Duties and legal position of the receiver

(1) The receiver's duty is to carry out the legal acts necessary to complete the transfer, to the respective transferee entitled to transfer, of the refinancing undertaking's assets entered in the register to whose transfer a transferee entitled to transfer has a claim. Until such completion, the receiver must administer the entered items, collect the claims belonging to them, and pay over the proceeds of the entered items to the transferee entitled to transfer in accordance with the existing agreements.
(1a) The receiver is under the supervision of the insolvency court. The insolvency court may, in particular, require the receiver at any time to provide individual items of information or a report on the state of affairs and the management of business. In addition, the receiver of an undertaking maintaining a register has the duties of an administrator. The receiver and the insolvency administrator must communicate to each other all information that may be relevant to the insolvency proceedings concerning the refinancing undertaking's assets and to the administration of the items entered in the refinancing register.
(2) The refinancing undertaking's power to administer and dispose of the items entered in the refinancing register passes to the receiver appointed at it; section 30(3), first sentence, of the Pfandbrief Act remains unaffected. In coordination with the insolvency administrator, the receiver uses all facilities of the refinancing undertaking necessary to administer the entered items. The receiver represents the refinancing undertaking, judicially and extrajudicially, for the administration of the entered items. Section 30(2), seventh sentence, in conjunction with subsection (3), first sentence, of the Pfandbrief Act remains unaffected.
(3) Where the refinancing undertaking has made a disposition over an item entered in the refinancing register after the receiver's appointment, that disposition is ineffective. Sections 892 and 893 of the Civil Code, sections 16 and 17 of the Act on Rights in Registered Ships and Ships under Construction, and sections 16 and 17 of the Act on Rights in Aircraft, remain unaffected. Where the refinancing undertaking made the disposition on the day of the receiver's appointment, it is presumed to have been made after the appointment.
(4) The receiver of the refinancing register must, in managing its affairs, apply the diligence of a prudent and conscientious receiver. Where the receiver of the refinancing register breaches its duties, the transferees entitled to transfer and the refinancing undertaking may claim compensation for the resulting damage. This does not apply where the receiver of the refinancing register is not responsible for the breach of duty.
(5) The receiver of the refinancing register appointed at a credit institution receives from the Federal Institute appropriate remuneration and reimbursement of its expenses. The amounts paid must be separately reimbursed to the Federal Institute by the transferees entitled to transfer of not yet unwound refinancing transactions, pro rata according to the value of the items entered for them, and advanced on the Federal Institute's request. Insofar as the refinancing register is maintained for third parties, those third parties are, alongside the transferees entitled to transfer, jointly and severally liable to reimburse and advance the amounts. Section 22i(3) applies mutatis mutandis.