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A key novelty of the unitary system of personal property security law is the concept of security interests or rights developed to address the rather complex categorizations of security rights under the common law. With respect to the limitations of floating charges as security devices for loans under the common law, there were expectations that the unitary security interest could provide an alternative security device capable of addressing the problems faced by hitherto inhibited business borrowers. This article compares the floating charge device to the unitary security interest in some critical areas to ascertain whether the latter ameliorates the difficulties associated with floating charges or whether it merely creates an added conceptual burden within the framework of an already convoluted secured transactions system. [ABSTRACT FROM AUTHOR]

The Security Interest, thoroughly regulated under article 9 of the Uniform Commercial Code of the USA, allows debtors and creditors to engage in secured transactions, where a wide range of assets may serve as collateral, avoiding the risk of a debtor's default, thus enhancing the provision of credit. This article analyses article 9 and highlights the simplicity of this institute, stressing the difficulties and required amendments that should be made to the Uruguayan Pledges Without Transfer of Possession Act (n.° 17228) of the year 2000, which only partially imported the security interest model. [ABSTRACT FROM AUTHOR]

The Secured Transactions in Movable Assets Act, 2017 (STMA or Act) was enacted by Nigeria's National Assembly to, amongst others, stimulate lending to micro, small and medium enterprises. The STMA, amongst others creates a collateral registry and assigns its supervision to the Central Bank of Nigeria (CBN), Nigeria's foremost financial regulatory agency. This article evaluates the CBN's role under the Act and contends that having regard to its regulatory focus, the assignment of this responsibility could jeopardize the realisation of the Act's objective of stimulating funding to small business entities. [ABSTRACT FROM AUTHOR]

In 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. [ABSTRACT FROM AUTHOR]

Article 9 of the Uniform Commercial Code (UCC) governs secured transactions in personal property in all fifty states and has been lauded as "the most successful commercial statute ever." But while Article 9 has facilitated commerce and economic growth, it remains complicated and inefficient in numerous respects. Its weaknesses are well known but have been considered necessary evils, accepted because no better approaches were available. But just as the UCC was motivated initially by the idea of streamlining the law to accommodate modern commerce, now that goal should motivate revision of the UCC itself. This Article proposes to remove and replace a primary structural component of Article 9 of the UCC--the filing system by which secured creditors put others on notice of their interest in items of collateral. The proposal would jettison this outdated and often ineffective method of providing notice of security interests, and instead, would look to modern technologies to stake clearer and more reliable claims on collateral. It would no longer be necessary to file financing statements indexed under the name and location of the owner of collateral. Instead, the proposed regime would allow creditors to stake their claims directly--by means of online "smart" maps or by electronic tags identifying interests in particular items of collateral--and would eliminate numerous arcane, inefficient, and inequitable features of the current regime. The proposal serves the broader goals of commercial law as well, by reducing needless legal complexity and more closely aligning legal requirements with business realities. The "disruptive" changes proposed in this Article would increase certainty in commerce and shape secured transactions law to emerging practices in business and finance. [ABSTRACT FROM AUTHOR]

The Secured Transactions in Moveable Assets Act (STMA or the Act) was enacted in May 2017 as Nigeria's apparent response to the reform of states' personal property security laws following calls by the United Nations Commission on International Trade Law (UNCITRAL). In an apparent shift from the common law secured transactions' system widely believed to stifle credit transactions, the STMA seeks to stimulate funding to micro, small and medium enterprises (MSMEs). The Act however curiously adopts the remedies' scheme under the Companies and Allied Matters Act (CAMA) including receiverships. This paper examines the implication of the Act's adoption of receiverships on the Nigerian law of secured transactions and contends that it could jeopardize the realization of the Act's objective of stimulating funding to MSMEs. [ABSTRACT FROM AUTHOR]

The article discusses the juridical nature of security interest under the Personal Property Security Act (PPSA) and secured transactions law reform. Also cited are the Quebecois Law that mandates the registration of retention of title clauses, the City of London Law Society (CLLS) model as another example, as well as the importance of marshalling.

