commodity
documents giving their holder
property rights. to commodities
papers fixing material
the rights of their owners,
property rights are
bills of lading (waybills), warehouse certificates. special
place among securities is occupied
shares that confer both monetary and property rights.

Watch value Securities Commodity in other dictionaries

Papers Mn.- 1. open. Personal documents certifying birth, place of residence, place of work, etc. // Handwritten or printed texts, archival materials (letters, drafts, ........
Explanatory Dictionary of Efremova

Aggressive Securities- - securities that promise a rapid growth of the capital invested in them: stocks, bonds, the rate of which can rise significantly according to the observed stock market conditions........
Law Dictionary

Active Securities- - securities that are the object of mass purchase and sale, quotes of which are often published.
Law Dictionary

Paperless Securities- - securities fixed in the memory of a computer or in any other similar way. To B. c. b. the rules established for securities shall apply, unless otherwise follows from the specifics........
Law Dictionary

Bearer papers- - a type of securities that legitimize their holders by their simple presentation. Any person who presents B. on the item will be authorized under it, i.e..........
Law Dictionary

Bearer Securities (Bearer Securities)- - a type of securities characterized by the fact that they legitimize their holders by simple presentation. Any person who has presented B. on the item may demand from ........
Law Dictionary

Guaranteed Securities- - shares and bonds of joint-stock companies, for which the government guarantees regular payment of income - dividends, interest, if for some reason this is not ........
Law Dictionary

Hybrid Securities- - securities in the form of bonds, which can simultaneously be used as preferred cumulative shares.
Law Dictionary

State Securities- - bonds, treasury bills and other government obligations issued by central governments, local authorities in order to cover the budget ........
Law Dictionary

Cases on the reinstatement at work of a person who directly serves monetary or commodity values,- In cases of reinstatement at work of persons directly servicing monetary or commodity values ​​​​and dismissed in connection with the commission of guilty acts, if these ........
Law Dictionary

Activities for the Trust Management of Investment Funds in Securities- the implementation by the trustee on his own behalf and for a fee, within the period specified by the agreement, of actions to acquire in the interests of ........
Law Dictionary

Debt Commodity Liabilities- - one of the types of securities issued by the state to cover budget expenditures. In accordance with the Federal Law "On State Debt Commodity Obligations" ........
Law Dictionary

Closed Method of Safeguarding Securities and Accounting for Rights to Securities (Without Depersonalization)— - a method of storing securities and accounting for rights to securities, indicating their series and numbers (range of numbers). (Article 1 of the Law of the Republic of Belarus "On depositary activities ........
Law Dictionary

Gold Edged Securities- - English government securities, traditionally issued with a gold trim (border).
Law Dictionary

Figurative Trademarks- Figurative - in the form of images of living beings, objects, natural and other objects, figures of any shape, compositions of lines, spots, figures on a plane, as well as words, ........
Law Dictionary

Registered Securities- Securities are registered in the event that the registration of the name of the owner by the issuer is necessary for the implementation of property rights associated with their possession or ........
Law Dictionary

Registered Issue Securities- - according to the Federal Law "On the Securities Market" dated April 22, 1996, issuance securities, information about the owners of which must be available to the issuer and contained in the register........
Law Dictionary

Investment Securities- - any securities, with the exception of securities issued by subsidiaries, in which 50 percent or more of the voting shares belong to the issuer. Application........
Law Dictionary

Commercial Papers— - obligations of companies not backed by special collateral.
Law Dictionary

Convertible Securities- - securities (bonds or preferred shares) that can be exchanged for others (usually for ordinary shares) at a fixed price or in a fixed proportion.
Law Dictionary

International Commodity Nomenclatures- - lists of goods compiled in accordance with k.-l. classification system. For the classification of goods in world trade, the following nomenclatures are adopted: Standard ........
Law Dictionary

International Commodity Agreements- - international treaties, the purpose of which is to regulate the world markets for certain goods. M.t.s. promote trade, prevent the emergence of ........
Law Dictionary

Municipal Securities- - bonds, housing certificates and other securities issued by local governments. Federal Law No. 126-FZ of September 25, 1997, Art. 1
Law Dictionary

Securities Tax— -1) tax levied on issuers of shares, bonds and other securities, levied on joint-stock companies. Rates are set, as a rule, depending on the type of securities.
Law Dictionary

Undated Securities- - government securities without a maturity date.
Law Dictionary

Non-Marketable Securities- - government securities, which, according to the terms of issue, are not circulated on a free stock market and cannot be transferred by their owners to other persons.
Law Dictionary

Particularly Valuable Objects of Cultural Heritage of the Peoples of the Russian Federation- The most valuable objects of cultural heritage of the peoples of the Russian Federation include historical, cultural and natural complexes located on its territory, architectural ........
Law Dictionary

Floating Securities— 1) securities purchased for quick resale and registered in the name of a broker; 2) shares of the company in free circulation; 3) unsold new securities.
Law Dictionary

Interest-bearing Notes- - debt obligations, on which the debtor pays interest to the creditor for the loan.
Law Dictionary

Retractive Securities- - bonds or preferred shares that can be presented to the issuer within a certain period of time for their redemption on predetermined conditions.
Law Dictionary

b) article 912 (second part of the Civil Code of the Russian Federation) introduces four more types of securities:

• double warehouse certificate;
• warehouse receipt as part of a double certificate;
• pledge certificate (warrant) as part of a double certificate;
• simple warehouse receipt.

