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Article 9 Overeenkomst nopens Duitse buitenlandse schulden

General Principles

I The German Delegation was of the opinion that the German debtor was definitively discharged of his debt to the extent of his payments into the Konversionskasse. The creditor representatives, on the other hand, were of the opinion that as a rule such payments into the Konversionskasse would not be recognised as discharging the German debtors under the laws of their respective countries.

In their desire to put an end to fruitless legal discussions, both sides agreed to seek a practical solution which would permit settlement of the claims of the creditors without unnecessary formalities.

Accordingly the German Delegation and the foreign creditor representatives, while reserving their respective legal positions, have agreed as follows:

(1) The German debtor undertakes to settle the creditor's claim in accordance with the new settlement terms, regardless of the payments made to the Konversionskasse, to the extent that the creditor

(a) has not in fact received from the Konversionskasse the payment corresponding to that made by the debtor to it, or

(b) refused to accept a payment or performance from the Konversionskasse based on a payment made by the debtor, on the ground that he (the creditor) was unwilling to recognise such payment or performance as discharging the debt.

In the case of securities subject to the validation law for German Foreign Currency Bonds, the arrangement set out above shall apply only to such Bonds and Coupons as shall have been validated pursuant to the provisions of such law and of any agreement entered into with the country of issue respecting the application of such law, or with respect to the declaratory decrees (Feststellungsbescheide) which the creditor shall have received pursuant to the said law.

(2) The amounts so paid by the debtors shall be reimbursed to them out of German public funds.

(3) Payments made by the debtor into the Konversionskasse which do not fall within the provision of sub-paragraph (1) shall be considered as discharging the debt to the extent of such payments.

II Subject to the general provisions contained in paragraph I above:

(a) the Federal Government agrees to assume liability for full payment in the due currencies to the foreign creditors of the sums paid into the Konversionskasse by debtors in the Saar in respect of which the foreign creditors have not received foreign exchange payments or been otherwise satisfied;

(b) the Federal Government agrees to assume liability for payment in the respective foreign currencies to the foreign creditors of 60 per cent. of the sums paid into the Konversionskasse by debtors in Austria, France, Belgium and Luxemburg in respect of which the foreign creditors have not received foreign exchange payments or been otherwise satisfied;

(c) the Federal Government will negotiate with the foreign creditors' representatives before the end of December 1952 as regards the implementation of these undertakings.

Regeling
Overeenkomst nopens Duitse buitenlandse schulden
Soort
Verdrag
Geldend vanaf
01-08-1958
BWB-id
BWBV0005325
Versie
1958-08-01_0

In de hele regeling · Officiële tekst op wetten.overheid.nl