We use cookies to distinguish you from other users and to provide you with a better experience on our websites. Close this message to accept cookies or find out how to manage your cookie settings.
We use cookies to distinguish you from other users and to provide you with a better experience on our websites. Close this message to accept cookies or find out how to manage your cookie settings.
from Part I - English law
Published online by Cambridge University Press: 28 July 2009
Introduction
In chapters 2 and 3, the rules governing securities transfers were analysed. The aim of these chapters was to determine the procedural rules according to which, and the point in time at which, the buyer became the owner of the securities she purchased. The analysis was based on two assumptions. The first was that the securities concerned had been validly issued. The second was that the seller had authority to sell the securities. In chapters 5 and 6, the rules that apply when these preconditions are not satisfied will be examined. Defective issues will be analysed first and then in chapter 6 the rules governing unauthorised transfers.
Securities are issued under a contractual arrangement between the issuer and the person buying the securities from the issuer. It is possible for this buyer to keep the securities throughout the issuer's existence or until the securities have reached their maturity and are reimbursed. This, however, will not happen in many cases. Securities are issued to circulate in the market; investors buy them precisely because they want to be able to sell them at any given point in time.
Because securities issues have a contractual basis, it is possible for the contract underlying the issue to be defective. This can result in the issuer having equities that it can raise against the buyer of the securities.
To save this book to your Kindle, first ensure [email protected] is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.
Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.
Find out more about the Kindle Personal Document Service.
To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.
To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.
