328 30 Review of Central and East European Law 2005 No.2-4 dication for the owner is, after all, the possibility to directly address the person in whose possession the corresponding property is currently with a demand to return this property, bypassing all previous possessors. In order to return the property to its owner, it is not necessary to have the whole chain of transactions according to which the property was transferred to the last possessor declared void. Reduction of the number of court procedures, and consequently of court and other expenses, is an important factor for attracting investment. Vindication, as is demonstrated further below, has another advantage—the protection of the rights of a bona fi de investor who has purchased rights in to security. And so, let us try to analyze the reasoning of those who stand for the independence of non-documentary securities. We will consider every argu- ment from the point of view of its signifi cance for paper securities in trade and commerce, both in light of the history of their development and in application to modern conditions of entrepreneurial activities. We shall then establish if the same signifi cance remains for electronic securities. After that
Review of Central and East European Law – Brill
Published: Jan 1, 2005
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