The Reform of Personal Property Security Law: Can Article 9 of the US Uniform Commercial Code be a Precedent?

1988 ◽  
Vol 37 (3) ◽  
pp. 465-504 ◽  
Author(s):  
Iwan Davies
Keyword(s):  
Personal Property ◽  
Article 9 ◽  
Commercial Code ◽  
The Us

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.

The reform of English personal property security law: functionalism and Article 9 of the Uniform Commercial Code

Legal Studies ◽  
2004 ◽  
Vol 24 (3) ◽  
pp. 295-321 ◽  
Author(s):  
Iwan Davies
Keyword(s):  
Common Law ◽  
Central Feature ◽  
Important Distinction ◽  
Personal Property ◽  
Security Interest ◽  
Article 9 ◽  
Commercial Code ◽  
The Common ◽  
The Impact ◽  
Unitary Concept

Historically, Article 9 of the Uniform Commercial Code has influenced in the debate over the reform of personal property security law in England. The revision to Article 9 has provided some further impetus to the issue of reform. A central feature of Article 9 which has been adopted in recent reform proposals for English law is the development of a generic unitary concept of the security interest and the specific rejection of formalism in security transactions. The impact upon the common law environment in England and Wales of the adoption of such an approach is considered in this paper. It is argued that the unitary concept of a ‘security interest’ is too blunt a concept and is over inclusive in that it wrongly assumes that all security interests perform an identical function. Furthermore, the development of functionalism seen in Article 9 has blurred an important distinction drawn under the common law between relative property rights and in this way fails to distinguish between what are essentially different transactions. In turn, this invites scrutiny of the usefulness in this context of notice filing and the first-to-file priority rule which is at the heart of an Article 9 regime.

Identifying borrowed sources in secured transactions law reform

2019 ◽  
Vol 24 (3) ◽  
pp. 545-575
Author(s):  
Roderick J Wood
Keyword(s):  
New Zealand ◽  
Dynamic Environment ◽  
Law Reform ◽  
Personal Property ◽  
Article 9 ◽  
Complex Process ◽  
Commercial Code ◽  
Secured Transactions ◽  
The Usa ◽  
Model Law

Abstract The enactment of Article 9 of the Uniform Commercial Code in the USA has had a profound influence on the reform of secured transactions law in other countries. The operational principles that animate Article 9 were first transplanted into Canada and later into New Zealand. In the last two decades, at least 25 countries have passed personal property security legislation (PPSA) based on these principles. On one level, one could claim that Article 9 has been transplanted into each of these 25 countries. However, on another level this story is far too simplistic. If one examines the various statutes, it becomes clear that a more complex process has been at work in which there has been innovation as well as borrowing. These innovations, in turn, influence the borrowings of other countries that enact a PPSA. In this highly dynamic environment the source of borrowing can be difficult to identify. This article examines the nature and extent of the borrowings that occur in connection with the reform of secured transactions in countries that have enacted a PPSA. It will identify three major templates that are available—namely, the most recent version of Article 9, the Canadian/New Zealand model, and the UNCITRAL Model Law. These templates will be reviewed in order to find markers that are present only in that template and not in the other two. These markers will be used to ‘fingerprint’ the PPSA legislation in other countries in order to measure the extent to which the jurisdiction has borrowed from each of the three templates. The article will conclude with a number of observations about the path of secured transactions law reform on an international level.

Part VII Criticism and Law Reform Proposals, 23 Criticism and Reform Proposals

2018 ◽  
Author(s):  
Beale Hugh ◽  
Bridge Michael ◽  
Gullifer Louise ◽  
Lomnicka Eva
Keyword(s):  
United States ◽  
New Zealand ◽  
The United States ◽  
Law Reform ◽  
Personal Property ◽  
Article 9 ◽  
Commercial Code ◽  
Canadian Provinces

This chapter discusses how aspects of law governing security over personal property, and especially the registration requirements for company charges and for bills of sale and the rules of priority, have been criticized for many years. There has been a series of reports recommending reform; some of these have recommended amendments to the Companies Act and the rules of priority of charges registered under the Act. Meanwhile, others have proposed more radical reforms that would replace both the Companies Act and the Bills of Sale Acts with a ‘notice filing’ scheme based on Article 9 of the United States Uniform Commercial Code and subsequently adopted, with slight variations, in many Canadian provinces and New Zealand.

scholarly journals UNCITRAL, security rights and the globalisation of the US Article 9

2020 ◽  
Vol 62 (4) ◽  
pp. 485-504
Author(s):  
Gerard McCormack
Keyword(s):  
Social Relationships ◽  
Private Property ◽  
Policy Choices ◽  
Trade Law ◽  
International Trade Law ◽  
Article 9 ◽  
Commercial Code ◽  
The Us ◽  
Credit Law ◽  
Formal Procedures

This article provides a critical analysis of the UN Commission on International Trade Law (UNCITRAL) proposals for developing – through its Legislative Guide (the Guide) – a 'liberal' global secured credit law regime that opens up the range of assets that can be used for securing loans and that limits formal procedures required for taking security interests. The article argues that UNCITRAL’s reliance on Article 9 of the US Uniform Commercial Code is problematic for various reasons. First, it neglects reference to indigenous secured credit law norms that also reflect national social policy choices in a range of countries. Second, it questions the idea that global 'liberal' secured credit law of the kind articulated in the Guide helps to achieve 'economic efficiency', since it relies on a narrow conception of private property. Moreover, by relying on existing property rights distributions, a liberal secured credit law can further entrench existing socio-economic disparities in a society. The article therefore casts doubt on the idea that UNCITRAL’s Legislative Guide is an example of a successful 'harmonized, modernized and marketized' secured credit law, and instead – in Polanyian terms – draws attention to its potential to further disembed markets in credit out of social relationships.

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.

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.

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