Secured transactions law has been subjected to a close scrutiny over the last two decades. One of the main reasons for this is the importance of availability of credit and the consequent need to reform collateral laws in order to improve access to finance. The ability to give security effectively influences not only the cost of credit but also, in some cases, whether credit will be available at all. This requires rules that are transparent and readily accessible to non-lawyers as well as rules that recognise the needs of small and medium-sized enterprises.
This book critically engages with the challenges posed by inefficient secured credit laws. It offers a comparative analysis of the reasons and the needs for a secured transactions law reform, as well as discussion of the steps taken in many common law, civil law and mixed law jurisdictions.
The book, written under the auspices of the Secured Transactions Law Reform Project, informs the debate about reform and advances novel arguments written by world renowned experts that will build upon the existing literature, and as such will be of interest to academics, legal practitioners and the judiciary involved in secured transactions law around the world.
The text considers reform initiatives that have taken place up to the end of April 2016. It has not been possible to incorporate events since then into the discussion. However, notable developments include the banks decree passed by the Italian Government on 29th June 2016, and the adoption of the Model Law on Secured Transactions by UNCITRAL on 1st July 2016.
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About the Author
Louise Gullifer is Professor of Commercial Law at the University of Oxford.
Orkun Akseli is Senior Lecturer in Commercial Law at Durham University.
Table of Contents
List of Contributors xi
Table of Cases xiii
Table of Legislation xxiii
Table of International Instruments liii
1 Introduction Louise Gullifer 1
Part I Modernisation of the Law of Secured Transactions in Common and Mixed Law Jurisdictions
2 An Outline of a Typical PPSA Scheme Hugh Beale 7
3 An Historical Overview of UCC Article 9 Peter Winship 21
4 Transplanting Article 9: The Canadian PPSA Experience Catherine Walsh 49
5 Current Issues in Secured Transactions Law in Canada: An Ontario Perspective Anthony Duggan 95
6 The New Zealand Perspective Mike Gedye 115
7 Australian Secured Transactions Law Reform David Brown 145
8 Secured Transactions Law Reform in Malawi: the 2013 Personal Property Security Act Marek Dubovec Cyprian Kambili 183
9 Reforming the Law of Secured Transactions in Jersey Roy Goode John Rainer 207
10 Reforming the Company Charge Register in Ireland Noel McGrath 233
11 Reforming the Law of Secured Transactions in Scotland Andrew JM Steven Hamish Patrick 253
Part II The Current State of Affairs: the English Law of Secured Transactions
12 The English Law of Personal Property Security: Under-reformed? Louise Gullifer Magda Raczynska 271
13 An Lmeasy Case of Multiple Tracing Claims in English Law Magda Raczynska 297
14 Should Clauses Prohibiting Assignment be Overridden by Statute? Louise Gullifer 319
Part III Modernisation of the Law of Secured Transactions in Selected European Civil Law Jurisdictions
15 The Peculiar Approach of German Law in the Field of Secured Transactions and Why it has worked (So Far) Moritz Brinkmann 339
16 Italian Secured Transactions Law: the Need for Reform Anna Veneziano 355
17 The Still Uncompleted Evolution of the French Law on Secured Transactions towards Modernity Jean-Francois Riffard 369
18 The Belgian Reform on Security Interests in Movable Property Eric Dirix 391
19 Secured Transactions Law Reform in Lithuania Andrius Smaliukas 405
20 Modernisation of the Law of Secured Transactions in Spain Teresa Rodríguez de las Herns Ballell Jorge Feliu Rey 417
Part IV The Potential Influence of International Legislative Texts on Law Reform
21 The EBRD's Experience in Secured Transactions Reform: How Can Outsiders Help? Frederique Dahan 445
22 The United Nations Convention on the Assignment of Receivables in International Trade and Small Businesses N Orkun Akseli 465
23 The UNCITRAL Legislative Guide on Secured Transactions and the Draft UNCITRAL Model Law on Secured Transactions compared Spyridon V Bazinas 481
Part V Conclusions and Recommendations
24 Conclusions and Recommendations Louise Gullifer 505