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  • Interpretation
  • No.88
  • Date
  • 1960/12/21
  • Issue
    • Does the phrase “unable to register loss” mean unable to process the proceeding of public summons stipulated on the application for registration of such loss?
  • Holding
    •        Article 725 of the Civil Code provides that a proceeding of public summons is to ensure the interests of confidentiality of those who legally possess security.  Article 3 of the Statute Governing the Issuance of the 1959 Short-Term Public Bonds had only stipulated the circumstance of a person who is “unable to register loss.”.  Nevertheless, it shall not supersede the contents of the former Civil Code.
      
  • Reasoning
    •        The phrase “unable to register loss” means that the loss of security confidentiality should not be reported to the security publisher.  As a proceeding of public summons is necessary when security confidentiality has been lost, the court may, on the application of the latest possessor, declare that such possessor may register his or her security rights to the court by a proceeding of public summons; after receiving the judgment, the possessor may reclaim the right which depends on the security publisher, so there is a difference between a proceeding of public summons and the registration of loss.  Based upon the former reason, the stipulation of inability to register loss in Article 3 of the Statute Governing the Issuance of the 1959 Short-Term Public Bonds only means that the security publisher is not responsible for registering the loss incurred by the possessor.  Since the Statute has not superseded Article 725 of the Civil Code, the stipulation that the possessor is unable to register his or her loss with the publisher shall not deny the possessor his or her right for registration of loss.
      
    • *Translated by Lawrence L. C. Lee.
      
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