전자등록 단기사채의 법적 성질과 유통성

According the Bill of Electronic Short-term Debenture, debenture will be issued and circulated not to the certification but with electronic registration. This debenture system means the first step for uncertifi- cation of security and electronizing of the financial investments. In order to secure negotiation of electronic short-term debenture, at first, we can approach by a rule of negotiable instrument. However the key point of negotiable instrument rule makes intangible right incarnating to certification of security and helps the certification to apply the rule of movable property. The essence of debenture is a credit and because the issuance and negotiation of a credit depend on electronic registration system, it is difficult ways to apply the rule of negotiable instrument from incarnation theory. Therefore we have to try to secure negotiability of debenture from the nature of credit. Japan has intend to secure transfer and negotiability of credit through the reform of public notice on credit. By new Act of Electronic Recording Debt of Japan especially, it is third right different from nominative credit and note certification and can be used as the total right with the merits of clarity of credit and negotiability of note. Japan Act suggests our law to secure negotiability of debenture by reinforcement of credit transfer. Therefore as the basic theory on the negotiability of the electronic registration debenture, instead of applying bona fide of real right rule, it is better ways to accept and develop the public notice theory which can be apply to every right of a real or a credit and be the foundation on the reinforcement of transfer effect by recording system.