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This book is the first detailed and comprehensive research of the history of the Cape Town Convention and its protocols. It critically engages with the challenges faced by the developers of this treaty, analyses thousands of pages of archived materials and derives important lessons for the development of transnational commercial law globally. The book is an invaluable addition to the existing literature on the Cape Town Convention. It also informs the debate about harmonisation of secured transactions regimes generally, and as such will be of interest to academics, legal practitioners and the judiciary involved in secured transactions law around the world. Practising lawyers will better understand the rationale behind the key provisions of the Cape Town Convention, while the treaty-making lessons will assist governmental officials, representatives of international organisations and legal advisors engaged in harmonisation of commercial law.The text covers all four protocols to the Cape Town Convention, including the MAC Protocol adopted on 22 November 2019 in Pretoria.

Essential 6 page digital quick reference to secured transactions, designed for students of law and those already practicing to see the significance of the details within the larger scheme of the law. Reviewers say this is a must-have for class as well as the Bar Exam with sub-parts being clear, concise and consolidated in a way that sheds light on the big picture. BarCharts, Inc was founded on our law guides created by the owner as a daily refresher and exam review, because with so much to retain in law school and beyond this guide is the quick reference you need at an unmatched value. 6 page digital guide includes: Scope of Article 9 Consignment, Leases & PledgesTerminology & DefinitionsProcedures for Creating a Security Interest Classification of CollateralCreating a Security InterestPerfection PurposeEffect of PerfectionMeans of PerfectionTools for Perfection: Financing statementPerfection by Filing a Financing Statement [9-310]Effectiveness of Filing a Financing StatementTime & Duration of Filing a Financing StatementPlace of Perfection in Multistate TransactionsTermination of PerfectionPerfection by Possession or Control (No Financing Statement)Perfection by PossessionPerfection by ControlAutomatic PerfectionPerfection of Goods Covered by a Certificate of TitlePerfection of Rights to ProceedsRules of Priority Basic Rule of PrioritySecured Parties vs Statutory Lien Holders: Basic Rule of PrioritySecured Parties vs Judicial Lien Creditors: Basic Rule of PrioritySpecial Priority Rules for FixturesSpecial Rules for PMSI PrioritySpecial Priority Rules for Buyers of Goods in Ordinary Course of Business [9-320]Special Priority Rules for AccessionsSpecial Priority Rules Regarding BankruptcyDefaultRepossession, Right to Redeem & Foreclosure

This book explains how companies that sell equipment and other products can increase product sales and add an additional profit center by establishing their own innovative leasing and financing operation.Industry data shows that the need for equipment and other product financing has evolved over the past few decades to where now nine out of ten U.S. companies use leasing or other forms of third party financing to acquire the equipment or other products they need. For market-aggressive companies offering products for sale, having an available in-house customer product leasing and financing program as a product marketing strategy can dramatically increase their ability to close product sales.In the past, establishing an in-house financing activity was difficult and expensive, requiring unique and substantial additional business operational and financing components in addition to an extensive learning curve. This is no longer the case. In recent years, there have been wide-spread market advances surrounding the financing of equipment and other products that enable forward-thinking companies to cost-effectively establish their own in-house product financing activity, using readily available, state-of the-art financing software programs, and third-party back-office services to manage any part of the financing process.This book will provide a product vendor with the turnkey know how it needs to assess the viability of establishing an in-house equipment financing operation, as well as the various considerations needed to set up and run its own cost-effective and profitable product financing activity.

This book provides an extensive analytical examination of the Cape Town Convention and its Protocols. The Convention aims to facilitate asset-based financing and leasing of aircraft, railway and space objects by establishing a uniform legal regime for the creation and protection of security and related interests in these types of equipment. The book provides a detailed treatment of issues arising from the creation of security and other international interests under the Convention, from the need to ensure their priority among competing interests to the enforcement of remedies in the case of the debtor's default or insolvency. Security interests in aircraft, railway and space objects are among the most frequently invoked mechanisms used to ensure repayment of the debt. It is their significance, effectiveness and frequency of use that explains this work's focus and scope.

