Stock Purchased With Spousal Joint Property:Research On Its Legal Character And Legal Effect Of Stock Disposition

With the development of the economy,the types of performance of husband and wife’s common property are becoming more and more diversified,from a relatively single property type to a variety of property types such as equity and funds.As equity investment has gradually become one of the important ways of family wealth accumulation,the proportion of disputes between husband and wife over equity is increasing.Among them,the shareholding spouse,without the consent of the non-shareholding spouse,transfers the equity obtained from the joint property investment,which often leads to disputes.The non-shareholding spouse appeals to the court to invalidate the share transfer agreement by claiming that the equity involved in the case belongs to the joint property.Neither the company law nor marriage law has made clear provisions on this issue.In judicial practice,such disputes have opposite results because of the lack of a clear basis for the application of law,and the different legal literacy,legal knowledge and value tendency of judges.In the three major controversies,whether the community property investment can obtain joint equity,whether the shareholding spouse’s unilateral disposal of equity constitutes unauthorized disposal,and whether the equity transfer contract is valid under unauthorized disposal,there are diametrically opposite judgment results.Based on the 110 cases with different judgments of the same case and the relevant theoretical disputes in the academic circle,the equity obtained from the investment of the couple’s joint property has its particularity,which needs to take into account the legal interests protected by the marriage law and the company law.Although the equity is a compound right,its essence is still the property right.For the equity obtained through the investment of the couple’s common property during the period of marriage,the property rights should be the community property,and the husband and wife only share this part.In combination with the relationship between identity law and property law,as well as the measurement of the interests of the assignee of the equity and the non-shareholding spouse,the opinions of the non-shareholding spouse should be consulted when the equity is transferred.Unauthorized disposal does not affect the effectiveness of the contract,the equity transfer agreement is effective in principle,except under exceptional circumstances.The essential reason for the different judgments in such cases is the difference in value orientation between civil law and commercial law.As the node of balance between the two,the bona fide acquisition system should be flexibly used by the judge in the case to coordinate the interests of the non-shareholding spouse and the third party of the transaction.The system of bona fide acquisition is beneficial to balance the rights of the real obligee and the value of transaction security.Finally,from the aspect of legislation improvement,this article puts forward some suggestions,such as clarifying relevant legal provisions,perfecting the equity registration system,perfecting the equity disposition procedure and constructing the special legal property system,in order to prevent such joint equity disputes.