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《公司法司法解释三》第27条第1款规定“一股二卖”纠纷应参照适用善意取得规则。但股权与物权变动模式相去甚远,股权登记对抗主义与善意取得制度亦抵牾颇多,股权多重转让参照适用善意取得规则将面临适用上的窘境。为增进法律体系的和谐并促进股权登记、鼓励诚信,第27条的修正适用需在登记对抗主义的前提下寻求先买人和第三人之间的利益均衡点。由于我国现阶段股权外观效力的缺陷,股权多重转让中更需注重对先买人利益的保护,并妥当刻画先买人的可归责性标准与第三人的“善意”标准。可归责性标准可以在个案中具体衡量,第三人“善意”标准可以从承担有限的调查义务逐步过渡到善意推定,再到登记对抗主义,逐步消解善意取得对登记对抗的制度异化和干扰。
Article 27 (1) of the “Company Law Interpretation III” stipulates that the “one share, two sale” disputes shall be governed by the applicable rules of good faith. However, there is a long way to go before the pattern of equity and real right changes. Equity registration antagonism and goodwill acquisition systems have also come across quite a lot. The transfer of multiple ownership rights will face the dilemma of application in light of the application of goodwill acquisition rules. In order to promote the harmony of the legal system and promote the registration of shareholdings and encourage honesty and trustworthiness, the amendment of Article 27 applies that the balance of interests between the first buyer and the third party be sought after registration of antagonism. Due to the defects of the appearance validity of the stock ownership in our country at present, it is more necessary to pay more attention to the protection of the interests of the first buyer in the multi-stock transfer, and properly describe the criterion of the blameworthiness and the goodwill standard of the third party. The criterion of liability can be specifically measured in individual cases. The criterion of third party “goodwill ” can be gradually shifted from undertaking limited investigation obligation to presumed goodwill, registering antagonism and gradually removing the alienation of the system of goodwill against registration And interference.