I need to understand how German law works regarding collateral for a mortgage loan.My client is an American living in Germany under DoD SOFA. They got a mortgage in 2005 to build a home and had to put down cash collateral for the loan. What is the nature of the collateral under German law? Does the bank have a lien on the cash? Does German law consider the cash "transferred" to the bank's control. If if this is a lien, how does this lien compare to American lien vs title theory of loans?
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yes i am still waiting.
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just refund it and close it out. it's too late now.