On the issue of the legal nature of non-documentary securities

The author reflects on the legal nature of undocumented securities. The article presents the features of a non-documentary security that distinguish it from other objects of civil rights, namely securities. The author has identified two points of view regarding what constitutes the legal nature of non-documentary securities. The practical component of the lack of legal consolidation of what is the legal nature of non-documentary securities is also revealed. The author makes a conclusion about the most appropriate understanding of the legal nature of a non-documentary security.