Decision on the Release of Shares from Trust Accounts

Facts

[Y.] Trust AG (respondent) opened accounts with Bank [A.] (Suisse) SA in 1988 and 2002 for the [N.] Trust and the [M.] Trust, of which it was the trustee. In 2002, Bank [A.] was acquired by Bank [B.] (Suisse) and integrated into the business activities of [X. SA] (appellant) in 2003. Since 16 August 2007, the [C.] Trust reg. has been the trustee of the two trusts, not the respondent. The respondent demanded that the appellant release 97 shares of [F.] S.A. ([N.] Trust) and 100 shares of [G.] Inc., [H.] ([M.] Trust), which were deposited with the appellant. The Commercial Court of Zurich ordered the appellant to release the shares.

Considerations

The Federal Court annuls the judgment of the Commercial Court and does not enter into the respondent's claim. The lower court wrongly affirmed a clear legal situation within the meaning of Art. 257 para. 1 lit. b CPC. While the lower court correctly qualified the agreements between the parties as a mixed contractual relationship, to which the provisions of the deposit contract and the mandate apply, it is unclear whether the respondent is still a contractual…