German term
Überholverbot
We are translating a 2022 annual report of a German savings bank, covered bonds section.
DE:
Der Sachwalter hat die Fälligkeit für eine Pfandbriefemission so zu verschieben, dass die ursprüngliche Reihenfolge der Bedienung der Pfandbriefe, welche durch die Verschiebung ***überholt*** werden könnten, nicht geändert wird (***Überholverbot***).
Best regards,
4 | bar on (gen.) leapfrogging of priority ranking; (property mortgages) tacking | Adrian MM. |
2 | superseding restriction/bar on superseding | AllegroTrans |
Proposed translations
superseding restriction/bar on superseding
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Steve Robbie
: Could work. "Queue-jumping" also occurred to me as a way to convey the idea.
3 hrs
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Maybe some sort of change in "ranking" but I am unsure
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neutral |
Eleanore Strauss
: ueberholverbot is strictly a road sign.. its purpose is to keep motorists from passing on certain road sections
1 day 3 hrs
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a road sign in conjunction with a bank?? Please explain
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bar on (gen.) leapfrogging of priority ranking; (property mortgages) tacking
Pfandbrief : mortgage note (whether a financial instrument or secured on land & buildings: is possible for Germany in point) vs. a (UK) chattel mortgage aka bill of sale that serves as its own collateral security and does not rank in priority in competition with other bills of sale or collateral.
Note: tacking of mortgages on the *same* property> the mortgage lender's charges (liens or mortgages, rather than the common misconception of expenses) in priority ranked 1 and 4 are 'tacked' together, moving 4 up to be added to first position.
'Consolidation' : the same, but of charges over *different* properties.
NB leapfrog as opposed to 'overreaching' - the latter meaning bypassing, rather than 'overtaking' of beneficiaries' interests.
I have explained this idea in UK conveyancing on ProZ many times over the last quarter of a century and don't expect to have to keep repeating the exposition and explanation,
Tacking is a legal concept arising under the common law relating to competing priorities between two or more security interests arising over the same asset. The concept is best illustrated by way of example.
An example of this would be one similar to the situation described above, whereby a borrower grants security over its assets to a friendly lender in order for that lender to leapfrog the wider creditor pool....
http://en.wikipedia.org/wiki/Tacking_(law)
http://www.memerycrystal.com/hardening-periods-is-your-security-safe/
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AllegroTrans
: Right idea I think but I'm unsure whether "leapfrogging" is the right lingo
8 hrs
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There are 2 separate ideas. The 2nd example sentence of leapfrogging the creditor pool is taken from the 2nd ref. website of the law firm of a breakaway Solicitor I used to work with. Maybe have informed debate re tacking of advances vs. consolidation
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Discussion