Property in securities : a comparative study / Eva Micheler.

Includes bibliographical references (pages 240-244) and index.

Print version record.

Micheler analyses the legal nature of investment securities in German, Austrian and English law. He analyses the prospect for law reform at a European or global level. Micheler analyses the German, Austrian and English law of securities, addressing the rules governing transfers of securities, including unauthorised transfers, equities arising out of defective issues, and the holding of securities through intermediaries. She suggests that, notwithstanding radically different approaches to property law in general and the law of investment securities in particular, very similar principles have evolved in all three jurisdictions. These principles have not only developed independently of each other, they also do not sit squarely with general property law principles. The book argues that the law of investment securities should not be understood as an appendix to property law, but as a self-sufficient body of law, the rules of which can be explained by the special nature of the asset involved rather than through the prism of the general principles of property law.

Convergence and path-dependence -- Paper transfers -- Dematerialisation -- Impact on the institutional framework -- Defective issues -- Unauthorised transfers -- Indirect holdings -- Conclusions on English law -- German and Austrian law: the historic starting point -- Paper transfers -- Impact on the institutional framework -- Immobilisation and its legal analysis -- Evidence of convergence? -- Conclusions on German and Austrian law -- Legal development as a path-dependent process -- Legal doctrine and market infrastructure -- Implications for convergence.

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