The article offers basic guidance for opinion practitioners in real estate finance transactions in the U.S. to consider when there is a personal property security interest governed by the Uniform Commercial Code (UCC). It provides information on general concepts of creation, attachment, perfection and priority. Also discussed is the application of these concepts to types of property, including deposit accounts and investment property.

The article offers a guide for opinion practitioners in real estate finance transactions to consider in giving, preparing and reviewing to address security interests governed by the Uniform Commercial Code (UCC). Topics covered include the UCC concepts applicable to opinions, the opinions as to UCC collateral, and specific UCC personal property collateral in real estate finance transactions.

While difficulty in classifying specific arrangements as security interests often arose at common law, the essential attributes of each type of security interest were nonetheless readily identifiable. Drawing on relatively recent Canadian cases, this article explores how the expanded notion of a security interest arising under the Personal Property Securities Act 2009 (Cth) might be characterised. While agreeing with a view developed in other PPS jurisdictions that the interest should be interpreted as fixed and legal in nature irrespective of the type of transaction under which it arises, the article queries a not uncommon characterisation of that interest as necessarily a charge. The article also analyses whether the interest could be conceptualised more simply as a statutory interest the precise content of which varies according to the transaction under which it arises. Acknowledgement that the security interest can be constituted by differing bundles of rights would support a sometimes controversial argument that existing learning on common law distinctions between security transactions remains important, even though most consequences of such distinctions are removed by the Act. Such a conceptualisation might nonetheless help to identify and explain the extent to which recourse should be sought to general law rules to enable the Act to operate effectively within its local commercial law framework. [ABSTRACT FROM AUTHOR]

The purpose of this article is to provide some guidance to practitioners and the judiciary in both Australia and New Zealand on the vital question: when is a sale in the 'ordinary course of business' for the purposes of the Personal Property Securities Acts of Australia and New Zealand? It is not uncommon for the courts to say that in any given case this is a question of fact. But, while not denying the importance of the particular factual circumstances in issue, the author seeks to demonstrate that the analysis will be facilitated by adopting a structured approach that initially recognises the primacy of security interests and that follows sound legal principles developed by the North American courts. Differences between the Australian and New Zealand legislative provisions are analysed to determine whether they lead to different outcomes on either side of the Tasman. [ABSTRACT FROM AUTHOR]

The article discusses developments in the Personal Properties Securities Act 2009 (PPSA) under Australian commercial law which regulates security interests over personal property via an online register. It examines the construction of contracts that creates security interests in personal property for the purposes of the PPSA and the priority rules of security interests and the insolvency provisions. It highlights the provisions of Romalpa clauses, equipment leases, and retention money.

The Personal Property Securities Act 2009 (Cth) ('PPSA') came into effect on 30 January 2012. Among other things, the PPSA introduces a comprehensive new registration system for security interests in personal property. This article explains the elements of the PPSA registration system, with particular reference to how it differs from earlier registration systems including the provisions governing registration of company charges in ch 2K of the Corporations Act 2001 (Cth) and the registration requirements in the state and territory bills of sale and motor vehicle securities statutes. The article also explores similarities and differences between the Australian PPSA registration system and the Canadian and New Zealand systems. [ABSTRACT FROM AUTHOR]

The article offers information about laws regarding secured transactions in New Zealand. Topics include the Personal Property Securities Act 1999 in New Zealand, the development of jurisprudence in New Zealand and Australia regarding secured transactions, and court cases in New Zealand related to the issue.

The article offers information about the effect of the Personal Property Securities Act 2009 (PPSA) in Australian law on the legal principles related to security interests. Topics include retention of title in property law, the reselling of goods under PPSA, and ownership of goods in relation to debts of a purchaser.

This paper focuses on a statutory provision common to Australian, New Zealand and Canadian personal property securities legislation which requires a grantor of a security interest generally to have 'rights in the collateral' before a security interest can attach to that collateral. It analyses the extent to which a particular construction of that provision, initially developed by Canadian courts and commentators in the context of certain lease transactions and now applied in New Zealand, may and should colour construction of the equivalent Australian legislation. The paper argues that 'new learning', which holds the interest of a lessee sufficient to enable a security interest to attach to leased goods, is capable of achievement through different reasoning to that currently adopted by New Zealand courts. Such reasoning has significant implications for understanding when a security interest may attach to personal property more broadly. [ABSTRACT FROM AUTHOR]

The article offers information about migrated security interests under the Personal Property Securities Act 2009 in Australia. Topics include the history of migrated security interests, personal property securities, commercial law in countries such as the United States and Canada, and securities reform in Australia.

