Keeping up with the Times: The Transformation of the Publicity Regime with New Movable Property Security Rights and Developments in Blockchain Technology

Yaman Gürsel
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Abstract

Abstract For a long time, the publicity regime over movable property has been associated with possession. Many modern legal systems still operate on Roman law principles concerning the validity of transactions: Whoever is in possession of a movable asset generates the legal presumption that he or she rightfully owns that asset. Immovable assets on the other hand are tied to a different concept due to the value and meaning ascribed to them. Whereas possession signals who has which rights to claim against whom, inscriptions made in a public registry (such as a land registry) determine the fate of immovable property. Over time, reforms in the law on secured transactions have resulted in a less strict approach adopted in executing transaction relating to movable property to enable the establishment of limited rights in rem and their implementation. Regardless, most civil law jurisdictions still deem the transfer of possession as compulsory for a valid right of pledge over movable property. This article elaborates on the most significant changes to the field of property law and why certain countries may reconsider their traditional approach, especially since yet another wave of change is coming in the form of Blockchain registries. Although certain countries’ legal systems are bound to the old-fashioned principle dating back to Germanic and Roman laws, many others like the Belgian, French and Turkish systems have modernized their publicity regime applied on movable assets and have a special registry, whether regional or nationwide, for transactions related to movables. While providing a few examples from common law countries, this article is an in-depth, comparative analysis into the current condition of Swiss law on this matter and the modifications implemented under French and Turkish law. In the last section, the article reviews the imminent interaction between the publicity regime of immovables and blockchain technology.
与时俱进:新型动产担保权公示制度的变革与区块链技术的发展
摘要长期以来,动产公示制度一直与占有联系在一起。许多现代法律体系仍然在罗马法关于交易有效性的原则基础上运作:无论谁拥有一项动产,都会产生他或她合法拥有该资产的法律推定。另一方面,由于其价值和意义,不动产与不同的概念联系在一起。所有权表明谁有权向谁提出索赔,而在公共登记处(如土地登记处)登记的铭文决定了不动产的命运。随着时间的推移,关于担保交易的法律的改革导致在执行动产交易方面采取了较不严格的办法,以便能够确立有限的对物权利及其实施。尽管如此,大多数民法管辖区仍然认为占有的转移是动产质押权生效的强制条件。本文详细阐述了物权法领域最重大的变化,以及为什么某些国家可能会重新考虑他们的传统方法,特别是因为另一波变化正在以区块链注册的形式到来。虽然某些国家的法律制度受限于可追溯到日耳曼和罗马法的老式原则,但许多其他国家,如比利时、法国和土耳其的制度,已将其适用于动产的公示制度现代化,并为与动产有关的交易设立了专门的登记处,无论是区域性的还是全国性的。在提供一些英美法系国家的例子的同时,本文对瑞士法律在这一问题上的现状以及法国和土耳其法律对这一问题的修改进行了深入的比较分析。在最后一节中,文章回顾了不动产公示制度与区块链技术之间即将发生的互动。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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