Eva Micheler0521832659, 9780521832656
Table of contents :
Cover……Page 1
Half-title……Page 3
Series-title……Page 4
Title……Page 5
Copyright……Page 6
Dedication……Page 7
Contents……Page 9
Preface……Page 13
Table of legislation……Page 15
Table of cases……Page 19
Introduction……Page 23
1 Convergence and path-dependence……Page 28
1.1 Convergence……Page 29
1.2.1 Politics……Page 31
1.2.2 Economics……Page 33
1.2.3 Culture……Page 34
1.2.4 Social and commercial norms……Page 35
1.3 Functional convergence……Page 36
1.4 Summary of the analysis……Page 37
PART I: English law……Page 41
2.1 The historic starting point……Page 43
2.2 Law and equity……Page 48
2.3 Legal title and registration……Page 51
2.4.1 Equity and transfers of registered securities……Page 54
2.4.2 Legal nature of an equitable (beneficial) interest……Page 57
2.4.3 Acquisition of an equitable (beneficial) interest……Page 59
2.4.4 Equitable title and specific performance……Page 60
2.4.4.1 Enforceable contract……Page 62
2.4.4.2 Claimant must be ready and willing to perform……Page 64
2.4.4.4 Damages are an inadequate remedy……Page 65
2.4.5 Equitable title on appropriation of securities and payment of purchase price……Page 70
2.4.6 Equitable title on delivery of transfer documents……Page 74
2.4.8 Conclusions……Page 79
2.5 Summary of the analysis……Page 80
3.1 Talisman……Page 84
3.2 The need for reform……Page 86
3.3.1 Introduction……Page 89
3.3.3 Equitable title……Page 92
3.3.4 Conclusions……Page 95
3.4.1 Introduction……Page 96
3.4.2 USR 2001……Page 98
3.4.2.1 Effect of entries on registers: shares……Page 99
3.4.2.2 Effect of entries on registers: public sector securities, corporate securities other than shares……Page 100
3.4.2.3 Conclusions……Page 101
3.4.3 Legal title……Page 102
3.4.4 Equitable title……Page 105
3.4.5 Conclusions……Page 106
3.5 Summary of the analysis……Page 107
4 Impact on the institutional framework……Page 109
5.1 Introduction……Page 112
5.2 Novation……Page 113
5.2.1 Novation by operation of law……Page 115
5.2.2 Novation by contract……Page 116
5.2.3 Novation as a fiction……Page 118
5.3 Defective issues and estoppel……Page 119
5.4 Securities as negotiable rights……Page 120
5.5 Summary of the analysis……Page 121
6.1 Introduction……Page 123
6.2.1 Restoration of the legal owner’s name on the register……Page 124
6.2.2 Liability of the issuer……Page 125
6.2.3 Liability of the person who instructed the issuer to amend the register……Page 127
6.2.4 Conclusions……Page 129
6.3 Uncertificated securities and estoppel……Page 130
6.3.1 Restoration of the legal owner’s name on the register……Page 131
6.3.2 CRESTCo’s liability for forged instructions……Page 132
6.3.3 Liability of the issuer……Page 133
6.3.4 Securities as negotiable rights……Page 136
6.4 Summary of the analysis……Page 138
7.1 Introduction……Page 141
7.2 Certainty of intention……Page 143
7.3 Certainty of subject matter……Page 144
7.3.1 Tangible goods……Page 145
7.3.2 Registered securities……Page 148
7.3.3.1 Academic commentators……Page 150
7.3.3.2 US authority……Page 153
7.3.3.3 Policy considerations……Page 155
7.3.3.4 Law reform……Page 158
7.3.4 Conclusions……Page 160
7.4 Summary of the analysis……Page 161
8 Conclusions on English law……Page 163
PART II: German and Austrian law……Page 167
9 The historic starting point……Page 171
9.1 Securities as intangibles……Page 172
9.2 Shortcomings of the law of assignment……Page 177
9.3.1 Nature of the instrument……Page 179
9.3.3 Transfer by novation……Page 181
9.4 Securities as tangibles……Page 182
9.5 Summary of the analysis……Page 185
10.1.1 German Law……Page 187
10.1.2 Austrian law……Page 189
10.1.3 Conclusions……Page 190
10.2.1 Introduction……Page 191
10.2.2 German law……Page 193
10.2.3 Austrian law……Page 195
10.3 Defective issues……Page 197
10.3.1 German law……Page 198
10.3.2 Austrian law……Page 200
10.3.3 Conclusions……Page 201
10.4 Summary of the analysis……Page 202
11.1 Indirect holdings……Page 204
11.2 Immobilisation……Page 205
11.3 Global certificates……Page 210
11.4 Government bonds……Page 211
11.5 Summary of the analysis……Page 214
12.1.1 1896 German statute……Page 215
12.1.2 Depotgesetz 1937……Page 218
12.2 Relationship between clients and their intermediary……Page 219
12.3 Co-ownership……Page 223
12.4.2 Depotgesetz……Page 227
12.4.3 German property law……Page 228
12.4.4 Global certificates and Government bonds……Page 231
12.4.5 German Government bonds……Page 232
12.4.7 Conclusions……Page 233
12.5.1 German law……Page 234
12.5.3 Conclusions……Page 236
12.6 Defective issues……Page 237
12.7 Summary of the analysis……Page 238
13 Evidence of convergence?……Page 240
14 Conclusions on German and Austrian law……Page 242
PART III: Conclusions……Page 245
15 Legal development as a path-dependent process……Page 247
16 Legal doctrine and market infrastructure……Page 253
17 Implications for convergence……Page 255
17.1 UNIDROIT draft Convention……Page 260
17.2 EU Legal Certainty Project……Page 261
Select bibliography……Page 262
Index……Page 267
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