Austrian law requires a notarial deed or an “actual hand over” for a donation to be legally effective. The Supreme Court in Civil Matters recently ruled by an extended panel of judges: To “actually hand over” a deposit of securities, it is sufficient to grant the donnee a joint but unrestricted power of disposal for the securities account. This can be done by declaring such power vis-à-vis the bank. The power of disposal of the donor doesn’t compromise the effectiveness of an “actualy handing over”. Granting an exclusive power of disposal over the securities account by the donor is not necessary. (2 Ob 122/17f)
Recent ruling by an extended panel of judges: “Handing over” by a simple declaration