The fifteenth type of Russian security is that which received citizenship rights in accordance with the law of the Russian Federation “On Mortgage (Pledge of Real Estate)”, which came into force on July 16, 1998. The last of the securities available in Russia is investment share(in accordance with the Law of the Russian Federation "On Investment Funds", 2001).

Government bond and just a bond is the same type of security with the only difference, consisting in the fact that government bonds can only be issued by the government, but simply a bond - any legal entity.

If a government issues a bond, then such a bond is called a government bond. If local self-government - then municipal. Legal entities also issue bonds: banks - bank bonds, other companies - corporate. Individuals do not issue bonds.

Bearer bank savings book in fact there is type of bank certificate(along with deposit and savings certificates).

Privatization check completed its existence by 1996.

The following eight economic types of securities are legally (legally) permitted for issue and circulation in Russia: shares, bonds, promissory notes, checks, bank certificates, bills of lading, mortgages and investment shares.

Promotion

Promotion - in accordance with the law of the Russian Federation "On" - this is "an issuance security that secures the rights of its owner (shareholder) to receive part of the profit of a joint-stock company in the form of dividends, participate in the management of a joint-stock company and part of the property remaining after its liquidation."

An economic definition is a security that certifies a single contribution to the authorized capital of a commercial partnership with the ensuing rights for its owner.

Bond

Bond- in accordance with the Law of the Russian Federation "On the Securities Market" - this is "an issuance security that secures the right of its holder to receive a bond from the issuer within the period stipulated by it, the nominal value and the percentage of this value or property equivalent fixed in it";

An economic definition is a security that certifies a single debt obligation of the issuer (the state or any other legal entity) to return its nominal value after a certain period in the future on conditions that suit its holder.

bill of exchange

bill of exchange- a security certifying a written monetary obligation of the debtor to repay the debt, the form and circulation of which are regulated by special legislation - the law of exchange;

• promissory note- this is a security certifying an unconditional obligation (promise) of the debtor to pay the amount of money indicated in it to the holder of a bill after a certain period of time;
• bill of exchange- this is a security that certifies the offer to the debtor to pay the amount of money indicated in it to the person indicated in it after a certain period.

Check

Check- a security that certifies a written instruction of the issuer of the check to the bank to pay the payee of the check the amount of money specified in it during the period of its validity. A check is a type of bill of exchange that is drawn only by a bank.

bank certificate

bank certificate- a security that is a freely circulating certificate of a cash deposit (deposit - for legal entities, savings - for individuals) in a bank with the latter's obligation to return this deposit and interest on it after a specified period in the future.

Bill of lading

Bill of lading - a security, which is a document of a standard form, accepted in international practice, for the carriage of goods, certifying its loading, transportation and the right to receive it.

Mortgage

Mortgage - this is a registered security, certifying the rights of its owner in accordance with a mortgage agreement (mortgage of real estate), to receive a monetary obligation or the property specified in it.

Investment share

Investment share- a registered security certifying the share of its owner in the ownership of the property constituting a unit investment fund.

The listed types of securities, typical for countries with a highly developed market economy, are not exhaustive, and therefore it can be predicted that in the future the number of types of securities permitted by Russian law will increase.

Russian securities can be classified according to the main characteristics listed as follows.

Comparative characteristics (classification) of Russian securities

In addition to the listed types of securities, which can be called basic, or primary, securities, in world practice there are securities that are based on primary, and therefore are considered derivatives in relation to them. Derivative, or secondary, securities include securities based on shares and bonds: depositary receipts, stock warrants, etc.

Secondary, or derivative, security is a security that grants its owner not directly any property rights, but the rights to any underlying securities and, through them, to property rights.

Depository receipt - this is a security that testifies to the ownership of a certain number of shares of a foreign issuer, but is issued for circulation in the investor's country; it is a form of indirect purchase of shares of a foreign issuer.

stock warrant- this is a security that gives its owner the right to buy from a given issuer a certain number of its shares (bonds) at a price set by him within a certain period of time.

Characteristics of the security

The form has a number of requisites, or economic characteristics, along with their essential ("capital") content. These market characteristics usually have a pairwise opposite character (for example, paper or paperless forms of the existence of a security), and therefore securities are classified depending on which sign from their corresponding pair they correspond to. The totality of these features inherent in a security constitutes its economic content.

The set of characteristics that any security possesses includes:

Time characteristics:

• period of existence: when it was put into circulation, for what period of time or indefinitely;

Spatial characteristics:

• form of existence: paper, or, legally speaking, documentary form, or paperless, non-documentary form;
• nationality: domestic or other state security, i.e. foreign;

Market Characteristics:

• the procedure for fixing the owner: to the bearer or to a specific person (legal, natural);
• form of issue: issue, i.e., issued in separate series, within which all securities are exactly the same in their characteristics, or non-issue (individual);
• type of issuer, i.e., the one who issues a security on the market: the state, corporations, individuals;
• degree of negotiability: freely traded on the market or there are restrictions;
• risk level: high, low, etc.;
• the presence of accrued income: some income is paid or not;
• transfer procedure (form of appeal): delivery, assignment of claims: assignment or endorsement;
• registerability: registered or unregistered;
• denomination type: constant or variable.

