Property in Securities : A Comparative Study

Preface xi Table of legislation xiii Table of cases xvii Introduction 1(5) Convergence and path-dependence 6(13) Convergence 7(2) Path-dependence 9(5) Functional convergence 14(1) Summary of the analysis 15(4) Part I English law 19(126) Paper transfers 21(41) The historic starting point 21(5) Law and equity 26(3) Legal title and registration 29(3) Equitable title 32(26) Summary of the analysis 58(4) Dematerialisation 62(25) Talisman 62(2) The need for reform 64(3) Crest 67(7) The 2001 reforms 74(11) Summary of the analysis 85(2) Impact on the institutional framework 87(3) Defective issues 90(11) Introduction 90(1) Novation 91(6) Defective issues and estoppel 97(1) Securities as negotiable rights 98(1) Summary of the analysis 99(2) Unauthorised transfers 101(18) Introduction 101(1) Certificated securities and estoppel 102(6) Uncertificated securities and estoppel 108(8) Summary of the analysis 116(3) Indirect holdings 119(22) Introduction 119(2) Certainty of intention 121(1) Certainty of subject matter 122(17) Summary of the analysis 139(2) Conclusions on English law 141(4) Part II German and Austrian law 145(78) The historic starting point 149(16) Securities as intangibles 150(5) Shortcomings of the law of assignment 155(2) Theories overcoming the law of assignment 157(3) Securities as tangibles 160(3) Summary of the analysis 163(2) Paper transfers 165(17) Transfer of ownership 165(4) Unauthorised transfers 169(6) Defective issues 175(5) Summary of the analysis 180(2) Impact on the institutional framework 182(11) Indirect holdings 182(1) Immobilisation 183(5) Global certificates 188(1) Government bonds 189(3) Summary of the analysis 192(1) Immobilisation and its legal analysis 193(25) Genesis of the statutory regime 193(4) Relationship between clients and their intermediary 197(4) Co-ownership 201(4) Transfer of co-ownership 205(7) Unauthorised transfers 212(3) Defective issues 215(1) Summary of the analysis 216(2) Evidence of convergence? 218(2) Conclusions on German and Austrian law 220(3) Part III Conclusions 223(17) Legal development as a path-dependent process 225(6) Legal doctrine and market infrastructure 231(2) Implications for convergence 233(7) Unidroit draft Convention 238(1) Eu Legal Certainty Project 239(1) Select bibliography 240(5) Index 245