Das Pfandrecht an Aktien

The dissertation aims to doctrinally illuminate the pledge right on shares in the form of securities, value rights, and book-entry securities, while addressing practical questions. Therefore, the work is directed at both academia and practice.

The doctrinal part deals with the subject of the pledge and the legal systematic classification of the pledge right on shares. Based on this, the question of applicable norms and principles of pledge rights, as well as the requirements for the legally valid establishment of a pledge, is discussed. A focus is placed on the pledge right on shares in the form of book-entry securities.

The practical part consists, on one hand, of a risk analysis: here, the risks from the perspective of the pledgee in the context of structural and capital changes within the pledged stock corporation, as well as from the perspective of new syndicate members in the context of syndication of pledged secured loans, are highlighted. On the other hand, possibilities for contract optimization are discussed to address these risks. The contractual concepts regularly used in loan practice (Parallel Debt, Joint Creditor, and Future Pledgee concepts) are treated in detail.