Facts
At the beginning of 1975, the company Squibb S.p.A. of Rome sold to COCISA S.r.l. of Milan two quantities of penicillin for a total value of 329,184,066 Italian lire. The goods were transported to the Gondrand warehouses in Chiasso, at the disposal of COCISA S.r.l. Subsequently, the administrator of COCISA S.r.l. presented to the Gondrand branch in Chiasso two false invoices, according to which the penicillin was sold to the company Romalimpex of Lausanne. Cermelli, the administrator of COCISA S.r.l., then pledged the "delivery orders" issued by the Gondrand company in favor of Edmondo Galletti and Privat Kredit Bank, obtaining loans of $88,000 and $100,000 respectively.
Squibb S.p.A., not having received payment for the goods, obtained the seizure of the penicillin deposited in the Gondrand warehouses. Privat Kredit Bank and Edmondo Galletti claimed a right of pledge and ownership over the goods based on the "delivery orders" in their possession. The Pretore of Mendrisio-South and the Court of Appeal of the Canton of Ticino rejected their requests, considering that the "delivery orders" were not representative titles of the goods under the law.
Considerations
The Federal Court confirmed that the "delivery orders" issued by the Gondrand company, lacking some essential requirements provided by law, cannot be considered representative titles of the goods under Art. 1153 CO. Consequently, the mere transfer of such documents cannot result in the transfer of ownership or the establishment of a right of pledge on the goods.
However, the Court recognized that the "delivery orders", although not valid as representative titles, maintain their value as means of proof and legitimation titles for the…