Legal Nature and Rules of Giving Shares as Security

In today''s world، intangible properties like securities، as new properties، form an important part of people''s assets. Beside other benefits of these properties، the possibility of putting them up as collateral is of great importance. Today، in many legal systems، such a possibility has been defined; in our legal system، according to the Article 774 of Civil Code، «a thing pledged must be a definite object، and pledging of a debt or profit is null and void». Furthermore، regarding Article 772، the thing pledged must be transferred to the possession of the creditor. The two Articles lead to some ambiguities as for the possibility of pledging of shares of Joint-Stock Companies. The current research intends to review the legal nature of giving shares as security and the regulations governing this matter، and to show even if it is not possible to describe giving shares as security as pledge، we can give them as security by the application of Article 10 of Civil Code. It is noteworthy that even by this description، most of the regulations governing pledge will be applicable.