Insight into collateral management and its increasing relevance in modern banking In the wake of recent financial crises, firms of all sizes have adjusted their policies to incorporate more frequent instances of collateral management. Collateral Management: A Guide to Mitigating Counterparty Risk explains the connection between the need for collateral management in order to alleviate counterparty risk and the actions that firms must take to achieve it. Targeted at middle and back office managers seeking a hands-on explanation of the specifics of collateral management, this book offers a thorough treatment of the subject and attends to details such as internal record management, daily procedures used in making and receiving collateral calls, and settlement-related issues that affect the movements of cash and securities collateral. An expert in financial topics ranging from trade lifecycle to operational risk, author Michael Simmons offers readers insight into a field that, so far, is struggling to produce enough expertise to meet its high demand. Presents hands-on advice and examples from a bestselling, internationally renowned author who introduces his third book on operations and operations-related activities Explains the relationship between collateral management and preventing institutional defaults, such as the recent Lehman Brothers downfall Since 2008, firms have recognized and embraced the importance of collateral management, but this book will provide practitioners with a deeper understanding and appreciation of its relevance.

Legal systems around the world vary widely in terms of how they deal with the transfer of and security interests in receivables. The aim of this book is to help international financiers and lawyers in relevant markets in their practice of international receivables financing. Substantively, this book analyses three types of receivables financing transactions, ie outright transfer, security transfer and security interests. This book covers comprehensive comparison and analysis of the laws on the transfer of and security interests in receivables of fifteen major jurisdictions, encompassing common law jurisdictions, Roman–Germanic jurisdictions and French–Napoleonic jurisdictions, as well as relevant EU Directives. To be more specific, this book compares and analyses the relevant legal systems of the US, Canada, New Zealand, Australia, Korea, Japan, France, Belgium, England, Hong Kong, Singapore, China, Germany, Austria and the Netherlands. Furthermore, in order to analyse those legal systems from the international perspective, this book compares relevant international conventions; it also proposes to establish an international registration system for the transfer of and security interests in receivables.

This book looks at the historical use of allegations of unconscionable conduct within the context of independent trade finance instruments, such as letters of credit and demand guarantees. It makes a detailed survey of the law of unconscionable conduct, the complexities of the doctrine of independence, and the circumstances where the former prevails to provide relief from abuse.It also completes a wide–ranging, sequential audit of the relevant case law in both Singapore and Australia where unconscionable conduct was alleged in independent instrument matters. The audit examines every case along the lines of precedent and details the contribution each makes to the law.Focussing on the jurisdictions of Singapore, Australia, and Malaysia, the book lays out the case for the broad adoption of unconscionable conduct in this domain. With its premises founded in precedent and statute, it describes the elements of independent instrument unconscionability as already laid down in law and links it to international banking practice.

This book offers the analysis of the relationship between the Cape Town Convention and national laws on secured transactions. The first part of the book considers why national implementation is so important in the case of the Cape Town Convention and identifies how innovative the Convention is as a uniform law instrument. The second part includes chapters on those states that are Parties to the Cape Town Convention, which analyse how the Convention is implemented under the domestic law. The third part includes chapters on those states that are not Parties to the Convention, which compare their national laws and the Convention to find unique features of the Cape Town Convention's rules. The fourth part discusses the meaning of Protocols on aircraft, railway rolling stock and space assets from the practitioner's point of view. As a whole, the book offers insights into the new stage of uniform private law and shows the need for further examination of the subject, which will be essential for international and national legislators, academics of comparative and international private law as well as practitioners who are the users of the uniform law regime.