Classification and types of securities

Depending on the various characteristics, securities are classified as follows:

Types of securities by life:

• urgent (term of existence is limited in time);
• perpetual (the period of existence is not limited in time);

Securities issued for the entire life of the person obligated to them are not directly related to any time period, and therefore they are perpetual securities. These usually include stocks. Securities issued for some limited period of time, regardless of whether it is set when the security is issued or will be determined in the course of its circulation, constitute a group of urgent securities.

Term securities have a period of existence established at the time of their issue or the procedure for establishing this period. Usually term papers are divided into three subspecies:

• short-term, with a maturity of up to 1 year;
• medium-term, with a maturity of 1 to 5 years;
• long-term, with a maturity of 5 to 30 years (mortgage-backed securities under the law can be issued with a maturity of up to 40 years).

Fixed-term securities, the circulation period of which is not regulated by anything, that is, they exist until the moment of redemption, the date of which is not indicated in any way when the security is issued, but only the procedure for their redemption (redemption) is established, are called revocable.

Types of securities by form of existence:

• paper, or documentary;
• paperless, or paperless;

The classical form of the existence of a security is a paper form, in which the security exists in the form of a document. The development of the securities market requires the transition of many types of securities, primarily equity securities, to a non-documentary form of existence.

Types of securities by nationality:

• national (Russian);
• foreign;

Types of securities by form of ownership:

• bearer or bearer securities;
• nominal, which contain the name of its owner and are registered in the register of owners of this security;

The ownership of a security can be nominal or bearer. A bearer security does not fix the name of its owner, and its circulation is carried out by a simple transfer from one person to another. A registered security contains the name of its owner and, in addition, is registered in a special register. Usually it is transferred by agreement of the parties or by cession.

If a registered security is transferred to another person by making an endorsement (endorsement) on it, or by order of its owner, then it is called an order security.

Types of securities by form of issue:

• issuance, i.e., issued for circulation in large quantities, within which all securities are absolutely identical;
• non-issue, usually produced by the piece, or in small batches without state registration;

The issue of securities may or may not be accompanied by their mandatory registration with government bodies. Usually, emissive securities are subject to state registration, since their issue affects the interests of a large number of market participants. Under Russian law, issued shares, bonds, bank certificates (registered by the Central Bank) and mortgages are subject to mandatory registration. Other types of Russian securities, regardless of the size of their issue, are not subject to state registration.

Equity securities are usually issued in large series, which are subject to state registration. These are usually stocks and bonds. Non-equity securities are issued without any state registration.

Types of securities by type of issuer:

• government securities are usually various types of bonds issued by the state;

• non-state, or corporate - these are securities that are issued into circulation by corporations (companies, banks, organizations) and even individuals.

Government securities— securities issued by . They occupy a special place among the securities.

The state is not a capitalist and does not use the funds attracted through securities to generate income, it only redistributes them through or through its financial system, i.e. acts as an intermediary. Consequently, government securities are not a representative of directly functioning capital, but a representative of capital that the state does not have, which returns to the economy in a roundabout way (through the salaries of civil servants, the military, the purchase of goods, for example, military equipment, etc.). Therefore, government securities are an indirect representative of real capital.

Types of securities by risk level:

• low-risk;
• medium-risk;
• high-risk;

According to the level of risk, securities are conditionally divided into risk-free and risky. Risk free These are papers for which there is practically no risk. In world practice, these are short-term (1-3 months) government debt obligations (treasury bills). All other securities according to the level of risk are usually divided into low risk e (these are usually government papers), medium-risk(usually corporate bonds) and high-risk(usually shares). There are also higher-risk market instruments than ordinary stocks and bonds.

Graphically, the place of the main types of income-generating securities in terms of the ratio of risk and return in them is usually depicted as follows (Fig. 2.3).

In turn, each of the types of basic securities is divided into subspecies, etc.

Rice. 2.3. Dependence of income on risk

Types of securities according to the degree of negotiability:

• market, or freely tradable;
• non-marketable, which are issued by the issuer and can only be returned to him; cannot be resold;

The main types of securities are marketable, that is, they can be freely sold and bought on the market. However, in a number of cases, the circulation of securities may be limited, and the security cannot be sold to anyone other than the one who issued it, and then after a specified period. Such papers are called non-marketable.

Types of securities by form of capital raising:

• share, or ownership, which reflect a share in the authorized capital of the company;
• debt, which is a form of borrowing capital (cash).

Types of securities by type of face value:

• with a constant denomination;
• with variable denomination;

Under Russian law, each security has its own face value or face value. However, in world practice, it is allowed to issue, for example, shares without a monetary par value, or with a zero par value. In this case, it is indicated what share in the authorized capital is one share, and therefore its face value, calculated by dividing the authorized capital by the number of shares, changes each time with a change in the size of this capital, and does not remain unchanged, as in the case when the nominal value of the security is given upon its release. If a security is issued with an indication of the monetary value, then this fixed denomination paper. If a security is issued without a monetary value (with a zero value), then this variable denomination paper.

Types of securities according to the form of capital servicing:

• Investment (capital) securities are an object for investing money as capital, that is, for the purpose of generating income.
• Non-investment securities serve cash settlements in commodity or other markets. Usually bills of lading, warehouse certificates, and bills of exchange act in this role.

Types of securities by accrued income:

• unincome;
• with accrued income;

From the point of view of accrued income, securities, as a rule, are income-generating, but they can also be unprofitable when for their owner they are a simple certificate for goods or for money, and not for capital. Income on a security can be accrued in the form of a dividend (shares), interest (debt securities) or a discount, i.e. the difference between the face value of a security and its lower purchase price.

