Features of Reclaiming Funds and Securities from a Bona Fide Purchaser

Consolidating the institution of protection of a bona fide purchaser, the current legislation simultaneously established special rules for the recovery of funds and certain securities. Good faith constitutes the condition for protection of the purchaser of such objects. Taking into account that possession legitimizes the authorized person in relation to bearer securities, the purchaser will be in good faith in almost all cases when the alienator owned such securities. Despite the fact that cash is not securities, they have some similarities, in connection with which it should also be assumed that the legitimization of the authorized person in relation to the funds is carried out through thier possession. In view of the peculiarities of money as an object of law and civil turnover, as well as in order to facilitate protection of the owner’s rights through other means of protection, it is advisable to exclude the possibility of reclaiming money, including from a mala fide purchaser. In this case, the owner has the right to file a claim for damages against the offender instead of claiming money. In addition, there is currently competition between the norms of Clause 3 of Article 147.1 and Clause 3 of Article 302 of the Civil Code of the Russian Federation, which otherwise stipulates the list of securities that cannot be claimed from a bona fide purchaser. In law enforcement, Paragraph 3 of Article 147.1 should have priority over paragraph 3 of Article 302 of the Civil Code of the Russian Federation as a norm adopted later. Meanwhile, considering that documentary securities are things in respect of which their owner has a proprietary right (ownership), reclamation of such securities should be fixed in Chapter 20 of the Civil Code of the Russian Federation, namely in Article 302, which establishes the specifics of reclaiming property from a bona fide purchaser.

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