tered there to be registered once more abroad. For this reason, X can not claim to register his name [in Japan] so long as the car registration remains in Germany. '10. Conclusion' 'Given all of this, the claims of the appellant are well-founded as to the recovery of the car, the yearly payment of one million yen (¥1,000,000) from July 24, 1995 until delivery, and compensation of two million yen (¥2,000,000) in case the execu- tion of the delivery became impossible; the rest of the claims have no grounds and must therefore be dismissed. The original judgment, which rejected all the claims of the appellant, is unfounded and is to be reversed.' Judge Kiro Kito (presiding) Judge Yasuo Hirota Judge Tamio Hirota Breach of Contract for Securities Transactions in Foreign Securities Markets — Applicable Law — Proprietary Aspect of Warrants Represented by Immobilized Securities Held through Indirect Holding Systems Sendai High Court, Akita Branch, Judgment, October 4, 2000; Kin'yu Shoji Hanrei (1106) 47 [2001]. Investor v. World Nichiei Securities Corp. The appellant (X), a Japanese investor, entered a brokerage contract with the appellee (Y), a Japanese securities company, for her trading in foreign securities markets. Based on this contract, X purchased from Y warrants denominated in U.S. dollars on several occasions ("the sales con- tracts") and then made several opposite transactions with respect to part of the warrants. After losing approximately one hundred million yen in her warrant trading, X brought an action against Y, claiming the return of the money she had already paid as restitution resulting from the ter¬ mination of the sales contracts. X alleged that under the sales contracts Y had an obligation to deliver individual certificates representing the war- rants to her in accordance with Article 341-14 of the Japanese Commercial Code " and that she terminated the contracts because of Y's failure to deliver them. Yamagata District Court (Sakata Branch) dismissed the action α . X appealed.
“ juelledge adj yd annod ad lleds sisop ad L  pessimsib ad lleds leade adj L ,  :PlaH :woləd bəıeıs spunoıg əqı uoqU “…səinedmos əsənedel 916 əses situi ui sinettew peindsip our jo sionssi ods lie bue 'beiesol are sionenppeed s,X, pue assuapisar s,X usod этэчм ‘urqel’ si эрет этэч guiben эdi 101 sinэшлеd эdi pur pэpulэnos этэч siberinos guiberi adj exedw abeld adj , paronbuos si suoisesuen 19djo 10 guiberi aqu areque yllunoo ada to resolvery bus swel ada daiw yldmoo plnoys saminoos uglia -101 əd1 o1 15əd1sə1 d1iw Abo1sno 30 poq19au aq1 1eq1 əsnep e suiesnop 15e11n00 age19ab -01d 1iədT  2no2s91 gniwollol əd1 101 wel əssueqel ed bluods wel gnin19v03 əd1 1sd1 uoijuərui ədi bed ‘noijspilqmi yd 1269l 16 'X bue X 16d1 19bisuoi oi aldeno2691 si 11 ‘sn əloyəq əseɔ ɔqɔ uɪ .( i̥i̥i̥i̥i̥i̥i̥i̥i̥i̥i̥i̥i̥i̥i̥i̥i̥i̥i̥i̥i̥i̥i i̥i i̥i i̥i i i̥i Jo uoineaut adj yd babiash ad or ylineming si wel gnin1990g adj ,15611n03 fo doe91d s'X Jo əsneɔəd iɔɛniuoɔ Jo uoijeuiwiəi s'X uodn pəseq əuo jeniɔɛniuoɔ e si əseɔ situ ni miels s'X 95ni2 , b91850l si , sine11ew b91ndsip ad1 10 sainin09s ad1 10 γ10n20q9b e se bezingoว91 ri doidw ,169l501u7 od1 919dw ,mnigled to 16d1 10 neqel to wel od1 ri wel gnin19v0g odj 19d19dw対象e isntri ow ' oses situal up sonssi odj no obioab ow 910d9d" wel to spiodO .I “  10] Tajsueli Junobbe and sistered on 1691001111 adj berebio Y .X uedj 19410 sistered sit will in wəəsás inəməlınəs əqしui (səinedmos səininuəəs) sineqipineq 19d10 monk sibenings seles adj miojied on Viessessu chusnew Jo 19dmun nienes bus buil nien -195 & pesedoing X......1691531 ordi ni bonesoqeb bue sionssi adj fol bonssi sew 'build ui sinellew anima adj 10f sidgin adj sinessigar doidw ((…) ansomingo ledole ano… ………sibennop səles ədししか1631501n3 ədしjo wəisべs nuəməphes əqしpəsn X…,   "I .b919vilab bue panssi 919w rinellew poindsip our rueseider redi seinsition instituted adj rediedW  .IIしたəds guin195n05 y10эds 11soqəb [619n98] 10 bəlgnimmo5 ods or guib1033A
t61