Essay

Commodity securities

1. The concept and types of commodity securities

Commodity securities are understood to be securities that embody the rights of obligations for goods, works and services, and serve the circulation of the named objects of civil rights. Commodity securities are a generic category that has only scientific application and is not found in legislation. Currently, this term combines the following securities - bill of lading, double and simple warehouse receipts. These securities are classified as documents of title, the transfer of which is equivalent to the transfer of the goods they represent.

There is no legal definition of a bill of lading in Russian law. It is mentioned as a security in the Civil Code of the Russian Federation. In Article 142 of the Code, the document in question is listed in the list of securities. Article 785 of the second part of the Civil Code of the Russian Federation states that the bill of lading confirms the conclusion of a contract for the carriage of goods in cases provided for by the relevant transport charter. If we turn to the transport legislation, then the bill of lading is used only in the relations of sea and inland waterway transportation of goods. Thus, Article 117 of the Merchant Shipping Code of the Russian Federation states that the existence and content of a contract for the carriage of goods by sea can be confirmed by a charter, bill of lading or other written evidence. Amendments made in July 2012 to the Code of Inland Water Transport of the Russian Federation (hereinafter referred to as the IWTC of the Russian Federation) for the first time provide for the possibility of using a bill of lading in inland water transportation of goods 1 . The bill of lading is mentioned only in Article 67 of the RF CMTC. It says that the parties to the contract for the carriage of goods have the right to provide for the use of a bill of lading as a transport document issued by the carrier. However, the legislator limited himself to this, which can create significant difficulties in applying this rule.

Thus, the legal basis for the circulation of bills of lading are:

• articles 143, 785 of the Civil Code of the Russian Federation;
• Merchant Shipping Code of the Russian Federation (hereinafter referred to as the CTM RF), which contains about 15 articles devoted to the regulation of these relations;
• Code of Inland Water Transport of the Russian Federation (Article 67);
• International Convention for the Unification of Certain Rules Concerning Bills of Lading, 1924, as amended in 1968 and 1979. The Russian Federation acceded to the Convention in accordance with the Federal Law of January 6, 1999 No. 17-FZ "On the Accession of the Russian Federation to the Protocol on Amending the International Convention on the Unification of Certain Rules on Bill of Lading of August 25, 1924, as amended by the Protocol of February 23, 1968" 2 . The Convention is obligatory for Russia in the international carriage of goods by sea.

Based on the analysis of these documents, as well as legal literature, a bill of lading can be defined as a security certifying the conclusion of a contract for the carriage of goods by sea or inland waterways, as well as the right of its holder to dispose of the goods specified in the bill of lading and receive the goods after the completion of the carriage.

The bill of lading in the economic turnover performs the following functions. Firstly, the bill of lading is evidence of the conclusion of the contract for the carriage of goods by sea (inland waterway), but does not replace it. It should be remembered that the bill of lading does not always accompany transportation, it is issued at the request of the sender.

Secondly, this security is proof of acceptance of the goods.

carrier. Thirdly, it simplifies the procedures for the transfer and receipt of cargo. The latter is manifested in the fact that it is enough to present a bill of lading at the port of destination for the cargo to be accepted by the recipient. In addition, the paper in question facilitates the change of the owner of the cargo during its transportation. Thus, for example, goods in transit can be sold by handing over the document in question to the buyer.

If we turn to double (simple) warehouse certificates, they perform tasks similar to those of a bill of lading in economic circulation. However, if the bill of lading certifies the relationship of transportation, then the warehouse receipts indicate the existence of a relationship for the storage of goods. Thus, double and single warehouse certificates confirm the acceptance of goods for storage (Article 912 of the Civil Code of the Russian Federation).

Unfortunately, there is no legal definition of this security either. Therefore, we will use the developments of the science of civil law. The problem with the conceptual apparatus is aggravated by the fact that the legislator has not introduced a general term to designate the relations in question. The term "warehouse receipt" is used only to indicate one of the types of financial instruments in question, namely one of the parts of a double warehouse receipt. Thus, the Civil Code of the Russian Federation distinguishes 1) a simple warehouse certificate, 2) a double warehouse certificate, which, in turn, consists of 3) a warehouse certificate and 4) a pledge certificate - a warrant. Moreover, each of the parts of the double warehouse certificate is also a security. All four named securities have the same legal nature and purpose. A double (simple) warehouse certificate can be defined as a security certifying the conclusion of a warehouse storage agreement, the acceptance of goods into the warehouse, as well as the right of its holder to dispose of the goods stored in the warehouse.

The value of warehouse certificates is that they simplify the conclusion of a storage agreement, as they confirm the fact of its completion. Note that warehouse receipts are one of the types of warehouse documents, which means the right of the parties to the storage agreement to certify the existence of contractual relations with a warehouse receipt. Secondly, warehouse receipts are evidence of the transfer of goods for storage. From the moment the warehouse certificate is issued, the responsibility for the safety of the goods passes from the bailor to the custodian. But most importantly, these securities accelerate the turnover of goods in the warehouse, since through the alienation of warehouse receipts, the rights to the goods are transferred in the process of storage. Warehouse receipts in themselves are a commodity, the subject of civil law transactions. The acquisition of a certificate by a third party may pursue the goal of not only obtaining goods on it, but also its further resale as a security (speculative function).

