scholarly journals The Defects of Nigeria’s Secured Transactions in Movable Assets Act 2017 and Their Potential Repercussions on Access to Credit: a Comparative Analysis and Lessons from the Anglo-American Law

2021 ◽  
Vol 27 ◽  
pp. 9-46
Author(s):  
Williams Chima Iheme
Keyword(s):  
Small Businesses ◽  
The United States ◽  
Legal Framework ◽  
Law And Finance ◽  
Local Conditions ◽  
Access To Credit ◽  
Article 9 ◽  
Secured Transactions ◽  
American Law ◽  
Anglo American

It has been sufficiently established in law and finance literature that an effective legal framework that governs non-possessory security transactions is a key component in the realization of financial inclusion and affordable access to credit in market economies. Recently, the Nigerian lawmakers enacted the Secured Transactions in Movable Assets Act 2017 (STMA), which was modelled after the United States’ Article 9 of the Uniform Commercial Code (UCC Article 9) and its unitary-functional approach to security interests. Arguably, some of the STMA’s provisions are defective: they do not reflect the local conditions in Nigeria and are likely to frustrate its section 1 aim of broadening access to credit for individuals and small businesses. The STMA recognizes registration as the main method of perfection: yet there are multiple but unlinked movable collateral registries in Nigeria which ultimately constitute a breeding ground for secret liens. This article argues that the relegation of other perfection methods, such as ‘possession’ and ‘control’, will diminish the economic success of the reformed law. It calls for a reconsideration of the rules governing publicity and the perfection of security interests under the STMA with insights and lessons from the UCC Article 9 and its underlying case law.

scholarly journals The Law of Obligations

2018 ◽  
Author(s):  
Michael Lobban
Keyword(s):  
United States ◽  
Tort Law ◽  
The United States ◽  
Contract Law ◽  
Public Law ◽  
The Other ◽  
Economic Changes ◽  
American Law ◽  
Anglo American ◽  
Unifying Principles

The Anglo-American law of obligations was profoundly reshaped in the two centuries after 1800, driven by social and economic changes, and changes in legal institutions and doctrines. In contract law, nineteenth-century jurists increasingly sought to put the rules of law into a coherent rational framework (inspired by continental models resting on will theory), though they soon found that this theory could not explain many contractual doctrines. In tort law, jurists were also divided over whether unifying principles underlying tort could be uncovered, with formalist efforts to find such principles being challenged by Realists who argued that tort was in effect ‘public law in disguise’. The quest for underlying principles was also pursued by scholars of unjust enrichment, first in the United States and subsequently in England; though as in the other areas of obligations, by the end of the twentieth century, there was no consensus on whether this was possible.

AMERICAN PRIVATE LAW WRIT LARGE? THE UNCITRAL SECURED TRANSACTIONS GUIDE

2011 ◽  
Vol 60 (3) ◽  
pp. 597-625 ◽  
Author(s):  
Gerard McCormack
Keyword(s):  
United States ◽  
Lower Cost ◽  
Global Financial Crisis ◽  
Critical Evaluation ◽  
The United States ◽  
Article 9 ◽  
Commercial Code ◽  
Secured Transactions ◽  
The Global Financial Crisis ◽  
Clear Objective

AbstractThis article provides a critical evaluation of the main provisions of the UNCITRAL Legislative Guide on Secured Transactions. It examines the Guide in the context of other international and national secured transactions instruments including article 9 of the United States Uniform Commercial Code. The clear objective of the Guide is to facilitate secured financing. It is very facilitating and enabling, and permits the creation of security in all sorts of situations. Security is seen as a good thing, through enhancing the availability of lower-cost credit. The paper suggests that this closeness in approach to article 9 is likely to militate against the prospects of the Guide gaining widespread international acceptance. This is the case for various interlocking reasons including the battering that American legal and financial norms have taken with the global financial crisis.

scholarly journals Small Business Entrepreneurships In The United States

2011 ◽  
Vol 27 (6) ◽  
pp. 117 ◽  
Author(s):  
RamMohan R. Yallapragada ◽  
Mohammad Bhuiyan
Keyword(s):  
United States ◽  
Small Business ◽  
Customer Service ◽  
Small Businesses ◽  
The United States ◽  
Small Business Administration ◽  
Efficient Operation ◽  
Access To Credit ◽  
Service Information ◽  
Qualified Personnel

