Part VI The Law of Property, 32 The Assignment of Intangible Movables
Uglješa Grušić, Christian Heinze, Louise Merrett, Alex Mills, Carmen Otero García-Castrillón, Zheng Sophia Tang, Katarina Trimmings, Lara WalkerEdited By: Paul Torremans, James J. Fawcett
- Choice of law clauses — Assignment of debts — Immovables — Transfer of movables
This chapter examines the choice of law rules governing the assignment of intangible movables. Intangible movables may be divided into rights of action and rights which are represented by some document or writing that is not only capable of delivery but in the modern commercial world is negotiated as a separate physical entity. A debt, arising from a loan or from an ordinary commercial contract, is an example of the first category. Negotiable instruments and shares are examples of the second category. This chapter first considers debts, and more specifically the situs of a debt, the various theories on the law applicable to assignments of debts, and the modern law governing the assignment of a debt. It then discusses negotiable instruments as well as shares and securities, comparing the traditional approach and the modern system for the holding and transfer of shares and securities.