ADEQUATE ASSURANCE OF PERFORMANCE UNDER THE UN CONVENTION ON CONTRACTS FOR THE INTERNATIONAL SALE OF GOODS AND THE UNIFORM COMMERCIAL CODE

2021 ◽  
Vol 70 (4) ◽  
pp. 935-960
Author(s):  
Katarzyna Kryla-Cudna
Keyword(s):  
Commercial Code ◽  
The Us ◽  
International Sale Of Goods

AbstractThis article compares and contrasts the doctrine of adequate assurance of performance under the US Uniform Commercial Code (the UCC) and the UN Convention on Contracts for the International Sale of Goods (the CISG). The article argues that, in the context of the CISG, the mechanism of adequate assurance found in the UCC is a faux ami. Despite some similarities, the doctrine of adequate assurance regulated in the CISG is distinct and serves different functions to its UCC counterpart.

Towards Reforming Nigeria's Secured Transactions Law: The Central Bank of Nigeria's Attempt through the Back Door

2017 ◽  
Vol 61 (1) ◽  
pp. 131-153 ◽  
Author(s):  
Williams C Iheme ◽  
Sanford U Mba
Keyword(s):  
Central Bank ◽  
Financial Institutions ◽  
Building Blocks ◽  
Critical Examination ◽  
Personal Property ◽  
Business Operations ◽  
Commercial Code ◽  
The Us ◽  
Secured Transactions ◽  
Back Door

AbstractIn response to the inability of micro, small and medium scale enterprises (MSMEs) to access credit to finance their business operations, the governor of the Central Bank of Nigeria passed the Central Bank of Nigeria (Registration of Security Interests in Movable Property by Banks and Other Financial Institutions in Nigeria) Regulations, No 1, 2015. The purport of this regulation is, among other things, to ensure that MSMEs can use items of personal property to create security. This article critically examines the regulation in the light of the building blocks of article 9 of the US Uniform Commercial Code, which is not only a paradigmatic piece of legislation but appears to be the model on which the Nigerian regulation is based. This critical examination leads the authors to conclude that, although the regulation represents the first steps to reform, much more remains to be done to ensure effectiveness.

Hague Securities Convention goes into effect in the United States

2017 ◽  
Vol 18 (4) ◽  
pp. 72-77
Author(s):  
Bryan L. Barreras ◽  
Barbara M. Goodstein ◽  
Kevin C. McDonald
Keyword(s):  
The United States ◽  
Choice Of Law ◽  
Content Type ◽  
Commercial Code ◽  
The Us ◽  
Secured Transactions ◽  
The Hague ◽  
Market Practice ◽  
The Law ◽  
The Impact

Purpose To explain the Hague Securities Convention in the context of secured financing transactions in the US and to discuss the implications of the Convention on new and existing transactions, as well as on market practice going forward. Design/methodology/approach This article provides a broad overview of the Hague Securities Convention and the impact of the Convention’s choice of law rules on secured financing transactions in the US involving intermediated securities, including how this deviates from previously applicable laws (such as the Uniform Commercial Code), and provides practical considerations with respect to secured financing transactions. Findings While in most circumstances the Convention provides for the same choice of law as previously applicable laws, there are certain scenarios where the Convention will produce a different result. Market practice with respect to perfecting security interests will likely change to take account of the Convention and to provide the parties with certainty regarding the law applicable to secured transactions. Practical implications The Convention calls for increased diligence with respect to the law governing the account agreement between the debtor and the securities intermediary and whether the securities intermediary has a qualifying office in that jurisdiction. Originality/value Practical guidance from experienced finance lawyers.

scholarly journals Comments on Luke Nottage's Paper

2005 ◽  
Vol 36 (4) ◽  
pp. 859
Author(s):  
Meredith Kolsky Lewis
Keyword(s):  
United States ◽  
The United States ◽  
Good Faith ◽  
Narrow Scope ◽  
Doing Business ◽  
The Us ◽  
International Sale Of Goods ◽  
Uncertainty Of Outcome ◽  
Over Time

The author comments on Luke Nottage's paper found in this volume (Luke Nottage "Who's Afraid of the Vienna Sales Convention (CISG)? A New Zealander's View from Australia and Japan" (2005) 36 VUWLR 815). The author first identifies additional factors as to why the Convention on Contracts for the International Sale of Goods ('CISG') may be opted out of in the United States: its lack of a duty of good faith, its narrow scope, and its uncertainty of outcome. However, the author argues that we should be more optimistic about the use of the CISG in the US. First, the US is an original signatory. Secondly, Americans may come to accept the CISG more as their exposure to it grows. Thirdly, a lack of reported US cases involving the CISG does not necessarily mean it is not being used – it purely indicates a lack of litigation. Fourthly, the CISG not being used may speak more about who the US are doing business with. Finally, the numbers show that the CISG is being used frequently. The author therefore concludes that we should be optimistic about the use of the CISG in the United States, and expects its use will increase over time.

Setting a new standard for the harmonization of secured transactions law: the new Belgian Pledge Registry

2019 ◽  
Vol 24 (3) ◽  
pp. 520-544
Author(s):  
Joke Rachel Baeck ◽  
Lize Heytens
Keyword(s):  
The United States ◽  
Modern Technology ◽  
International Standards ◽  
Trade Law ◽  
International Trade Law ◽  
Filing System ◽  
Registry System ◽  
Commercial Code ◽  
The Us ◽  
Secured Transactions

Abstract At present, the notice filing system under Article 9 of the United States Uniform Commercial Code is seen as the most influential model worldwide for a registry of security rights in movables. However, the US system, established in 1952 and currently still in transition towards electronic filing, does not meet state-of-the-art technology standards. By contrast, the Belgian Pledge Registry, operational since 1 January 2018, is a fully automated electronic registry system that benefits from the advantages of modern technology. The question therefore arises whether the Belgian Pledge Registry has the potential to become a new additional leading model for registration of security interests in movables. To answer this question, we will test the extent to which the Belgian Pledge Registry meets the current international standards for a modern and efficient registry of security rights in movables, as set out in United Nations Commission on International Trade Law instruments and the European Draft Common Frame of Reference.

scholarly journals The International Contracting Practices Survey Project: an Empirical Study of the Value and Utility of the United Nations Convention On the International Sale Of Goods (Cisg) and the UNIDROIT Principles of International Commercial Contracts to Practitione

2008 ◽  
Vol 27 (1) ◽  
Author(s):  
Peter L Fitzgerald
Keyword(s):  
Empirical Study ◽  
United Nations ◽  
Common Law ◽  
Choice Of Law ◽  
Commercial Code ◽  
Effective Choice ◽  
United Nations Convention ◽  
The United Nations ◽  
International Sale Of Goods

In an era of globalization it is perplexing that so many U.S. practitioners, jurists, and legal academics continue to view contract issues as governed exclusively by state common law and the Uniform Commercial Code. In essence, a significant number of lawyers may be defaulting to the wrong law, in the absence of an effective choice of law clause, when trying to determine the rights and responsibilities arising out of international commercial transactions. The object of the International Commercial Contracting Practices Survey Project was to learn more about how and why this occurs.

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