A small business entrepreneur is defined as an individual who establishes and manages a business for the principal purpose of profit and growth. Small businesses constitute an increasingly large proportion of businesses generally in the United States economy. They account for 39 per cent of the United States gross national product and create two out of every three new jobs in our economy. Seven important prerequisites are identified as being necessary for successfully operating a small business. These include adequate financing, qualified personnel, efficient operation and production, marketing and sales, customer service, information management and administration. One of the most significant contributors to failure of a small business relates to acquisition of adequate capital. Small Business Administration (SBA) was established by Federal Government in 1953 to provide low interest loans to small business borrowers that would not otherwise have access to credit. However, there is some criticism that these SBA programs unfairly benefit, not the small businesses, but the financial institutions that participate in the SBA loan programs. Another significant source of debt financing to small businesses is known as micro-financing, started as new wave in providing capital to small businesses by the Nobel Peace Prize winner, Muhammad Yunus, in Bangladesh.

Introduction

2021 ◽  
pp. 1-6
Author(s):  
Amanda L. Tyler
Keyword(s):  
United States ◽  
Great Britain ◽  
Common Law ◽  
The United States ◽  
Habeas Corpus ◽  
American Law ◽  
History Of ◽  
The Common ◽  
Anglo American

The Introduction provides an overview of the history of the writ of habeas corpus and an overview of the book, which tells the story of what is sometimes known as “the Great Writ” as it has unfolded in Anglo-American law. The primary jurisdictions explored are Great Britain and the United States, yet many aspects of this story will ring familiar to those in other countries with a robust habeas tradition. The book chronicles the longstanding role of the common law writ of habeas corpus as a vehicle for reviewing detentions for conformity with underlying law, as well as the profound influence of the English Habeas Corpus Act of 1679 on Anglo-American law. The Introduction highlights how the writ has at times failed to live up to its glorification by Blackstone and others, while noting that at other times it has proven invaluable to protection of liberty, including as a vehicle for freeing slaves and persons confined solely based on a King’s whim.

The Use of Analogy in the Administrative Law

2013 ◽  
Vol 11 (3) ◽  
pp. 565-581
Author(s):  
Tomaz Kerestes ◽  
Martina Repas
Keyword(s):  
Special Problem ◽  
Case Law ◽  
Legal Framework ◽  
Administrative Law ◽  
Legal Tradition ◽  
Legal Method ◽  
Predominant Form ◽  
American Law ◽  
Anglo American ◽  
Open Question

Analogy means that one or more statutory provisions are stripped of their non-essential parts, and in this purified form are applied to cases which are different, but not essentially different from the cases regulated in the statute. This is an important legal method. In Anglo-American law it is relevant for the analysis of case law applicability. In Civilian legal tradition it is the predominant form of gap-filling. This method is of highest importance in the civil law and significantly curtailed in the criminal and administrative criminal law. The open question is the application of various forms of analogy in administrative law. Authors analyze the legal framework for application of analogy in administrative law and the methods of its application. Special problem of analogy in administrative law are the limits of application.

scholarly journals Remedying the defects in India's credit and insolvency frameworks with adapted solutions from the Anglo-American legal scholarships

Pravni zapisi ◽  
2020 ◽  
Vol 11 (2) ◽  
pp. 580-619
Author(s):  
Williams Iheme
Keyword(s):  
Mirror Image ◽  
Low Rank ◽  
Local Conditions ◽  
Access To Credit ◽  
Doing Business ◽  
Commercial Code ◽  
Ease Of Doing Business ◽  
Anglo American ◽  
Bankruptcy Code ◽  
The Right

