(c ) Colloquium on Reform of Secured transactions Law the draft UNCITRAL Legislative Guide on Secured Transactions (Clermont Ferrand, France 23 April 2004)

on Secured Transactions

Draft legislative guide on secured transactions

Recommendations of the draft Legislative Guide on Secured Transactions

Recommendations of the draft legislative guide on secured transactions

Recommendations of the draft legislative guide on secured transactions

A legal system that supports secured credit transactions is critical to reducing the perceived risks of credit transactions and promoting the availability of secured credit.

(cc) Bank account means, subject to law other than secured transactions law, an account maintained by a bank into which funds may be deposited.

K. Harmonize secured transactions laws, including conflict of laws rules

(k) Harmonize secured transactions laws, including conflict of laws rules.

These transactions are essentially non possessory security rights, and they are primarily used in States where the secured transactions law has not yet appropriately recognized non possessory security rights.

(dd) Intellectual property right includes, subject to law other than the secured transactions law, patents, trademarks, service marks, trade secrets, copyright and related rights and designs.

Subject to the limitations discussed in the following paragraph, the secured transactions law would apply to security interests in intellectual property rights.

However, in developing its secured transactions law, a State should take account of the increasing importance and economic value of intellectual property assets to companies seeking to obtain low cost secured credit.

(f) The possible repercussions for secured transactions and secured creditors in the way in which corporate groups are treated in insolvency.

Where a direct inconsistency exists, the State's secured transactions law should expressly confirm that the other law and international obligations govern those assets to the extent of that inconsistency

Security rights in such assets are not excluded but, in the case of any inconsistency between such a special law and secured transactions law, the special law (e.g. the special registration system) prevails.

This Guide adopts terminology to express the concepts that underlie an effective secured transactions regime.

(b) The record of the registry is centralized that is, it contains all notices of security rights registered under the secured transactions law of the enacting State

Taught international law, comparative law, international business transactions and customary law.

It was stated that a modern regime on secured transactions could simply not ignore bank accounts.

These recommendations could be included in a preamble of the secured transactions law as a guide to the underlying legislative policies to be taken into account in the interpretation of the law (hereinafter referred to as the law ).

The purpose of the recommendations on key objectives is to provide a broad policy framework for the establishment and development of an effective and efficient secured transactions law.

The secretariat of the Conference is assisting UNCITRAL on private international law aspects of various UNCITRAL projects (including the ongoing work on a legislative guide on secured transactions).

Furthermore, to the extent complete harmonization of national secured transactions laws might not be achieved, conflict rules would be particularly useful to facilitate cross border transactions.

The recommendations of the Guide are addressed to national legislators considering reform of domestic secured transactions laws.

This is most likely the case in States whose secured transactions regime is not up to date.

As a result, absolute transfers of all those types of obligation are excluded from the scope of the draft Guide and are left to other non secured transactions law.

It was also agreed that the commentary should discuss the impact of recommendation 2 in the context of an integrated and a non integrated approach to secured transactions law.

The purpose of this Guide is to assist States in the development of modern secured transactions laws with a view to promoting the availability of low cost secured credit.

1974 1983 Lecturer, Commercial Transactions, Law Practice Institute

1975 1991 Examiner, Commercial Transactions, Law Practice Institute

(w) Negotiable instrument means, subject to law other than secured transactions law, an instrument that embodies a right to payment, such as a promissory note or a bill of exchange, which satisfies the requirements for negotiability under the law governing negotiable instruments.

In conjunction with that session, an informal presentation was made of the recently completed secured transactions law in the Slovak Republic, which was supported by the World Bank and by EBRD.

These examples represent only a few of the numerous forms of secured credit transactions currently in use, and an effective secured transactions regime must be sufficiently flexible to accommodate many existing methods of financing, as well as methods that may evolve in the future.

(x) Negotiable document means, subject to law other than secured transactions law, a document that embodies a right for delivery of tangibles, such as a warehouse receipt or a bill of lading, which satisfies the requirements for negotiability under the law governing negotiable documents.

(dd) Consultations with German Ministry of Justice on the draft Legislative Guide on Secured Transactions (Berlin, Germany 15 November 2004)

After discussion, it was agreed that all acquisition financing devices should be treated equally, whether a State integrated them in its secured transactions law or to a different but equivalent set of rules.

In Latvia natural resources are included in the civil transactions and may be object of the civil law transactions.

Essential to this balance is a close coordination between the secured transactions and insolvency law regimes, including provisions pertaining to the treatment of security rights in the event of a reorganization or liquidation of a business.

Adjunct Professor of Law, Howard University Law School, Washington, D.C., United States, 1967 1969 (international business transactions).

Article 15 Women's equal rights before the law and in civil transactions

It was stated that acquisition financiers should be given a short period of time after the effective date of the new law, within which they could register their rights in the secured transactions registry and preserve their priority.

A key to a successful legal regime governing secured transactions is to enable a broad array of businesses to utilize the full value inherent in their assets to obtain credit in a broad array of credit transactions.

To best promote the availability of low cost secured credit, the Guide suggests that secured transactions laws should be structured to enable businesses to utilize the value inherent in their property to the maximum extent possible to obtain credit.