Facts
The Fonds Immobiliers SA (FISA) company was declared bankrupt on 8 October 1958. Moizest Ferszt, an industrialist, had invested in a fund managed by FISA and had acquired an apartment in Paris. The Banque Romande, FISA's main creditor, brought an action for recovery of the apartment and the corresponding nominative shares, arguing that FISA had transferred them to the bank before its bankruptcy. Ferszt contested this claim, stating that the apartment and shares belonged to him under a special agreement concluded with FISA.
The Federal Court was seized of the case and had to determine who, the bankruptcy estate of FISA or Ferszt, was the owner of the apartment and shares. The court examined the agreements concluded between Ferszt and FISA, as well as the transfer of shares by FISA to Banque Romande, and considered that the bankruptcy estate of FISA was acting at the instigation of Banque Romande, which sought to avoid executing an arbitration award condemning it to transfer ownership of the apartment to Ferszt.
Considerations
The Federal Court considered that the legal relationships between Ferszt and FISA were governed by a special agreement derogating from FISA's management regulations. This agreement had been concluded before FISA's bankruptcy and gave Ferszt the exclusive right to dispose of the apartment.
The court also examined the transfer of shares by FISA to Banque Romande and considered it valid, as it had been made by a representative of FISA with the necessary powers. The transfer had been made by delegation of possession, which was sufficient to transfer ownership of the shares.
The Federal Court also considered that the bankruptcy estate of FISA could not invoke the prescription of the revocatory action, as Banque Romande, which was the defendant in this action, had not invoked it. The court also…