From the saufeius' ship to the Lehman Brothers' bankruptcy
DOI:
https://doi.org/10.51302/ceflegal.2012.12043Keywords:
Securities Market, intermediaries, fungible goods, rights in rem, bankruptcyAbstract
This paper is a cross-legal study on the permanence of ownership rights in fungible goods mixed up in a bulk, inspired by situations which recently have been subject to discussion, such as Spanish Forum Filatélico bankruptcy proceedings and claims of the unspecified stamps' acquirers. Its starting point is an analysis of a Corpus Iuris Civilis fragment where Roman jurist, Alfenus Varus, presents the story of a sailor, Saufeius, who loses whole its ship's wheat load due to a shipwreck, although before the catastrophe he delivers a part of it to one of the merchants. In this paper the author sustains that the other merchants have a right to a proportional part of the saved wheat, as the Roman rule of conmixtio should be applied, contrary to traditional legal solutions in case of the bank deposits. According to this paper, Safeius' situation is similar to the one of the investors in the Securities Market and Spanish legal system, especially after the modification of Securities Market Act in 2011, allows applying the same conclusion to the intermediaries' bankruptcy, such as Lehman Brothers'.
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