By Raphaël MORENON
19 March 2025
The legal vacuum before 1991 Prior to 1991, there were no enforcement remedies specifically aimed at intangible rights. This legal vacuum posed a problem. To better understand the seizure of intangible rights, its definition and its current scope, a historical perspective is essential. Bailiffs improvised. For registered securities and partnership rights, they used garnishment. For bearer securities held by the debtor, they used execution. These solutions were imperfect. Garnishment required judicial validation despite the existence of a writ of execution. Seizure in execution was poorly suited to intangible assets. The 1991-1992 revolution The law of 9 July 1991 and its decree of 31 July 1992 created a specific procedure: the seizure of shareholder rights and securities. This reform filled a major legal vacuum. It brought enforcement procedures into line with economic reality. Practitioners welcomed it. The text was part of an overall modernisation of enforcement procedures...
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