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Commercial law. Money (currency) and securities (the most important)

Lecture notes, cheat sheets

Directory / Lecture notes, cheat sheets

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11. MONEY (CURRENCY) AND SECURITIES

Money - this is an object of civil rights, determined by generic characteristics, i.e. they are interchangeable things.

In Art. 140 of the Civil Code, it is established that throughout the territory of the Russian Federation, the legal tender, obligatory for acceptance at face value, is the ruble. The cases, procedure and conditions for the use of foreign currency on the territory of the Russian Federation are determined by federal law.

In paragraph 1 of Art. 142 of the Civil Code contains the classic definition security as a strictly formal document certifying property rights, the exercise or transfer of which is possible only upon presentation of this document.

In the definition given by the Civil Code, the following distinctive features can be distinguished signs of securities:

1) these are documents that are valuable not in themselves, like material objects, but because of the right to some value contained in them;

2) these documents are drawn up in compliance with the established form and mandatory details, the absence of at least one of which (or its incorrect indication) makes the paper void (clause 2 of article 144 of the Civil Code);

3) certification of property rights (including the right to demand the payment of a certain amount of money, the transfer of certain property);

4) the exercise or transfer of property rights is possible only upon presentation of these documents;

5) by virtue of paragraph 2 of Art. 147 of the Civil Code, it is unacceptable to refuse to execute a security with reference to the absence of the grounds on which it was issued, or to its invalidity. Consequently, the obligated person must execute the security, making sure only that it contains the necessary details, and its owner may not check the grounds on which it was issued, fully trusting its formal features. This property of a security is called public credibility.

A security is a special commodity that circulates on a special market - the securities market, but has neither material nor monetary consumer value, that is, it is neither a physical product nor a service.

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