in case of a public auction. As a deviation to this, a surcharge for gold and silver objects shall be permitted up to the highest achievable price. The pawnbroker declares herewith his agreement to the electronic storage and processing of his data required for the pawning transaction.