The peculiarity of warehouse certificates, like any securities, is that they certify the right to the tangible asset embodied in them, respectively, have an external value (its price in the market) and an internal value (the value of a tangible asset).

The legal document regulating the circulation of warehouse certificates is part two of the Civil Code of the Russian Federation (Articles 912-917). Article 142 of the first part of the Civil Code of the Russian Federation, containing a list of securities, does not mention warehouse receipts.

It should be noted that the legal literature indicates the shortcomings and gaps in the legal regulation of commodity securities. 3 .

Let's summarize the above.

1. Commodity securities are securities that embody the property right to a product, work or service, and serve the turnover of things. Such securities currently include bills of lading, double and single warehouse receipts.
2. A bill of lading is a security certifying the conclusion of a contract for the carriage of goods by sea or inland waterway, as well as the right of its holder to dispose of the goods specified in the bill of lading and receive the goods after the completion of the carriage.
3. A double (simple) warehouse certificate can be defined as a security certifying the conclusion of a warehouse storage agreement, the acceptance of goods into the warehouse, as well as the right of its holder to dispose of the goods stored in the warehouse.
4. The bill of lading and warehouse receipts are documents of title.

2. Characteristics of the bill of lading

The bill of lading as a security is widely used in the carriage of goods by sea. This security is easily wrapped, which makes it very popular. The bill of lading should be attributed to classical securities, since all the characteristics of the security are clearly traced in it.

The bill of lading is in writing. Nevertheless, in world practice, an electronic (uncertificated) form of bills of lading is already used. The legislation does not provide for the mandatory presence of a form, paper quality requirements or the writing of a bill of lading in a certain language or method, however, it is necessary to indicate the established details in it. The details of the bill of lading are listed in Article 144 of the RF CTM. These include: 1) the name of the carrier and its location; 2) the name of the port of loading and the date of acceptance of the goods by the carrier at the port of loading; 3) the name of the sender and his location;

1. name of the port of discharge; 5) name of the recipient, if indicated by the sender; 6) the name of the cargo, the main brands necessary for the identification of the cargo, an indication, in appropriate cases, of the dangerous nature or special properties of the cargo, the number of pieces or items and the weight of the cargo or its quantity otherwise indicated; 7) the external condition of the cargo and its packaging; 8) freight in the amount payable by the recipient, or other indication that the freight must be paid by him; 9) time and place of issue of the bill of lading; 10) the number of originals of the bill of lading, if there are more than one; 11) the signature of the carrier or a person acting on his behalf. By agreement of the parties, other data and clauses may be included in the bill of lading. It is noteworthy that among the details of the bill of lading, there is no indication of the type of document - “bill of lading”.

The carrier who issues the bill of lading after the cargo has been accepted for carriage is involved in the relations for the circulation of the bill of lading. In this case, it is appropriate to call it an issuer. Requirements for the carrier are contained in the transport legislation. In some cases, its activities are licensed. The second person is the legal holder of the bill of lading, who is entitled to receive the goods at the port of destination by presenting the bill of lading. This is a sign of the presentation of the bill of lading. The original owner (holder) of the bill of lading is the sender, as a rule, the owner of the cargo. This security can be repeatedly alienated along the route of the cargo, therefore its owner has the right, in compliance with the established procedure, to hand over the bill of lading to any other person. The sender must notify the carrier of the transfer of the right to dispose of the goods to the recipient or a third party (Article 149 of the CTM RF).

At the request of the sender, several copies (originals) of the bill of lading may be issued to him, and in each of them the number of originals of the bill of lading is indicated. After the delivery of the cargo on the basis of the first of the submitted originals of the bill of lading, the rest of its originals lose their force (Article 147 of the Civil Code of the Russian Federation).

The bill of lading has three types, depending on the procedure for transferring rights under it - nominal, warrant and bearer (Article 149 of the CTM RF). A personalized bill of lading contains the name of the recipient of the cargo (legal holder) as part of the details and is transferred according to the rules for the assignment of the right to claim (cession). An order bill of lading is transferred by making endorsements on it. Accordingly, the legal holder of the bill of lading and the right to receive the goods will have the person in whose favor the last endorsement on the bill of lading itself was made. The bearer bill of lading is transferred by simple delivery, respectively, the right to receive the goods will be with the person who presented such a bill of lading to the carrier. KTM RF does not require confirmation of the title of ownership of the cargo.

Thus, a bill of lading is a documentary, non-issue, basic, domestic, urgent, commodity, private, registered, order or bearer security. The urgent nature of the bill of lading is indicated by its details: it must contain the time and place of issue, as well as the date of receipt of the goods by the carrier at the port of loading. In addition, the bill of lading is a unilateral (issued by one person), causal transaction. The bill of lading confirms the existence of a contract of carriage and follows its fate. However, in the legal literature there are views on the bill of lading as an abstract security. 4 .

In this paragraph, the emphasis was placed on the analysis of the rules on the use of a bill of lading in maritime transport. Considering the July 2012 amendments to the KVVT RF, it is difficult to say what content the bill of lading will have in inland waterway transportation and whether it is possible to use the norms of the RF KTM for inland waterway transportation by analogy. In our opinion, the bill of lading is a universal security and is applicable to transportation by any mode of transport. Therefore, the norms on the bill of lading from the KTM RF and KVVT RF should be moved to a common document, the role of which can be played by Part 2 of the Civil Code of the Russian Federation - Chapter 40 "Transportation".