The law of secured transactions has seen dramatic changes in the last decade. International organisations, particularly the United Nations Commission on International Trade Law (UNCITRAL), have been working towards the creation of international legal standards aimed at the modernisation and harmonisation of secured financing laws (eg, the United Nations Convention on the Assignment of Receivables in International Trade, the UNCITRAL Legislative Guide on Secured Transactions and its Intellectual Property Supplement, the UNCITRAL Guide on the Implementation of a Security Rights Registry and the UNCITRAL Model Law on Secured Transactions).The overall theme of this book is international (or cross-border) secured transactions law. It assembles contributions from some of the most authoritative academic voices on secured financing law. This publication will be of interest to those involved in secured transactions around the world, including policy-makers, practitioners, judges, arbitrators and academics.

Economic development increasingly depends to a large extent on innovation. Innovation is generally covered by intellectual property (IP) rights and usually requires extensive funding. This book focuses on IP and debt financing as a tool to meet this demand. This book clarifies the situation of the use of IP as collateral in practice through a survey conducted in Japan on IP and debt financing. Various obstacles in the proper use IP and debt financing are identified, and some projects to facilitate its use are illustrated. IP and debt on a global scale, either by attracting foreign lenders or by collateralizing foreign IP rights, needs appropriate private international laws. This book analyzes such regulations in which the United Nations Commission on International Trade Law (UNCITRAL) has worked, paying due attention to the law of finance and insolvency law, as well as IP laws. However, further analysis is needed to identify under what conditions such solutions would show optimal effects. This book offers comprehensive analysis from an economic point of view.

As the volume of transactions in European financial markets continues to grow, the use of financial collateral, be it in the form of cash, shares, bonds or credit claims, has become a critical tool in supporting and managing risk in financial transactions.This book is the first of its kind to offer a systematic examination of the whole law relating to financial collateral. It does so in two parts. First, it explains the law created by the Financial Collateral Arrangements (No 2) Regulations 2003, the Directive it implemented and related legislation. Second, it examines how financial collateral is used in practice in a range of different markets. It will be an essential reference point for all legal practitioners operating in financial markets.Key features:Analytical rigour combined with insight into how financial collateral works in practice, covering both English and Scots lawValuable discussion of control and possession tests, right of use, remedy of appropriation, close-out netting and impact of'bail-in'Explains use of financial collateral in the derivatives market, clearing houses, direct and indirect securities holding systems and use of repos, securities lending and prime brokerageHighlights key issues on regulatory treatment and conflicts of lawsDiscusses direction of future law reformWritten by leading experts in the field.

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.

This cutting-edge Handbook presents an overview of research and thinking in the field of secured financing, examining international standards and best practices of secured transactions law reform and its economic impact. Expert contributors explore the breadth and depth of the subject matter across diverse sectors, and illustrate the choices and trade-offs that policy makers face via a number of illuminating case studies.The book explores groundbreaking research across a comprehensive range of sectors and countries, including new, original analysis of Shari'ah compliant collateral regimes and improved access to finance for women. A diverse group of experts offer cutting-edge points of view as well as case studies from England and Wales, Morocco, Russia and Romania.The result is a unique and wide-ranging examination of secured transactions reform across the world and a valuable resource for researchers, government and development agencies, banks, and law firms.Contributors: J. Armour, S. Bazinas, N. Budd, A. Burtoiu, R. Calnan, F. Dahan, M. Dubovec, L. Gullifer, I. Istuk, T. Johnson, O. Lemseffer, C. de Lima Ramos, J. Lymar, C. Manuel, M.J.T. McMillen, A.P. Menezes, M. Mourahib, E. Murray, N. Nikitina, V. Padurari, J.-H. Röver, M. Uttamchandani, K. van Zwieten, P.R. Wood

In the light of the financial crisis, it has become clear that the globalisation of financial markets has not been matched by the globalisation of legal certainty relating to financial transactions. The ability to give security influences not only the cost of credit but also, in some cases, whether credit will be available at all. Increasing the availability and lowering the cost of credit can make an important contribution to international and domestic economic development. Assessing the international challenges posed by inefficient secured credit laws, this book explores how these can be overcome to facilitate credit through legal reforms. Leading authorities in the field address the key issues surrounding the availability of credit, the role of banks in economic development and financial crises, UNCITRAL's legislative efforts, and international organisations and financial institutions and their involvement in the reform of secured transactions law.

