Dividend on shares sold after termination of statutory joint ownership

WarningThis is an automated translation from Polish. Accuracy may vary.

Pursuant to the decision of the Supreme Court of January 12, 2018 (II CSK 220/17), as regards the dividend payable on shares subject to statutory joint ownership, and after its termination, which are jointly owned by spouses in equal parts, there are no grounds for accepting the fiction that for the purpose of distributing this dividend, these shares should be treated as if they had not been sold. This is important so that when dividing these shares, they can also be assigned to the spouse who was not a partner, and to take into account the value of these shares from the date of division of the joint property when dividing them.

This means that the right to dividend is not due after the date of effective disposal of the company’s shares in relation to the spouse who sold the shares against the will of the other spouse, also in relation to the new buyer, as well as the limited liability company.

On the other hand, the effective disposal of shares in a limited liability company by the spouse gives the possibility to seek recognition as a co-authorized shareholder to the shares sold by the spouse from the new buyer and from the limited liability company.