Let's highlight the main thing.

1. Today, the bill of lading is provided only for the carriage of goods by sea and inland waterways.
2. The bill of lading is issued by the carrier at the request of the consignor.

The bill of lading is a non-revenue, documentary, non-issue, main, domestic, urgent, commodity, private, registered, order or bearer security, one-sided, causal transaction. § 3. Characteristics of double and simple warehouse receipts

Warehouse certificates received the status of securities for the first time in part two of the Civil Code of the Russian Federation. As mentioned, the Civil Code of the Russian Federation distinguishes between double and single warehouse receipts. A warehouse certificate is issued by a warehouse confirming the conclusion of an agreement for the storage and acceptance of goods. In this case, this document may be the only evidence of the existence of a contractual relationship. Its advantage over other warehouse documents is that this security makes it possible to simplify the sale, any other disposal of goods during their storage. For example, a warehouse certificate can be pledged to ensure the proper performance of obligations by the debtor-owner of the certificate under a loan agreement, under a sales contract, etc. When goods are pledged, this is noted on the warehouse certificate.

In the relations for the turnover of warehouse receipts, the following are involved: - the warehouse that issues the certificate (conditionally - the issuer), and the holder of the warehouse certificate. A commodity warehouse is an organization that carries out storage of goods as an entrepreneurial activity and provides services related to storage. Accordingly, only business entities can be issuers of these securities. There are no special requirements for holders (owners) of certificates of the Civil Code of the Russian Federation. As a rule, the first holder of the certificate is the bailor himself. Warehouse receipts, like other titles of title, are not "certificates of title" to goods.

Warehouse certificates are drawn up in writing; forms and samples of certificates are not provided for by law. However, Articles 913, 917 of the Civil Code of the Russian Federation list the mandatory details of these securities, in the absence of which the issued document will not have the force of a warehouse certificate.

Warehouse receipts are non-issue securities and are not subject to the regulation of the Federal Law “On the Securities Market”. The issue of such securities is not subject to any certification by the state. Also, the considered instruments are classified as documentary, domestic, basic, commodity, private securities. Warehouse certificates should be classified as term securities, since the rights and obligations under the storage agreement, which they certify, are of an urgent nature. Among the details of the certificates, the period for which the goods were accepted for storage is indicated. Accordingly, the rights under this security must be exercised within a specified period. The warehouse certificate does not imply the provision of any bonuses (interest) to its holder, respectively, it refers to a non-yielding security.

From the point of view of the classification of warehouse receipts as a type of transactions, these securities are causal, one-sided transactions.

Double and single warehouse certificates have a single nature, however, there are differences in their legal regime. A double warehouse certificate is a security consisting of two parts - a warehouse certificate and a pledge certificate, each of which is a security (Article 912 of the Civil Code of the Russian Federation). The pledge certificate is called a "warrant". Warehouse and pledge certificates for the same goods may have different owners. In this case, the scope of the rights of the latter is not the same. The warehouse certificate holder has the right to dispose of the goods transferred for storage, but cannot take them from the warehouse until the loan issued under the pledge certificate is repaid. A pledge certificate is a confirmation that the goods are pledged to its holder. Thus, the holder of the pledge certificate has the right to pledge the goods in the amount of the loan issued under the pledge certificate and interest on it (Article 914 of the Civil Code of the Russian Federation). That is, the holder of the pledge certificate is the pledge holder of the goods in storage. Thus, it is possible to receive the goods in the warehouse only upon presentation of the warehouse certificate and the pledge certificate at the same time, or, according to the warehouse certificate, at the same time by presenting a receipt for payment of the entire amount of the debt under the pledge certificate. If the goods warehouse returns the goods without payment of the debt, it will be liable to the holder of the pledge certificate for payment of the entire amount (clause 3 of article 916 of the Civil Code of the Russian Federation).

The details of the warehouse certificate include: 1) the name and location of the warehouse that accepted the goods for storage; 2) the current number of the warehouse certificate according to the warehouse register; 3) the name of the legal entity or the name of the citizen from whom the goods were accepted for storage, as well as the location (place of residence) of the goods owner; 4) the name and quantity of the goods accepted for storage - the number of units and (or) cargo items and (or) the measure (weight, volume) of the goods;

1. the period for which the goods are accepted for storage; 6) the amount of remuneration for storage and the procedure for paying for storage; 7) the date of issue of the warehouse certificate.

Both parts of a double warehouse receipt are order securities. Rights under them are transferred by making an endorsement - endorsement. An endorsement might look like this: "Handed over (to whom)

Endorser, (by whom) - an endorser. Transfer date. Signature stamp

endorser."

A simple warehouse receipt has one part. The holder of the named document has the right to dispose of the goods stored in the warehouse in full. The same details are entered in a simple warehouse certificate as in a double warehouse certificate, except for the name of the person from whom the goods were received and the location of its owner (Article 917 of the Civil Code of the Russian Federation). This is explained by the fact that a simple warehouse receipt is a security issued to the bearer. Accordingly, the receipt, sale of goods, etc. are possible only by delivery of this security.

Based on the foregoing, we highlight the main ideas.