deposit contracts provided in the Civil Code, each warrant holder (depositor of secu¬ rities) can be interpreted to have a corresponding co-ownership interest in the global certificate on which the entire warrants commingled. This interpretation can give a proprietary protection to each holder... The global certificate in this case satisfies the requirements of Article 341-8 [sic] 14 of the Commercial Code (the required par- ticulars to be included in the warrant certificates)...On the foregoing discussions we conclude that the global certificate is recognized to be issued as a warrant certificate, which represents the disputed warrants in this case." 3. "...When Y purchased the necessary warrants from other participants (securities companies) of the settlement system, Y ordered the Euroclear to complete the account transfer for the settlement. This act of Y is interpreted as transfer of posses¬ sion by way of order (Civil Code Article 184) 93 over the warrant certificates repre¬ senting the warrant transferred. As a result of "delivery" (Commercial Code Article 341.14 (1)) by such a transfer of possession by way of order, Y acquired possession (indirect and collective) of the global certificate from X [sic] (6) acquired co-owner¬ ship interests in the warrants as much as the amount of the disputed warrants, and was thus transferred these warrants…" 4. "X agreed with Y as follows...in accordance with the brokerage contract: X deposits her foreign securities to Y in a commingled fund and Y redeposits the equivalent securities in a depository. With respect to the securities deposited with Y, X receives from Y the deposit receipt or report by way of a monthly statement in lieu of the deposit receipt. Based on this legal relationship, Y delivered to X the receipt or monthly report concerning the warrants contemplated in the sales con¬ tracts in question. This act of Y is interpreted as possession by agreement (Civil Code Article 184) 77 with respect to the certificates representing the warrants in question. Y transferred the possession (indirect and collective) of the global certifi- cate to X together with the co-ownership interests of the corresponding sum of the [IOOC ‘VV 'ON] ". sinellew əsəd: bənəfsuen sny1 pue 'uonsənb ui sinellew “ potual ad osnu system of sales ad 10 noisenim191 ad gain193n05 noisesse s'X bue… ‘sysersuop sales adj daiw opebrook ni noissgildo eni bemnoheq Y 9101919dT , singlew əsəqi pollogsueli snqi pue 'singlew poindsip odi guisessiden selections of X on 'benevileb' X" 'selp opean [II] ui suoissuosib guiogenol ods sA" uoisnpouoጋ.III ojies imojiH əgpn( ojes ideidoiM əgpn[ onO oepes agpn[ [0002] oci (9691) .[…H '6661 '0ξ dɔ1ɐM '3nɔmgɔbuʃ '31noɔ 1ɔi11sia emɐdoxoy (オタニング) поізельгідэйタロレール— məmgbul ngio101 to noisingoээй — эээоviA
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pəxse X sieəy mol 191A ,esioX dino2 ui asiyio noiseizigai adi is asiovib nisdi berensigar Y , onemabul 3010vib s bernerg usua pue ( ээтлюг эллопта -uoɔ) suowans əd」 jo uoizeɔilduq yd gnibɔəɔoɪq əd」 jo əɔizou ɐ suəs uəyɔ yuoЭ эdТ .bэnтээ1 sew mid of juəs liem lle bus ээnвтеэqqs us loj suom -wns lie on puodsar on balied X and ' -oid ueduius e x001 11n00 adT .mno0 ylime7 lnoa2 ad1 o1 3010vib e 101 be -beəlq Y .usqs[ or dɔed A sloor ad ɔelədw mor] eəloX dinos or məw urese sono X гтеру own 1911A ,sэтой dino2 on bəumiər nədi bus əlidw e 101 919d1 beyess yodT .193nsb ni nemow 101 yoilised bilduq s 10 noi153101q adj Xlees on 'A daiw amin side 'niege X mon' bell neds Y  neq Xoeus e se aliqw e 101 119m/oldma bunoj Aproachlar ads bus X10w on X bestroj ad 19d16A .diow gninisido jo uoinusiui ou bewous X 'sidi əsiqsed .səiっlusified leisusury beset yeds '19v9wod 'neqel ni 3n9m9l319s91 119d1 19dA 'A quiw uede( or benings) bus beerge Y doidw or 'smod doed amos or 19d arolqmi pue 1941 1994 on 31941 111944 X q1100m 1x94 94T 18910X q1100S ui 1941 01 n10d rew (A) yod A .blidɔ s 19viləb o1 19d 10l ɔmi1 1somle rew 1i dgnodɔlɛ ,19d no beyoinni essensloiv sissemob to essessq essensly qinos on speed bell Y 1916] s169/ 591d1 1nodA  1e9/ 1x9u 9q1 uedef ni 19d19g01 9vil o1 negod yodT (e910X d1n02) e910X to sildng9X ods ui s3nib99301q legel us910X o1 3ui -b1033s beinsm этэм (Y) петюм пеэтой в bue (X) пеш әгәuedeſ V