scholarly journals Article 9 of the Uniform Commercial Code: Election of Remedies on Default

1959 ◽  
Vol 1959 (4) ◽  
pp. 640
Keyword(s):  
Article 9 ◽  
Commercial Code

AMERICAN PRIVATE LAW WRIT LARGE? THE UNCITRAL SECURED TRANSACTIONS GUIDE

2011 ◽  
Vol 60 (3) ◽  
pp. 597-625 ◽  
Author(s):  
Gerard McCormack
Keyword(s):  
United States ◽  
Lower Cost ◽  
Global Financial Crisis ◽  
Critical Evaluation ◽  
The United States ◽  
Article 9 ◽  
Commercial Code ◽  
Secured Transactions ◽  
The Global Financial Crisis ◽  
Clear Objective

AbstractThis article provides a critical evaluation of the main provisions of the UNCITRAL Legislative Guide on Secured Transactions. It examines the Guide in the context of other international and national secured transactions instruments including article 9 of the United States Uniform Commercial Code. The clear objective of the Guide is to facilitate secured financing. It is very facilitating and enabling, and permits the creation of security in all sorts of situations. Security is seen as a good thing, through enhancing the availability of lower-cost credit. The paper suggests that this closeness in approach to article 9 is likely to militate against the prospects of the Guide gaining widespread international acceptance. This is the case for various interlocking reasons including the battering that American legal and financial norms have taken with the global financial crisis.

The reform of English personal property security law: functionalism and Article 9 of the Uniform Commercial Code

Legal Studies ◽  
2004 ◽  
Vol 24 (3) ◽  
pp. 295-321 ◽  
Author(s):  
Iwan Davies
Keyword(s):  
Common Law ◽  
Central Feature ◽  
Important Distinction ◽  
Personal Property ◽  
Security Interest ◽  
Article 9 ◽  
Commercial Code ◽  
The Common ◽  
The Impact ◽  
Unitary Concept

Historically, Article 9 of the Uniform Commercial Code has influenced in the debate over the reform of personal property security law in England. The revision to Article 9 has provided some further impetus to the issue of reform. A central feature of Article 9 which has been adopted in recent reform proposals for English law is the development of a generic unitary concept of the security interest and the specific rejection of formalism in security transactions. The impact upon the common law environment in England and Wales of the adoption of such an approach is considered in this paper. It is argued that the unitary concept of a ‘security interest’ is too blunt a concept and is over inclusive in that it wrongly assumes that all security interests perform an identical function. Furthermore, the development of functionalism seen in Article 9 has blurred an important distinction drawn under the common law between relative property rights and in this way fails to distinguish between what are essentially different transactions. In turn, this invites scrutiny of the usefulness in this context of notice filing and the first-to-file priority rule which is at the heart of an Article 9 regime.

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