Cover 1
Half-title 3
Series-title 4
Title 5
Copyright 6
Dedication 7
Contents 9
Preface 13
Table of legislation 15
Table of cases 19
Introduction 23
1 Convergence and path-dependence 28
1.1 Convergence 29
1.2 Path-dependence 31
1.2.1 Politics 31
1.2.2 Economics 33
1.2.3 Culture 34
1.2.4 Social and commercial norms 35
1.2.5 Legal mentalities 36
1.3 Functional convergence 36
1.4 Summary of the analysis 37
PART I: English law 41
2 Paper transfers 43
2.1 The historic starting point 43
2.2 Law and equity 48
2.3 Legal title and registration 51
2.4 Equitable title 54
2.4.1 Equity and transfers of registered securities 54
2.4.2 Legal nature of an equitable (beneficial) interest 57
2.4.3 Acquisition of an equitable (beneficial) interest 59
2.4.4 Equitable title and specific performance 60
2.4.4.1 Enforceable contract 62
2.4.4.2 Claimant must be ready and willing to perform 64
2.4.4.3 Specific or ascertained assets 65
2.4.4.4 Damages are an inadequate remedy 65
2.4.4.5 Conclusions 70
2.4.5 Equitable title on appropriation of securities and payment of purchase price 70
2.4.6 Equitable title on delivery of transfer documents 74
2.4.7 Express trusts 79
2.4.8 Conclusions 79
2.5 Summary of the analysis 80
3 Dematerialisation 84
3.1 Talisman 84
3.2 The need for reform 86
3.3 CREST 89
3.3.1 Introduction 89
3.3.2 Legal title 92
3.3.3 Equitable title 92
3.3.4 Conclusions 95
3.4 The 2001 reforms 96
3.4.1 Introduction 96
3.4.2 USR 2001 98
3.4.2.1 Effect of entries on registers: shares 99
3.4.2.2 Effect of entries on registers: public sector securities, corporate securities other than shares 100
3.4.2.3 Conclusions 101
3.4.3 Legal title 102
3.4.4 Equitable title 105
3.4.5 Conclusions 106
3.5 Summary of the analysis 107
4 Impact on the institutional framework 109
5 Defective issues 112
5.1 Introduction 112
5.2 Novation 113
5.2.1 Novation by operation of law 115
5.2.2 Novation by contract 116
5.2.3 Novation as a fiction 118
5.3 Defective issues and estoppel 119
5.4 Securities as negotiable rights 120
5.5 Summary of the analysis 121
6 Unauthorised transfers 123
6.1 Introduction 123
6.2 Certificated securities and estoppel 124
6.2.1 Restoration of the legal owner\u2019s name on the register 124
6.2.2 Liability of the issuer 125
6.2.3 Liability of the person who instructed the issuer to amend the register 127
6.2.4 Conclusions 129
6.3 Uncertificated securities and estoppel 130
6.3.1 Restoration of the legal owner\u2019s name on the register 131
6.3.2 CRESTCo\u2019s liability for forged instructions 132
6.3.3 Liability of the issuer 133
6.3.4 Securities as negotiable rights 136
6.3.5 Conclusions 138
6.4 Summary of the analysis 138
7 Indirect holdings 141
7.1 Introduction 141
7.2 Certainty of intention 143
7.3 Certainty of subject matter 144
7.3.1 Tangible goods 145
7.3.2 Registered securities 148
7.3.3 Analysis 150
7.3.3.1 Academic commentators 150
7.3.3.2 US authority 153
7.3.3.3 Policy considerations 155
7.3.3.4 Law reform 158
7.3.4 Conclusions 160
7.4 Summary of the analysis 161
8 Conclusions on English law 163
PART II: German and Austrian law 167
9 The historic starting point 171
9.1 Securities as intangibles 172
9.2 Shortcomings of the law of assignment 177
9.3 Theories overcoming the law of assignment 179
9.3.1 Nature of the instrument 179
9.3.2 Contract 181
9.3.3 Transfer by novation 181
9.3.4 Conclusions 182
9.4 Securities as tangibles 182
9.5 Summary of the analysis 185
10 Paper transfers 187
10.1 Transfer of ownership 187
10.1.1 German Law 187
10.1.2 Austrian law 189
10.1.3 Conclusions 190
10.2 Unauthorised transfers 191
10.2.1 Introduction 191
10.2.2 German law 193
10.2.3 Austrian law 195
10.2.4 Conclusions 197
10.3 Defective issues 197
10.3.1 German law 198
10.3.2 Austrian law 200
10.3.3 Conclusions 201
10.4 Summary of the analysis 202
11 Impact on the institutional framework 204
11.1 Indirect holdings 204
11.2 Immobilisation 205
11.3 Global certificates 210
11.4 Government bonds 211
11.5 Summary of the analysis 214
12 Immobilisation and its legal analysis 215
12.1 Genesis of the statutory regime 215
12.1.1 1896 German statute 215
12.1.2 Depotgesetz 1937 218
12.2 Relationship between clients and their intermediary 219
12.3 Co-ownership 223
12.4 Transfer of co-ownership 227
12.4.1 Introduction 227
12.4.2 Depotgesetz 227
12.4.3 German property law 228
12.4.4 Global certificates and Government bonds 231
12.4.5 German Government bonds 232
12.4.6 Austrian law 233
12.4.7 Conclusions 233
12.5 Unauthorised transfers 234
12.5.1 German law 234
12.5.2 Austrian law 236
12.5.3 Conclusions 236
12.6 Defective issues 237
12.7 Summary of the analysis 238
13 Evidence of convergence? 240
14 Conclusions on German and Austrian law 242
PART III: Conclusions 245
15 Legal development as a path-dependent process 247
16 Legal doctrine and market infrastructure 253
17 Implications for convergence 255
17.1 UNIDROIT draft Convention 260
17.2 EU Legal Certainty Project 261
Select bibliography 262
Index 267