The law governing credit transactions in India is compartmentalized and concomitantly poses difficulties to contractual parties and access to credit: the overall effect of this is already being felt owing to the country's low rank on the 'getting credit' indicator of the World Bank's Ease of Doing Business Report 2020. The Insolvency and Bankruptcy Code 2016 (Code), being almost a mirror-image of the English Insolvency Act 1986, has some inherent defects that are incompatible with the local conditions vis-à-vis access to credit and business rescue. Some of these defects arguably emanate from the Code's unfair categorization of creditors into the 'operational' and 'financial' types, and the ensuing confusion as was witnessed in the Supreme Court's Home Buyers' case in 2019. Strangely, financial creditors enjoy some Code-given preferential treatments over operational creditors including the right to constitute committees of creditors in voting and confirming business rescue plans. The insolvency resolution process of the Code is incompatible with the fact that over 90% of the companies doing business in India are SMEs and family-owned. The crushing financial weight of insolvency resolution processes is foreseen to gradually cannibalize these SMEs and cause a sharp rise in the unemployment rate. The article diagnoses a number of defects in the credit and insolvency systems of India, and proposes transplantable solutions from the English system, the U.S. Chapter 11, and Article 9 of the Uniform Commercial Code.

Security Interests in Personal Property and the Nigerian Secured Transactions in Movable Assets Act 2017: An Appraisal

2020 ◽  
Vol 64 (3) ◽  
pp. 357-371
Author(s):  
Betha Igbinosun
Keyword(s):  
Small And Medium Enterprises ◽  
Legal Framework ◽  
Registration System ◽  
Access To Credit ◽  
Personal Property ◽  
Debt Finance ◽  
Secured Transactions ◽  
Medium Enterprises ◽  
Effective Use ◽  
Improve Access

AbstractIn a bid to improve financial inclusion and access to affordable debt finance by micro, small and medium enterprises (MSMEs), Nigeria's Secured Transactions in Movable Assets Act (STMA) was enacted on 31 May 2017 to regulate the creation, perfection and realization of security interests in movable assets. This article critically examines certain provisions of the STMA, including the potential issues that may arise due to the dual registration system now available under the act and that hitherto existing under the Companies and Allied Matters Act, as well as the implications of the STMA on traditional pledge transactions. It concludes that, while the STMA is an impressive attempt at enabling MSMEs to leverage their assets into capital for investment and expansion, it fails to procure a harmonized legal framework for secured transactions in personal property or to facilitate their effective use as collateral to improve access to credit by businesses in Nigeria.

Langdell on Contracts and Legal Reasoning: Correcting the Holmesian Caricature

2007 ◽  
Vol 25 (2) ◽  
pp. 345-399 ◽  
Author(s):  
Bruce A. Kimball
Keyword(s):  
United States ◽  
Golden Age ◽  
Legal Education ◽  
Legal Reasoning ◽  
Great Influence ◽  
The United States ◽  
Law School ◽  
Case Method ◽  
American Law ◽  
Anglo American

During the first decade of his tenure as dean of Harvard Law School (HLS) from 1870 to 1895, Christopher C. Langdell (1826–1906) produced closely related works on contracts and sales that exercised great influence pedagogically and jurisprudentially. Pedagogically, the casebooks on contracts and sales introduced case method teaching into American legal education. In jurisprudential terms, these works placed Langdell with Frederick Pollock and William R. Anson in England and Oliver W. Holmes, Jr., in the United States, as the leading theorists of contract during its “golden age” of “overwhelming predominance” in Anglo-American law.

Ottoman Censorship in Lebanon and Syria, 1876–1908

1979 ◽  
Vol 10 (2) ◽  
pp. 167-186 ◽  
Author(s):  
Donald J. Cioeta
Keyword(s):  
United States ◽  
Historical Context ◽  
The United States ◽  
Control Measures ◽  
Freedom Of The Press ◽  
Left Wing ◽  
Printed Books ◽  
The Press ◽  
American Law ◽  
Anglo American

Since the first printed books and newspapers, official censorship has been the norm, not the exception. Although we often regard freedom of the press as an integral part of Anglo-American law, the principle was only established after 1688. The English press did not completely escape such press control measures as seditious libel prosecutions and confiscatory taxes until the 1860s.1 Official censorship in the United States has been directed against left-wing agitation, alleged pornography, and most recently, exposure of national secrets. France and Germany have suffered various degrees of official censorship, including the most draconian. Russia has scarcely known any period in which both preand postpublication censorship was not practiced. In view of the universality of censorship, Ottoman censorship in Lebanon and Syria deserves close examination in its historical context instead of the unanimous condemnation accorded it heretofore.

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