Aktien als individualisierte Rechte und die dadurch in der Trias Mitgliedschaft –Wertpapier/Wertrecht –Bucheffekte verursachten Probleme

Shares (Aktien) in the sense of memberships (Mitgliedschaften) in corporations are in principle individualized, non-fungible rights. They come into existence as non-certified shares (unverbriefte Aktien). In order to make them more negotiable such non-certified rights are often wrapped into a cover (Hülle). By this wrapping process (Umhüllung) the non-certified shares are transformed into negotiable securities (Wertpapiere), into ledger-based securities (Registerwertrechte) or, also by possibly first wrapping and transforming them into uncertificated securities (einfache Wertrechte), into intermediated securities (Bucheffekten). By this wrapping process the shares are slightly modified as certain features are added to the shares in order to make them better negotiable. By this wrapping process the shares do in principle not loose their individualized nature. However, if negotiable securities or global certificates over shares are put with a custodian (Sammel-/Verwahrung) modified co…