The revival of third-party securities has so far been studied in a rather neglected manner in scientific literature. Existing representations have largely been limited to many partial questions, often consisting of seemingly apodictic assertions detached from the historical-systematic context. This work provides a self-contained, dogmatically grounded justification for this topic. It critically examines previous approaches, particularly the differentiation between accessory and non-accessory securities, and resolves existing disputes by leading them to a dogmatically viable solution. Finally, contractual regulatory options are outlined that, apart from tax and accounting law issues, aim to protect the secured creditor from the good faith acquisition by third parties, in contrast to previous approaches, and address the strict jurisprudence regarding so-called close cases.