The <i>Securities Transfer Act</i>— The Radical Reconceptualization of Property Rights in Investment Securities
AbstractThe Securities Transfer Act (STA), which came into force in Alberta and Ontario on I January 2007, is based on the U.S. Uniform Commercial Code Revised Article 8 and reflects a radical reconceptualization of property law investment securities. This article analyzes the conceptual and policy choices behind the STA, focusing on the legislation's functional approach with respect to defining assets held by investors who hold securities through intermediaries, the property rights of such holders, cross-border settlement conflict of law rules, security interests investment property, and conveyancing rules. This article also responds to conceptual and policy-based criticisms directed at the legislative model employed by the STA. The author argues that the STA's functional approach nevertheless significantly contributes to a more accurate understanding of property rights in relation to intangible assets. Also, claims that property rights of prior holders are protected inadequately are analyzed and discussed.
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