This paper highlights the changing collateral landscape and how it may shape the global demand/supply for collateral. We first identify the key collateral pools (relative to the “old” collateral space) and associated collateral velocities. Post-Lehman and continuing into the European crisis, some aspects of unconventional monetary policies pursued by central banks are significantly altering the collateral space. Moreover, regulatory demands stemming from Basel III, Dodd Frank, EMIR etc., new net debt issuance, and collateral connectivity via custodians (e.g., Euroclear/ Clearstream/ BoNY etc) will affect collateral movements.

Inhaltsverzeichnis Inhalt: A. Foriers, Belgien - W. Zeiss, Bundesrepublik Deutschland - E. Thuesen / H.V. Godsk Pedersen, Dänemark - M.H. Carl, England - J.-B. Blaise, Frankreich - G.B. Portale / A.A. Dolmetta, Italien - E. Maruyama, Japan - P.A. Stein, Niederlande - W. Jud, Österreich - B. Stauder / H. Stauder, Schweiz - A. Reichmann, Spanien - R.M. Buxbaum, Vereinigte Staaten von Amerika.

This paper analyzes how different types of bank funding affect the extent to which banks ration credit to borrowers, and the impact that capital requirements have on that rationing. Using an extension of the standard Stiglitz-Weiss model of credit rationing, unsecured wholesale finance is shown to amplify the credit market impact of capital requirements as compared to funding by retail depositors. Unsecured finance surged in the pre-crisis years, but is increasingly replaced by secured funding. The collateralization of wholesale funding is found to expand the extent of credit rationing.

Nicht-akzessorische Kreditsicherheiten sind mit der zu sichernden Forderung durch den Sicherungsvertrag verknüpft. Diesen begreift die Autorin als gesetzlich nicht geregelten Schuldvertragstypus und analysiert Struktur und wesentliche Inhalte aus schuldrechtlicher Perspektive. Unter den Leitaspekten des Akzessorietätsersatzes sowie des Schutzes vor unberechtigter Inanspruchnahme werden prinzipielle Überlegungen zum Beziehungsgeflecht von zu sichernder Forderung, Sicherheit und Sicherungsvertrag entfaltet und das Zustandekommen und der Inhalt des Sicherungsvertrags erörtert. U. a. hinterfragt die Autorin die herrschende Meinung zur Formbedürftigkeit und AGB-Kontrolle von Sicherungsverträgen und entwickelt ein neues Lösungskonzept für das Problem weiter formularmäßiger Zweckerklärungen. Aktuelle Probleme, wie die Veräußerung von Kreditportfolios und die Neuregelung des § 1192 I a BGB, werden aufgegriffen und im Kontext der Materialisierung des Schuldvertragsrechts bewertet.

The overall objective of the Legislative Guide is to promote low-cost credit by enhancing the availability of secured credit. In line with this objective, this Supplement is intended to make credit more available and at a lower cost to intellectual property owners and other intellectual property rights holders, thus enhancing the value of intellectual property rights as security for credit. This Supplement, however, seeks to achieve that objective without interfering with fundamental policies of law relating to intellectual property.

'Publication des Nations Unies, numéro de vente: F.09.V.12'--T.p. verso.

This is a discerning analysis of international harmonization efforts for secured credit law and examines the role of globalization and finance capital in shaping such efforts.Gerard McCormack reveals how an'efficient'law is often seen to increase the availability, and lower the cost, of credit, thereby contributing to international development. He considers whether the most comprehensive international standard the United Nations Commission on International Trade Law (UNCITRAL) Legislative Guide (2008) is actually suitable for adoption at the national level. In particular, he examines the hypothesis that American law and lawyers have shaped the content of the guide to the extent that it is not suitable for translation into other laws.This book will be of great interest to practitioners, policy makers and academics, as well as students, particularly postgraduate students, of law and business throughout the world.Contents: Preface 1. Introduction 2. The Case for Harmonising and Modernising the Law of International Trade 3. Harmonising and Modernising Secured Transactions Law 4. National Models and Replication Across International Frontiers Article 9 of the American Uniform Commercial Law and the English Common Law 5. International Harmonisation Efforts Before the UNCITRAL Legislative Guide 6. The UNCITRAL Secured Transactions Guide 7. The Insolvency Legislative Guide 8. Conclusion Index

