DISSENTING OPINION OF MR. M. PELLONPÄÄ

      I agree with the majority of the Commission that the exercise of

the "bodemrecht" in the present case constituted a deprivation of

possessions within the meaning of the second sentence of Article 1,

para. 1 of the First Protocol to the Convention.  I further agree that

this deprivation took place "in the public interest and subject to the

conditions provided for by law", as required by that provision.

      I nevertheless conclude that Article 1 was violated in that the

application of the relevant legal rules in this case failed to strike

a fair balance between the various interests at stake, thus imposing

a disproportionate burden on the applicant company.

      The sale and delivery contract between the applicant and Atlas

was governed by German law.  In addition, also under Dutch private law

the ownership of goods sold and delivered under retention of title is

not formally transferred until payment in full of the purchase price.

In these circumstances the applicant could legitimately consider its

ownership interest to be sufficiently protected against interference

of a confiscatory nature by Dutch authorities.  Although the governing

law clause in the contract between the two private parties cannot be

interpreted as preventing the application of Dutch public law rules on

"bodemrecht", I nevertheless consider that the applicant could not

reasonably be expected to take specific precautionary measures with a

view to protecting itself against the application of those rules.

      I refer to and agree with the considerations put forward in the

dissenting opinion of Mr. Trechsel concerning the practical importance

and the economic background of the concept of retention of title.  I

also agree with what he says about the lack of any compensation.  In

the last-mentioned respect I further agree with the views expressed by

Mr. Schermers in his dissenting opinion and conclude that there has

been a violation of Article 1 of the First Protocol.

                              APPENDIX I

                        HISTORY OF PROCEEDINGS

Date                                   Item

___________________________________________________________________

6 July 1989                            Introduction of application

16 August 1989                         Registration of application

Examination of admissibility

7 November 1990                        Commission's decision to invite

                                       the Government to submit their

                                       observations on the

                                       admissibility and merits of the

                                       application

13 March 1991                          Government's observations

4 June 1991                            Applicant's observations in

                                       reply

11 May 1992                            Commission's decision to hold a

                                       hearing on the admissibility and

                                       the merits of the application

21 October 1992                        Hearing on the admissibility and

                                       the merits of the application,

                                       Commission's decision to declare

                                       the application admissible and

                                       to invite the parties to submit

                                       additional information and, if

                                       they so wish, further

                                       observations

Examination of the merits

10 February 1993                       Applicant's additional

                                       information and further

                                       observations

12 February 1993                       Government's additional

                                       information and further

                                       observations

12 October 1993                        Commission's deliberations on

                                       the merits and final vote

21 October 1993                        Commission's adoption of the

                                       Report