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348 30 Review of Central and East European Law 2005 No.2-4 6. Vindication of Electronic Securities The arguments against allowing vindication of rights in relation to electronic securities are based on the refusal to accept that securities have “property law elements”. In the absence of such elements, following the tradition of the pandectist system, it is impossible to apply the corresponding property law means of defense, including vindication of rights. There are several counter-arguments that may be made. First , both property law relationships and relationships based on the law of obligations emerge in connection with an electronic security, just as they do in relation to a traditional paper security. Extension to electronic securities of the legal regime for an object is no less conditional than extension of this institution to a traditional paper security. Second , current legislation does not directly exclude the possibility of use of vindication of rights in relation to non-documentary securities. The insti- tution of vindication of rights is itself a contentious matter and allows for its application to various kinds of objects. Third , due to the special features and purposes of this institution and in order to facilitate the circulation of
Review of Central and East European Law – Brill
Published: Jan 1, 2005
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