1. There are single and double warehouse receipts. At the same time, a double warehouse certificate consists of two parts - a pledge (warrant) and a warehouse certificate, each of which is also a security. These securities have differences in the legal regime.
2. The holder of a simple warehouse certificate has the rights to the goods transferred for storage in full. The holder of the warehouse certificate has the right to dispose of the goods, but cannot take them from the warehouse until the loan issued under the pledge certificate is repaid. The holder of the pledge certificate has the right to pledge the goods in the amount of the loan issued under the pledge certificate and interest on it.
3. Double (simple) warehouse certificates are non-profitable, documentary, non-issue, basic, domestic, urgent, commodity, private securities, causal, unilateral transactions. A double warehouse certificate is an order, and a simple bearer security.

Literature

Belov V.A. Securities in Russian civil law: Textbook for a special course: In 2 vols. 2nd ed., revised. and additional M., 2007.

Burkova A.Yu. warehouse documents. // Law and economics. 2009. No. 9.

Gabov A.V. Securities: issues of theory and legal regulation of the market. M.: Statute. 2011.

Gudkov F.A. Warehouse and pledge certificates. Moscow: BDC-press. 2002.

Kokin A.S. Bill of lading: legal aspects. M., 1987

Kokin A.S. Commodity papers in trade turnover. M., 2000.

Kotelevskaya AA Some issues of legal regulation of double and single warehouse receipts. Actual problems of civil law: Collection of articles. Issue. 10. M., 2006.

Makarova N.V. Bill of lading in international shipping. // International banking operations. 2009. No. 4. pp. 55 - 64.

Rothko S.V. Bill of lading in Russian and foreign legislation. // International public and private law. 2011. №1. pp. 44 - 46.

Rothko S.V., YES. Timoshenko. Warehouse certificate as a title security. // Modern law. 2009. No. 2.

Regulations

Civil Code of the Russian Federation. Part one. // Collection of Legislation of the Russian Federation, 1994, No. 32, Art. Art. 3301.

Civil Code of the Russian Federation. Part two. // Collection of Legislation of the Russian Federation, 1996, No. 5, art. 410.

Merchant Shipping Code of the Russian Federation. // Collection of Legislation of the Russian Federation, 1999, No. 18, Art. 2207.

Code of Inland Water Transport of the Russian Federation. // Collection of Legislation of the Russian Federation, 2001, No. 11, art. 1001.

Federal Law No. 17-FZ of January 6, 1999 "On the accession of the Russian Federation to the protocol amending the international convention on the unification of certain rules on bills of lading of August 25, 1924, as amended by the protocol of February 23, 1968." // Collection of Legislation of the Russian Federation, 1999, No. 2, art. 244.

1 Collection of Legislation of the Russian Federation, 2001, No. 11, Art. 1001.

2 Collection of Legislation of the Russian Federation, 1999, No. 2, Art. 244.

See, for example, F.A. Gudkov Warehouse and pledge certificates. Moscow: BDC-press. 2002; A.S. Kokin. Commodity papers in trade turnover. M., 2000; A. A. Kotelevskaya. Some issues of legal regulation of double and single warehouse receipts. Actual problems of civil law: Collection of articles. Issue. 10. M. 2006; S.V. Rothko. Bill of lading in Russian and foreign legislation. // International public and private law. 2011. №1. pp. 44 - 46; S.V. Rothko, D.A. Timoshenko. Warehouse certificate as a title security. // Modern law. 2009. No. 2.

4 See Commentary on the Civil Code of the Russian Federation. Part one: textbook-practical. commentary (by article) / E.N. Abramova, N.N. Averchenko, Yu.V. Baigusheva and others; ed. A.P. Sergeyev. M.: Prospect. 2010, p. 173.

It represents the right to own shares in a joint-stock company (share), an obligation to creditors (bond) or the right to receive property (option).

Classification

Monetary securities can be divided into two categories - stocks and bonds.

• A share is a shareholder's share of ownership in a company, company or trust. Shares are ordinary and preferred. Generally not entitled to regular income (except when the company pays dividends), but may receive capital gains at the time of sale. Shares give the owner control over the company (in proportion to the share) through participation in voting. In the event of the bankruptcy of the issuing company, the shareholders will share among themselves only the capital that remains after the payment of all obligations.
• A bond, or promissory note, is a representation of a certain amount of money that has been borrowed and must be paid back. The bond specifies the loan amount, interest rate, and maturity date. Debt obligations are classified into government and corporate bonds, certificates of deposit and secured bonds. They give their holder the right to receive regular payments in the form of interest and to repay the loan amount, regardless of the financial performance of the issuer. Bonds are issued for a fixed period, after which they can be presented to the issuer for redemption.

Separately, there are hybrid securities that have the characteristics of both stocks and bonds. These include:

• share warrants - an option issued by the company itself and giving the shareholder the right to purchase shares at a set price within a specified period;
• convertible bonds - bonds that can be converted into shares of the issuing company;
• preference shares are shares on which the company pays interest, dividends or other income on a priority basis.

Preferred shares, although formally shares, still have the characteristics of a debt obligation, since they provide for the payment of dividends at a fixed rate, and therefore are in fact a fixed income security.

Money market

Public money securities are traded on . This mechanism ensures reliable quotes, liquidity and the regulated nature of the market. Recently, informal electronic trading systems have proliferated, so securities can be purchased over the counter (OTC) or directly from other investors.

The owners of securities can sell them on the secondary market to other investors. Securities purchased in a private placement are not subject to open trading and can only be transferred within a limited group of investors.

security paper - this is a document containing property rights, giving the right to receive a certain part of the income.

In addition to the documentary form of certification of rights under a security, the law also provides for a non-documentary form of securing rights in a special register (regular or computerized). In this case, the security will be called uncertificated or electronic.

