Holders of the right of pre-auction shall be informed of an impending auction by way of publication of the auction notice, or by way of delivery of the auction notice where so prescribed by this Act.

In auctions the holders of the right of pre-auction shall enjoy the status of bidders, if they are able to verify the existence of the right of pre-auction and to satisfy the conditions prescribed by this Act for auction bidders. In this case, the holder of the right of pre-auction may – apart from being able to participate in the auction as a bidder – exercise the right of pre-auction in respect of all bids by matching the highest bid quoted before the conclusion of the auction (including any extension), and making an offer in the same amount.

If the holder of the right of pre-auction declares in a statement sent to the bailiff to abide by the contents of the bid, and if no other valid bid is made for a higher amount before the conclusion of the auction, the holder of the right of pre-auction shall be recognized as the highest bidder.

Unless otherwise provided for by law, the right of pre-auction shall devolve upon the successor. Any transfer of the right of pre-auction shall be considered null and void. (Vht.123/A. §)