Bearer bond - Bearer claim

A security-like claim that is to be paid to its rightful holder without the name of the creditor being displayed on the security. Examples include bearer government bonds, bearer corporate bonds, gift certificates, train tickets, and theater tickets. Bearer claims are considered movable property (Civil Code, Article 86, Paragraph 3), so their transfer and pawning are conducted in accordance with the provisions for movable property. The possessor of the security is presumed to have the rights in the security lawfully, so the debtor is exempt from liability if he or she pays the holder of the security in good faith and without negligence (Civil Code, Article 478). In addition, even if the debtor of a bearer claim has grounds for asserting a claim against the original creditor, he or she cannot assert those grounds against a third party acting in good faith (Civil Code, Articles 473 and 472). In addition, in order to ensure the safety of the transfer, the provisions on immediate acquisition of movable property (Articles 192 to 194 of the same Act) apply to transfers from non-right holders, and the provisions on bona fide acquisition of securities (Article 519 of the Commercial Code and Article 21 of the Cheques Act) apply to certain types of bearer bonds.

[Toshio Takeuchi]

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

証券上に債権者の氏名を表示せずに、その正当な所持人に弁済すべき証券的債権。無記名公債、無記名社債、商品券、乗車券、劇場等の入場券など。無記名債権は動産とみなされるので（民法86条3項）、この譲渡・質入れなどは動産の規定に従ってなされる。当該証券の占有者は、証券上の権利を適法に有するものと推定されるので、債務者は、証券の所持人に対して善意・無過失で弁済すれば免責される（同法478条）。また、無記名債権の債務者は、原債権者に対抗しうる事由があっても、その事由をもって善意の第三者に対抗しえないものとされている（同法473条・472条）。なお、譲渡の安全を保障するため、無権利者からの譲渡については、動産の即時取得の規定（同法192条～194条）が適用されるほか、一定の種類の無記名債権には、有価証券の善意取得の規定（商法519条、小切手法21条）が適用される。

［竹内俊雄］

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