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Sakrättsliga moment vid överlåtelse och pantsättning av aktier i kupongbolag - Särskilt om verkan av denuntiation i förhållande till överlåtaren och pantsättarens borgenärer

Hansen, Carl LU (2023) JURM02 20232
Department of Law
Faculty of Law
Abstract (Swedish)
Uppsatsen redogör för vilka sakrättsliga regleringar som blir verksamma och kan skydda en förvärvare eller panthavare mot överlåtaren och pantsättarens borgenärer när aktier i kupongbolag överlåts eller pantsätts men för vilka aktiebrev inte utgivits. Transaktioner med aktier i onoterade aktiebolag, vilka i de flesta fall utgörs av kupongbolag, blir allt vanligare och desto mer säll-synt är förekomsten av fysiska aktiebrev. Idag, när aktiebrev finns utgivna, gäller att aktiebreven måste traderas för att förvärvaren eller panthavaren ska erhålla sakrättsligt skydd mot den andres borgenärer enligt 6 kap. 8 § ABL. Däremot vad som gäller när aktiebrev inte finns utgivna framgår varken av lagtext och situationen har heller inte behandlats av... (More)
Uppsatsen redogör för vilka sakrättsliga regleringar som blir verksamma och kan skydda en förvärvare eller panthavare mot överlåtaren och pantsättarens borgenärer när aktier i kupongbolag överlåts eller pantsätts men för vilka aktiebrev inte utgivits. Transaktioner med aktier i onoterade aktiebolag, vilka i de flesta fall utgörs av kupongbolag, blir allt vanligare och desto mer säll-synt är förekomsten av fysiska aktiebrev. Idag, när aktiebrev finns utgivna, gäller att aktiebreven måste traderas för att förvärvaren eller panthavaren ska erhålla sakrättsligt skydd mot den andres borgenärer enligt 6 kap. 8 § ABL. Däremot vad som gäller när aktiebrev inte finns utgivna framgår varken av lagtext och situationen har heller inte behandlats av Högsta domstolen. flera aspekter tyder på att denuntiation till aktiebolagets styrelse är tillräckligt.
Historiskt sett har aktiebrevet varit ett effektivt medel att legitimera en ak-tieägare på, och är det i viss utsträckning fortfarande idag. Aktiebrevet kan dock skapa stora problem. Förkomna aktiebrev är en vedertagen risk för en förvärvare och ett dödningsförfarande av förkomna aktiebrev är en tidskrä-vande process som kan fördröja ett förvärv och till och med leda till att för-värvaren drar sig ur. Däremot finns det andra tillvägagångssätt en förvär-vare eller panthavare kan styrka sin rätt gentemot aktiebolaget. Genom upp-visande av ett legitimt och giltigt pantbrev eller aktieöverlåtelseavtal blir det besvärligt för aktiebolagets styrelse på materiella grunder att vägra en trans-aktion av aktier. Särskilt när överlåtaren finns inskriven i aktieboken och när inga formella hinder så som till exempel hembuds- eller förköpsförbehåll föreligger.
En aktieägare kan genom sitt aktieinnehav tillgodogöra sig en rad rättigheter som enligt det aktiebolagsrättsliga splittringsförbudet i de flesta av fall är odelbara från aktien. Majoriteten av dessa befogenheter tillskrivs aktieägaren genom att denne är införd i aktieboken, och kan som huvudregel inte på obligationsrättsliga grunder skiljas från aktien. Det går därmed säga att en aktieägare som är inskriven i aktieboken har avsevärt större rådighet över förvaltningen i aktiebolaget än om denna inte är inskriven. Inom den sak-rättsliga regleringen idag sett till praxis styrs en sakrättslig giltig transaktion av huruvida överlåtaren eller pantsättaren blivit tillräckligt avskuren från rådigheten att förfoga över pant- eller överlåtelseobjektet.
Denna uppsats indikerar att denuntiation kan fungera på ett likvärdigt sätt som tradition för att avskära en överlåtare eller pantsättare från rådigheten till aktier samtidigt som transaktionen blir synlig för utomstående. Detta med stöd i bland annat att HD tillämpat denuntiationsregeln i 31 § SkbrL analogt, i enlighet med hur den enligt förarbetena var tänkt att tillämpas, i flera likartade situationer. Domstolen har på senare tid dessutom varit pragmatisk i att underlätta för kommersiellt skyddsvärda transaktioner, vil-ket ger en indikation på hur HD troligtvis sett på frågan idag. (Less)
Abstract
The paper describes the rules of property law that become effective and can protect an acquirer and pledgee against the transferor or pledger's creditors when shares in coupon companies are transferred or pledged but for which share certificates have not been issued. Transactions in shares of Swedish unlisted limited liability companies, which in most cases are coupon compa-nies, are becoming more and more common and the more rare is the exist-ence of physical share certificates. Today, when share certificates are issued, the share certificates must be traded in order for the acquirer or pledgee to obtain in rem protection against the other's creditors under Chapter 6, Sec-tion 8 of the Swedish Companies Act. However, what applies when... (More)
The paper describes the rules of property law that become effective and can protect an acquirer and pledgee against the transferor or pledger's creditors when shares in coupon companies are transferred or pledged but for which share certificates have not been issued. Transactions in shares of Swedish unlisted limited liability companies, which in most cases are coupon compa-nies, are becoming more and more common and the more rare is the exist-ence of physical share certificates. Today, when share certificates are issued, the share certificates must be traded in order for the acquirer or pledgee to obtain in rem protection against the other's creditors under Chapter 6, Sec-tion 8 of the Swedish Companies Act. However, what applies when share certificates have not been issued is neither clear from the text of the law nor has the situation been addressed by the Supreme Court. Many aspects indi-cate that denunciation to the board of the limited liability company is suffi-cient.
