Legal Nature of Housing Bond as a Security under the Legislation of the Republic of Belarus
Introduction. The relevance is determined by the need for a systematic analysis of the characteristics and legal nature of housing bonds as a security in the light of formation of a single securities market of the Eurasian Economic Union. Purpose. The purpose of the study is to identify the legal nature of housing bonds as an object of civil rights. Methodology. The article is based primarily on formal legal method for the analysis of existing legislation, as well as on general approaches and methods related to the methodological apparatus of legal science: analysis, synthesis, system approach. Results. The relationship between a security and the rights that it certifies should be considered a determining factor in the circulation of a housing bond as an uncertificated security. An uncertificated security should be considered as the same negotiable object of civil rights as a documentary security. The main value that gives the housing bond a special significance for participants of civil legal circulation is a set of rights expressed in it. Any bond, including the housing bond, being a type of securities, by virtue of the legal definition of the security may certify both property and non-property rights, even if such characteristic is not mentioned in the legal definition of the bond itself. Conclusion. A housing bond meets the whole set of scientifically substantiated features of a security as an object of civil rights (formalism, beginning of presentation, public trustworthiness, indivisibility of the rights certified by it) and, at the same time, being the bearer of such features as transitivity, emission, yield, promptness and recoverability, is the closest to a bond as a type of security.