Legislator Case Law & Legislation
11 04 46 • KG LU 11 04 46 AI generated

Execution Sale of Uncertificated Bearer Shares Requires Proof of Unbroken Chain of Assignment

Case Number 11 04 46
Court / Authority
Jurisdiction Switzerland · Canton of Lucerne (CH-LU)
Decision Date
Outcome Allowed / Granted

Legislator summary

AI generated

In an execution proceeding where an individual's non-certificated bearer shares in a company were seized, the debtors (the debtor's spouse and son) filed third-party claims for ownership of the shares. The court upheld the creditor's objection action against the claims, reasoning that for non-certificated bearer shares, the claimant must prove their entitlement by demonstrating an unbroken chain of assignments (cessions) tracing back to the company's incorporation document, as the property right is vested in the right itself, not a physical document. Since the secondary claimant could not establish this required unbroken chain of assignments from the founding act for the 26 shares claimed, their claim failed, and the initial seizure was maintained.

Legislator headnote

Official

Art. 108 Abs. 1 Ziff. 2 SchKG; Art. 683 OR. Widerspruchsklage betreffend nichtverbriefte Inhaberaktien. Wer behauptet, an nichtverbrieften Inhaberaktien berechtigt zu sein, hat sich, ausgehend von der Gründungsurkunde, durch eine lückenlose Kette von Zessionen über seine Berechtigung auszuweisen. | Schuldbetreibungs- und Konkursrecht

Keywords

AI generated
sale of shares proof of ownership third-party claim in execution incorporation of the company assignment of claims proceeds

Cited Legislation

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Cited Case Law

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Key legal questions extracted by Legislator

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Art. 108 Abs. 1 Ziff. 2 SchKG

This provision forms the basis for the ruling on the objection claim regarding the claimed third-party rights to the shares.

Art. 683 OR

Cited regarding the invalidity of share certificates if shares are only partially paid up, which is relevant context for the discussion on uncertificated shares.

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Full text

Rechtsprechung Luzern

Instanz: · Obergericht

Abteilung: · I. Kammer

Rechtsgebiet: · Schuldbetreibungs- und Konkursrecht

Entscheiddatum: · 16.11.2004

Fallnummer: · 11 04 46

LGVE: · 2004 I Nr. 53

Leitsatz: · Art. 108 Abs. 1 Ziff. 2 SchKG; Art. 683 OR. Widerspruchsklage betreffend nichtverbriefte Inhaberaktien. Wer behauptet, an nichtverbrieften Inhaberaktien berechtigt zu sein, hat sich, ausgehend von der Gründungsurkunde, durch eine lückenlose Kette von Zessionen über seine Berechtigung auszuweisen.

Rechtskraft: · Diese Entscheidung ist rechtskräftig.