Historically, the share certificate has been an effective means of legitimising a shareholder, and to some extent still is today. However, the share certifi-cate can create major problems. Lost share certificates are a recognised risk for an acquirer, and cancelling lost share certificates is a time-consuming process that can delay an acquisition and even cause the acquirer to with-draw. However, there are other ways in which an acquirer or pledgee can prove their rights to the company. The presentation of a legitimate and valid pledge or share transfer agreement makes it difficult for the board of direc-tors of the limited liability company to refuse a share transaction on substan-tive grounds. Especially when the transferor is registered in the share register and there are no formal obstacles such as pre-emption- or retention of title clauses.
A shareholder may, by virtue of his shareholding, acquire a number of rights which, according to the prohibition of division under company law, are in most cases indivisible from the share. The majority of these powers are at-tributed to the shareholder by virtue of his entry in the share register and, as a general rule, cannot be separated from the share on the basis of the law of obligations. It can therefore be said that a shareholder who is registered in the share register has significantly more influence over the management of the company than if he is not registered. In today's regulation of property law, a valid transaction under property law is governed by whether the transferor or pledger has been sufficiently deprived of the right to dispose of the pledged or transferred object.
This paper indicates that denunciation can function in an equivalent way to tradition in order to cut off a transferor or pledger from access to shares at the same time as the transaction becomes visible to outsiders. This is sup-ported by, among other things, the fact that the Supreme Court has applied the denunciation rule in section 31 of the Swedish promissory note law by analogy, in accordance with how it was intended to be applied according to the preparatory work, in several similar situations. The court has also recently been pragmatic in facilitating transactions worthy of commercial protection, which may give an indication of how the Supreme Court likely would have viewed the issue today. (Less)
Please use this url to cite or link to this publication:
author
Hansen, Carl LU
supervisor
organization
alternative title
Elements of right of rem law in the transfer and pledging of shares in a voucher company where no share certificate has been issued - In particular, the effect of denunciation in relation to the transferor and the pledger's creditors
course
JURM02 20232
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
Sakrätt, Aktiebolagsrätt
language
Swedish
id
9143257
date added to LUP
2024-01-19 16:25:52
date last changed
2024-01-19 16:25:52
@misc{9143257,
  abstract     = {{The paper describes the rules of property law that become effective and can protect an acquirer and pledgee against the transferor or pledger's creditors when shares in coupon companies are transferred or pledged but for which share certificates have not been issued. Transactions in shares of Swedish unlisted limited liability companies, which in most cases are coupon compa-nies, are becoming more and more common and the more rare is the exist-ence of physical share certificates. Today, when share certificates are issued, the share certificates must be traded in order for the acquirer or pledgee to obtain in rem protection against the other's creditors under Chapter 6, Sec-tion 8 of the Swedish Companies Act. However, what applies when share certificates have not been issued is neither clear from the text of the law nor has the situation been addressed by the Supreme Court. Many aspects indi-cate that denunciation to the board of the limited liability company is suffi-cient.
Historically, the share certificate has been an effective means of legitimising a shareholder, and to some extent still is today. However, the share certifi-cate can create major problems. Lost share certificates are a recognised risk for an acquirer, and cancelling lost share certificates is a time-consuming process that can delay an acquisition and even cause the acquirer to with-draw. However, there are other ways in which an acquirer or pledgee can prove their rights to the company. The presentation of a legitimate and valid pledge or share transfer agreement makes it difficult for the board of direc-tors of the limited liability company to refuse a share transaction on substan-tive grounds. Especially when the transferor is registered in the share register and there are no formal obstacles such as pre-emption- or retention of title clauses.
A shareholder may, by virtue of his shareholding, acquire a number of rights which, according to the prohibition of division under company law, are in most cases indivisible from the share. The majority of these powers are at-tributed to the shareholder by virtue of his entry in the share register and, as a general rule, cannot be separated from the share on the basis of the law of obligations. It can therefore be said that a shareholder who is registered in the share register has significantly more influence over the management of the company than if he is not registered. In today's regulation of property law, a valid transaction under property law is governed by whether the transferor or pledger has been sufficiently deprived of the right to dispose of the pledged or transferred object.
This paper indicates that denunciation can function in an equivalent way to tradition in order to cut off a transferor or pledger from access to shares at the same time as the transaction becomes visible to outsiders. This is sup-ported by, among other things, the fact that the Supreme Court has applied the denunciation rule in section 31 of the Swedish promissory note law by analogy, in accordance with how it was intended to be applied according to the preparatory work, in several similar situations. The court has also recently been pragmatic in facilitating transactions worthy of commercial protection, which may give an indication of how the Supreme Court likely would have viewed the issue today.}},
  author       = {{Hansen, Carl}},
  language     = {{swe}},
  note         = {{Student Paper}},
  title        = {{Sakrättsliga moment vid överlåtelse och pantsättning av aktier i kupongbolag - Särskilt om verkan av denuntiation i förhållande till överlåtaren och pantsättarens borgenärer}},
  year         = {{2023}},
}