Restitution of Registered Shares to their Legitimate Owner

Facts

Garesa A.G. claims to be the owner of 72 registered shares (nos. 74 to 145) of Baugeschäft und Chaletfabrik Davos A.G. It has initiated proceedings to have these shares declared lost and has subsequently brought an action for declaration of ownership and restitution of these shares against the Grand Anstalt, to which the shares had been delivered. The cantonal court dismissed the claim on the grounds that Garesa A.G. had not provided proof that it was still the owner of these shares at the time of their disappearance. Garesa A.G. has appealed against this judgment.

Considerations

The Federal Tribunal considers that Garesa A.G. has validly acquired ownership of all 145 shares of Baugeschäft und Chaletfabrik Davos A.G. between 1945 and 1947. Although the disputed shares are currently in the possession of the Grand Anstalt, this is not sufficient to call into question Garesa A.G.'s ownership rights. Indeed, registered shares cannot be transferred by mere delivery of the certificate, but require an endorsement or a declaration of assignment. However, the Grand Anstalt has not invoked any right of its own or of a third party on these shares, and its…