The intensive development of the market led to the fact that the number of securities circulating on it began to number in the millions. It became economically unfeasible to issue such a huge number of securities in documentary (paper) form due to the higher costs of issuing them, and, in addition, the paper form became a deterrent to the process of its circulation.

In Art. 128 of the Civil Code of the Russian Federation establishes that "objects of civil rights include things, including money and securities ...". Thus, a security is a thing, but not an ordinary material, but a legal (abstract) thing.

There are the following differences between money and securities:

• in the legal sense, money is legal tender, and securities are, by definition, a property right;
• money is issued only by the state (the Bank of Russia), and securities can be issued by both authorities and companies;
• money is a more "primary" thing compared to a security, since, as a rule, nothing can replace it, and a security can be replaced by another asset.

Thus, we can say that a security is a property right as a thing, or a thing, but only as a property right (according to Article 130 of the Civil Code of the Russian Federation, a security is recognized as movable property).

A security is a fictitious commodity, since it circulates on the market in exactly the same way as any real (material) commodity, but at the same time the security itself does not become a commodity in its essence. Therefore, regardless of whether a security exists in the form of a document or in the form of entries on accounts, it is a non-thing (property right) in the original issue relation, but it takes the form of a thing (commodity) when it is circulated on the market.

The commodity form of the existence of a security means that it receives a market price, but the market price is always real, not fiction. The market price of a security is the theoretical price (ie the monetary value of the fictitious value of the security) adjusted for the ratio between the supply and demand of the security in the market.

The usefulness of a security as a commodity is the performance of the functions inherent in real commodities, money or capital.

Commodity security - this is a security as a substitute for goods in the form of evidence of ownership of a temporarily alienated (i.e., transferred to the ownership of another person) thing that can circulate on the market instead of this thing itself.

Its legal types are warehouse receipts and bills of lading.

The commodity form of a security makes it possible to separately circulate the value of a commodity in the form of a security without the physical movement of the commodity itself between market participants.

cash security - this is a security as evidence of ownership of a certain amount of temporarily alienated funds, which can perform the payment function of money.

Its legal types are bills and checks. A monetary security is a type of credit money.

A monetary security differs from a commodity security in the following ways:

• the sale of a monetary security in the secondary market (i.e., before the date of its redemption) is always made at a price less than the amount of money returned on it. The sale of a commodity security in the secondary market is carried out in accordance with the current market price of the commodity represented;
• the return by the issuer of funds upon redemption of a monetary security outwardly does not differ in any way from its purchase and sale. When a commodity security is cancelled, the commodity itself is returned (in exchange for the security), i.e. there is no sale and purchase of paper.

Investment security - it is a security as evidence of ownership of temporarily alienated capital, which circulates on the market instead of the capital itself.

Investment securities are also called profitable securities. Its legal types are stocks, bonds, investment shares.

The essence of an investment security is to split ownership of alienated capital and net income from it. The issuer of the security receives ownership of the capital itself, and therefore owns part of the net income from it. The investor in the form of a security receives ownership of the alienated capital, but only in its fictitious form (since the real capital is held by the issuer), as well as another part of the net capital income.

Thus, an investment security is a form of existence of a net income on capital, since the sale of the net income brought by is concealed in the sale of a security. It is not a security that is sold as a commodity - this is only an appearance; it will be sold as a commodity, which itself will bring net income in the future.

An investment security replaces the capital alienated by him to the investor in such a way that he does not, as it were, lose this capital, since the investor:

• continues to receive income;
• can freely realize its capital in the market by selling a security;
• can lend a security;
• can donate a security, etc.

A security has a number of details, or various characteristics, many of which are mandatory for the corresponding type of securities and are set by law. These characteristics usually have a pairwise-opposite meaning (for example, a documentary or non-documentary form of the existence of a security price), and therefore securities are classified depending on the characteristics to which they correspond. The combination of all these features, in fact, is what distinguishes one type of security from another.

In the most general form, the characteristics that each security possesses are divided into three groups: temporal, spatial, market.

Temporary the characteristics of a security are characteristics measured over time. These include deadlines:

• securities circulation;
• payment of income on it;
• the validity of certain rights under the security.

Spatial the characteristics of a security are the forms of its existence as a market commodity, isolated from any market participant. These include:

• the external form of existence of the security (documentary or non-documentary);
• the national identity of the security (national or foreign);
• the type of market in which the security is traded (exchange or over-the-counter security).

Market The characteristics of a security are its characteristics associated with the issuer or owner. These include:

• form of issue (issue or non-issue, registered or non-registered);
• type of issuer (state or corporate);
• type of capital (own or borrowed);
• the presence of fixation of the owner of the security (registered or bearer);
• degree of negotiability (market or non-market);
• risk level (high-risk or low-risk);
• availability of income (income or non-income).

In the market, securities differ in an even greater number of characteristics, since we are talking about differences not only between types of securities, but also between securities of the same type issued by different issuers.

For an investor, the key difference between securities that act as capital on the market, of course, is rooted in the conditions and size of the payment of income on them.

The following types of chain securities are admitted to circulation on the market: shares, bonds, bills of exchange, bank certificates, warrants, warehouse certificates, bills of lading, depository receipts, credit notes, mutual fund investment units, options, futures, checks, mortgages, etc.

• See: Part I Art. 142 of the Civil Code of the Russian Federation.