Who are the agents of financial regulation? Is good (or bad) financial governance merely the work of legislators and regulators? Here Annelise Riles argues that financial governance is made not just through top-down laws and policies but also through the daily use of mundane legal techniques such as collateral by a variety of secondary agents, from legal technicians and retail investors to financiers and academics and even computerized trading programs. Drawing upon her ten years of ethnographic fieldwork in the Japanese derivatives market, Riles explores the uses of collateral in the financial markets as a regulatory device for stabilizing market transactions. How collateral operates, Riles suggests, is paradigmatic of a class of low-profile, mundane, but indispensable activities and practices that are all too often ignored as we think about how markets should work and be governed. Riles seeks to democratize our understanding of legal techniques, and demonstrate how these day-to-day private actions can be reformed to produce more effective forms of market regulation.

This book focuses on international harmonisation and the law of secured transactions by distilling and analysing the unifying principles of various significant international conventions and instruments such as the UN Convention on the Assignment of Receivables, the Unidroit Convention on International Factoring, the EBRD Model Law on Secured Transactions, the Unidroit Convention on the International Interests in Mobile Equipment and the UNCITRAL Legislative Guide on Secured Transactions.International secured transactions conventions and instruments facilitate credit and promote economic activity through the creation of harmonised rules. Therefore, given the increasing globalisation of markets, international reform efforts for the harmonised modernisation of secured transactions law have gained pace over recent years. International Secured Transactions Law draws on experiences in both English and US laws in order to identify and illustrate the existing problems that need to be addressed, as well as identify potential solutions.International Secured Transactions Law will be of interest to scholars, students interested in international commercial law, corporate law or comparative secured transactions, and practitioners involved in international commercial transactions.

The purpose of the publication is to assist States in developing modern secured transactions laws with a view to promoting the availability of secured credit. The Guide is intended to be useful to States that do not currently have efficient and effective secured transaction laws, as well as to States that already have workable laws but wish to modernize their laws and modernize them with the laws of other States.

La Guía Legislativa sobre las Operaciones Garantizadas fue preparada por la Comisión de las Naciones Unidas para el Derecho Mercantil Internacional (CNUDMI). En su 33º período de sesiones, en 2000, la Comisión examinó un informe del Secretario General sobre la posible labor futura en materia de créditos garantizados (A/CN.9/475). En ese período de sesiones, la Comisión acordó que el tema de las garantías reales era importante y que había sido señalado a la Comisión en el momento oportuno, habida cuenta en particular del estrecho vínculo que tenía con la labor que se realizaba acerca del régimen de la insolvencia, y pidió a la Secretaría que preparara un nuevo informe.

There has been much discussion in the last ten years about the need to reform the law governing company charge registration, with many bodies including the Department of Trade and Industry and Law Commissions considering the case for reform of this area in the context of a wider scheme of personal property security reform. This has culminated in the coming into force of Part 25 of the Companies Act 2006, which is concerned with company charge registration.This major book features the work of international experts on personal property security law. It focuses on the reform of UK company charge law and argues that the Companies Act 2006 did not go far enough in reforming the law. It addresses the question as to whether the UK should follow the lead of other jurisdictions that have adopted US Article 9 type personal property security schemes. As well as considering current UK law the book also addresses the changes proposed by the Law Commissions and, despite current government inaction, considers whether these reform proposals should be adopted. The book contains major international comparisons and, in particular, looks at law reform in the USA, Canada, Australia, New Zealand, Singapore and Europe. This comparative treatment gives the reader a full perspective on this difficult and constantly developing area of law.