Cancellation of power (Austria)

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As cancellation (including amortization or cassation ) is referred to in the law of Austria determining the invalidity of a certificate often or other object by a person empowered institution a court. It usually stands at the end of a public notice procedure . In Austria, the Declaration of Powerlessness Act of 1951 (BGBl. 86/1951) applies to securities and similar documents. On the one hand, the person entitled must apply to the security authorities of his place of residence or the place of loss for notification of the loss. On the other hand, the responsible regional or district court must be involved, which initiates the public notice procedure by edict (so-called edict procedure ).

A federal law on the adjustment of securities dated July 7, 1954, but in contrast to the German counterpart, it does not provide for a general, but rather a selective declaration of nullity.

A right evidenced in a paper does not expire with the loss or destruction of the document. However, the beneficiary has difficulties in presenting his claim. A lost certificate also harbors the risk that an unauthorized holder could gain advantages and, for example, get money by redeeming the certificate. This can be prevented by a declaration of invalidation. With it, the previous unity of law and paper falls apart. The previous document loses its legitimacy effect if it appears later. A bona fide acquisition of the rights named in it is ruled out after a declaration of nullity.

history

Declarations of powerlessness have already been made in earlier times. There is a public announcement in the Viennese city ​​books from March 1st, 1404 that documents bearing the lost seal of the city clerk Ulrich Herwart are invalid after the deadline. A confirmation issued by Duke Leopold IV on April 28, 1409 should also be mentioned that a lost seal of the brothers Konrad and Wolfgang Potinger, which had been affixed to money letters, would lose its effectiveness after the deadline.

Declaration of powerlessness has always been a sovereign act .

Web links

Individual evidence

  1. ↑ Österreichische Nationalbank: Nullification  ( page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. , accessed on July 30, 2011@1@ 2Template: Toter Link / www.oenb.at  
  2. ↑ Michael Gruber, Michael Tüchler: Legal Issues of Withdrawal, Adjustment and Restitution of Securities , page 85 ff. ISBN 978-3-486-56808-0 , accessed on August 2, 2011
  3. ^ Wilhelm Brauneder , Gerhard Jaritz, Christian Neschwara (editor): Die Wiener Stadtbücher 1395-1430, Part 2: 1401-1405 , page 210. ISBN 978-3-205-98972-1, accessed on July 30, 2011
  4. ^ Gerhard Jaritz, Christian Neschwara (editor): Die Wiener Stadtbücher 1395-1430, part 3: 1406-1411 , page 269. ISBN 978-3-205-77391-7 , accessed on July 30, 2011