Methodology for harmonization and modernization of legal rules on secured transactions: legal, functional, or otherwise?

Harmonization or modernization of legal rules on secured transactions should be undertaken in functional terms. The functional approach means that concepts, terminologies and operative results of individual legal rules are all stated in functional terms, not in doctrinal terms, and we should endeavor to harmonize operative results rather than legal concepts, terminologies or doctrines. This short article tries to show how the functional approach works or should work in the area of secured transaction law with examples from each stage of creation, perfection and priority. Legal doctrines in different jurisdictions reflect the jurisdiction's history, experience and culture (and often politics), and it is not easy to harmonize legal doctrines around the world. Indeed, it is not necessary to harmonize legal doctrines. What we need to harmonize is results. Thus, the focus in international discussion should be shifted from legal doctrines to the operative results of the relevant legal rules. [ABSTRACT FROM AUTHOR]