The article offers information about the effect of the provision for rights in the collateral in section 19(2) of the Personal Property Securities Act 2009 in Australian law. Topics include the definition of possession in Australian law, property ownership, and the laws in countries such as the U.S. and Canada regarding personal property.

The article offers information about issue of flawed assets in security interests under the Personal Property Securities Act 2009 (PPSA) in Australia. Topics include the term "flawed asset arrangement," under PPSA, the history of flawed assets in personal property, and the Supreme Court of Canada decision Caisse populaire Desjardins de l’Est de Drummond v Canada.

The article offers information about the effect of the Australian Personal Property Securities Act 2009 (PPSA) on security interest. Topics include the Corporations Act 2001 in the country, the Bankruptcy Act 1966, and the security interest under the U.S. Uniform Commercial Code. The article also offers proposals for legal interpretation of PPSA.

The English law of secured transactions in personal property is of a rather piecemeal nature, largely built on case-lawbut with some statutory intervention. It lacks a coherent structure and contains a number of anomalies, not least in the way it places emphasis on form rather than substance and in the manner in which it attempts to distinguish between different types of security and between secured transactions and other forms of proprietary financing. This article examines the case for reformof the lawand puts forward proposals drawn from suggestions previously made by the Law Commission which, in turn, had been developed from the reformed systems that operate in North America and New Zealand and which are now also being implemented in Australia. [ABSTRACT FROM AUTHOR]

The Australian Personal Property Securities Act 2009 has transformed the landscape of personal property security law in Australia. This paper examines the shape which the reforms take. The new regime largely resembles those introduced in other jurisdictions where reform has been undertaken, both in its broad structure and in the detail; it introduces a unified, functional approach towards security interests in personal property, a "notice-filing" regime for registration and a single electronic register. This paper discusses the extent to which it also departs from both the style and the substance of other regimes. Although many of the differences are intentional, they may prove ill-advised. However, even if faults can be found with the new regime, there is no doubt that it represents a significant improvement on what came before. [ABSTRACT FROM AUTHOR]

In this article the author discusses the legislation formulated by fifty states in the U.S. that pertains to consumer protection. He scrutinizes the content of the Article 9 of the Uniform Commercial Code (UCC) which governs security interests in personal property. He also examined the courts' definition of the statute which claimed to cause confusion for lenders and debtors.

The article discusses changes to Spanish common law pertaining to personal property and the extending of credit and collateral without displacement. The author refers to Article 54 of the Law on Chattel Mortgage and Non-Possessory Pledge. The issues of refinancing and loans secured by chattel mortgages serving as cover for bond issues in the mortgage market are addressed by the author.

Background: The Model for End-Stage Liver Disease (MELD) and Child-Turcotte-Pugh (CTP) scores are import ant predictors for survival after liver transplantation (LT). The objective of this study was to compare the utility of MELD and CTP scores with Canadian waitlisting algorithm in transplantation (CanWAIT) status for predicting 90-day survival after LT. Methods: Retro- spectively, we analyzed all 228 liver transplants performed in adults by the Atlantic Liver Transplant Program since 1985. These cases included combined transplants, retransplants and those after fulminant liver failure. MELD and CTP scores were calculated, and CanWAIT status and waiting time on the day of LT determined. We used c-statistic for 90-day outcome as the endpoint (survival), comparing areas under the receiver operating characteristic (ROC) curves for MELD and CTP scores and CanWAIT status. Results: Mean (and standard deviation [SD]) MELD score was 18 (SD 12); CTP score, 10 (SD 3); and waiting time, 97 (SD 132) days. At the time of LT, 54% were in CanWAIT status 1;4% in 1T; 14% in 2; 11% in 3;6 % in 3F; 4% in 4; and 7% in status 4F. Overall 90-day survival was 80% (95% confidence interval [CI] 75%-85%), exceeding the predicted survival by MELD scale with transplant of only 51% (CI 47%-55%). By c-statistic, CanWAIT is a clinically relevant predictor of 90-day outcomes in LT. By multivariate regression analysis, only CanWAIT status and age were found to have independent associations for short-term outcomes after LT. Interpretation: CanWAIT status stratifies LT patients better and predicts short-term outcome more accurately than MELD or CTP scores, and so should not be replaced by MELD or CTP scores. This observation should be confirmed by a prospective and multicentre study in Canada. [ABSTRACT FROM AUTHOR]

