The legal nature of securities collateral

The legal nature of securities is determined by the specifics of regulating the procedure for using a security as a collateral, depending on its form and type. To study the peculiarities of the legal nature, it is necessary to take into account the dissimilarity of the legal content of the types of securities; the performance of their pledge; the exercise of rights certified by the pledged security. Some researchers attribute the legal nature of the pledge to proprietary rights, others to binding rights, and still others consider it mixed. In modern market relations, collateral occupies a special place, and especially significant is the pledge of securities involved in credit and settlement relations, in the transfer of rights to goods, in the pledge of property. To date, the need to consider the legal nature of the pledge of securities, which are a special object of civil rights, remains controversial and urgent.