Securities - Wertpapier German

A security that represents a property right under private law, and the right must be exercised by a security. There are some that require possession of the security to transfer and exercise the right, such as bills of lading, bills of lading, and warehouse receipts, some that require the issuance of a security not only to transfer and exercise the right but also to generate the right, such as bills and checks, and some that require possession of the security to transfer the right, but exercise the right not by a security but by entering the shareholder register, such as stock certificates. For this reason, there is a theory that focuses on the relationship between the transfer of rights and securities as a common element of securities, and defines securities as securities that represent property rights and require the delivery of the security to transfer the right, and the concept of a negotiable instrument in the UK and the US is similar to this idea. In any case, securities are a system of legal techniques developed by modern capitalism, which aims to ensure the liquidity of securities by ensuring the smooth and safe transfer and exercise of rights, even if to different degrees, through the close and inseparable relationship between securities and rights. Originally, documents prepared for the transfer or exercise of rights functioned as evidence, but as the economy developed and the circulation of goods intensified, there was a demand to express goods in the form of a certain security to facilitate the circulation and recovery of capital, and this led to the creation of the securities system, which is a combination of rights and securities. The securities system is the legal realization of the relationship in which securities express rights to money or other objects or securities. Depending on the method of indicating the rights holder represented on the security, it is classified as registered securities, instruction securities, bearer securities, and optional bearer securities, and depending on the rights represented on the security, it is classified as real property securities, obligation securities, and membership securities. Furthermore, depending on whether the rights represented on the security require the valid existence of a legal relationship that is the cause of the security's transfer, it is classified as attributable securities and unattributable securities, and depending on whether the wording of the security determines the scope of the rights and obligations of the parties, it is classified as written securities and non-written securities.

Because securities represent rights, they differ from evidentiary securities, which merely prove the existence or content of a certain right relationship and do not represent property rights; exempt securities, which do not represent property rights and which, by making payment to the holder of the securities, exempt the debtor from liability even if the holder is not the legitimate right holder, unless there is malice or gross negligence; and vouchers (postage stamps, revenue stamps, paper money, etc.), which have legal value in themselves and do not represent property rights.

In addition, detailed provisions are provided for bills and checks in the Bills and Checks Law and for stocks, bonds, bills of lading, bills of lading, warehouse receipts, etc. in the Commercial Code and Companies Act, but while there are some general provisions on securities in the Civil Code and Commercial Code, the content is extremely poor (for example, Articles 467-473 of the Civil Code, and Article 516, paragraph 2, and Articles 517-519 of the Commercial Code). Moreover, the provisions of the Civil Code are focused on the aspect of rights and overlook the aspect of securities. Therefore, in terms of legislative theory, it will be necessary to consider establishing a legal system called the "Securities Law."

The term "securities" as defined in the Financial Instruments and Exchange Law (Law No. 25 of 1948) refers to those listed in the law for the sound development of the national economy and the protection of investors, such as government bonds, local government bonds, investment securities, stocks, and corporate bonds (Article 2). Thus, while it does not include bills, checks, or securities under the Commercial Code, it does include government bonds and other securities that are not considered securities under the Commercial Code.

[Toda Shuzo]

“Takeo Suzuki, revised edition by Tsune Maeda, Complete Works of Law 32 Bill Law/Check Law, New Edition (1992, Yuhikaku)”

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

私法上の財産権を表章する証券で、その権利の利用が証券をもってしなければならないもの。貨物引換証、船荷証券、倉庫証券のように、権利の移転および行使に証券の占有を必要とするもの、手形や小切手のように、権利の移転・行使だけでなくその発生についても証券の発行を必要とするもの、さらに株券のように、権利の移転には証券の占有を必要とするが、権利の行使は証券によってではなく、株主名簿の記載によってなされるものなどがある。このことから、有価証券に共通の要素として、権利の移転と証券との関係に着目し、有価証券は財産権を表章する証券で、その権利の移転に証券の引渡しを要するものと定義する学説があり、英米の「流通証券」negotiable instrumentという概念構成もこの考え方に類する。いずれにしても、有価証券は、程度の差こそあれ、証券と権利とが密接不可分の関係にあり、権利の移転・行使を円滑・安全に行い、これによって証券の流通性を確保しようとする近代資本主義が育成した法技術の制度である。本来、権利の移転や行使に関して作成された証書は、一つの証拠物として機能していたのであるが、経済の発展に伴い、財貨の流通が激しくなるにつれて、財貨を一定の証券の形式に表章し、資本の流通や回収に役だたせようとする要請により、「権利と証券との結合体」である有価証券制度が生まれた。このように金銭その他の物または有価証券に対する権利を証券が表章しているという関係を法律的に実現したものが有価証券の制度である。証券に表章されている権利者の表示方法によって、記名証券・指図(さしず)証券・無記名証券・選択無記名証券に分けられ、また証券に表章されている権利によって、物権証券・債権証券・社員権証券に分けられる。さらに、証券に表章された権利が、証券授受の原因である法律関係の有効な存在を要件とするか否かによって、要因証券と無因証券（不要因証券）に、また、証券の文言が、当事者の権利義務の範囲を決定するか否かによって、文言証券と非文言証券に分けられる。

　有価証券は権利を表章するものであるから、ある特定の権利関係の存在ないし内容を証明するだけで財産権を表章するものではない証拠証券や、財産権を表章せず、債務者が証券の所持人に弁済することにより、たとえその所持人が正当な権利者でなくても、悪意・重過失がない限り免責されるという免責証券、さらに物自体に法定の価値があり、財産権を表章するという関係にはない金券（郵便切手、収入印紙、紙幣など）と異なる。

　なお、手形・小切手については手形法・小切手法に、株券・債券・貨物引換証・船荷証券・倉庫証券等については商法・会社法等に、それぞれ詳細な規定があるが、有価証券に関する一般的な通則規定は、民・商法に若干の規定があるものの、その内容はきわめて貧弱である（たとえば民法467～473条、商法516条2項・517～519条）。しかも、民法の規定は権利の面にとらわれて証券の面が看過されている。したがって、立法論としては「有価証券法」という法体系に整備するための検討が必要であろう。

　金融商品取引法（昭和23年法律第25号）にいう有価証券は、同法が、国民経済の健全な発展と投資者の保護のために、同法に列挙されたもの、たとえば国債証券、地方債証券、出資証券、株券、社債券などをさす（2条）。このように、手形・小切手や商法上の有価証券が含まれないかわりに、国債証券など商法上有価証券とされないものが含まれている。

［戸田修三］

『鈴木竹雄著、前田庸補訂『法律学全集32　手形法・小切手法』新版（1992・有斐閣）』

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