This paper presents the Romanian Law on Security Interests in Movable Property, together with commentaries on its main articles. It also discusses the background research and analysis that preceded the enactment of the law. Problems in the legal and institutional framework for secured transactions ranked high among the factors that limited access to credit in Romania. Limited access to credit, in turn, led to lower rates of investment and, thence, to lower rates of economic growth. Moreover, since the existing credit system could safely take as collateral only large holdings of real estate, the credit system discriminated heavily against those with mainly movable property as assets—the poor and operators of small businesses and farms. These legal problems reduced access to credit in Romania more than did macroeconomic instability or a variety of other structural features of the economy. Moreover, these limits would have lingered on undiminished long after macroeconomic stability could have been achieved. Limited access to credit has been generally recognized as constraining growth and aggravating poverty. Many donors and governments have attempted to address this problem without remedying its underlying legal roots: they have supported directed credit programs, state loan guarantees, state-funded guarantee funds, and direct loans by state agencies. These efforts typically end in disaster. Even where employees of such institutions matched their private counterparts in their desire to collect loans, the legal and regulatory framework prevented collection. State lenders may be able to make loans that the private sector will not make; however, they are no more able to collect them. No one has devised a feasible and effective economic remedy to this legal problem. Good public policy relaxes limits to access to credit by addressing the legal roots of this problem. Notwithstanding the importance of collateral to lenders and of movable property to producers, before the reform, the laws and legal registries of Romania largely prevented private lenders from taking movable property as collateral for loans. The new Romanian Law on Security Interests in Personal Property remedies this problem. It sets out a comprehensive framework for using personal property as collateral for loans. It introduces a broad system of security interests in personal property that derogates the existing narrow regime of non-possessory pledges. The law broadens the range of property that can serve as collateral under the concept of security interests (Garantiile Reale) far beyond the scope of what the pre-reform pledge. Today, a wide variety of property and transactions can secure a loan. The law sets out a compulsory and unique system for establishing priority among creditors in collateral. It provides that the first creditor who files a notice of the security interest shall be the first entitled to receive the proceeds from the sale of the collateral should the borrower default. These provisions apply to any secured creditor and to any creditor who—under any contract—has a right to satisfaction from property of the debtor or from property in the debtor's possession. This includes creditors in financial leases, conditional sales, warehouse operations, and accounts receivable financing. The law provides that the ranking of priority depends only on the time of filing a notice of the security interest in an Electronic Archive. Unlike a pledge registry, this Archive system does not register the security agreement. Rather, it files in a database a notice that a security interest exists. This notice contains minimal information about the parties to the transaction and the security interest. Furthermore, the law sets out—for the first time anywhere in the world—a registry archive in the Internet that may be accessed on-line both to file and to retrieve information. [ABSTRACT FROM AUTHOR]

The author provides a perspective on crop liens, whether crops are real property or personal property, and discusses the effect of the Uniform Commercial Code (UCC) on the priority of liens. She offers an overview of the stipulations under the UCC which specifically addresses the issue of crops and lien priority. She also details a case which addresses issues surrounding a security interest in property not yet grown.

This article provides information regarding the recent legal cases in the U.S. Informing about the rule of laches for liens on domestic vessels it says that liens were barred appeal. The federal act under which the liens are claimed expressly supersedes the state statutes but provides that it is not to affect existing "rules of law in regard to laches." In another section the article describes about liability on contract for partly undisclosed principal. Regarding remaining cause for error in sustaining demurrer to evidence the article says that In an action for negligent injuries to land and crops, the plaintiff's evidence showed negligence on the part of the defendant and injury to the plaintiff, but there was insufficient evidence of any actual damage.