《International Secured Transactions Law》

0Introduction1

0.1 General1

0.2International instruments7

0.2.1 UNIDROIT Convention on International Factoring7

0.2.2 UN Convention on the Assignment of Receivables in International Trade8

0.2.3 The EBRD Model Law on Secured Transactions10

0.2.4 UNIDROIT Convention on International Interests in Mobile Equipment13

0.2.5 UNCTTRAL Legislative Guide on Secured Transactions 16 0.3 Purpose, scope and structure of the book18

1Secured credit and fundamental principles of international instruments21

1.1 Introduction21

1.2Defining secured transactions, security interests and assignment of receivables21

1.2.1 Secured transactions21

1.2.2 Security interest23

1.2.3 Assignment of receivables28

1.2.4 Significant financing practices covered by in ternational　instruments32

1.3Significance and rationale of secured lending33

1.3.1 Security affords priority33

1.3.2 Security affords control40

1.3.3 Security assists expansion of business40

1.3.4 Security and self-help42

1.3.5 Security and bargain42

1.3.6 Security and economic growth43

1.4Fundamental principles of international conventions and instruments44

1.4.1 Promotion of low-cost credit45

1.4.2 Ability to use all assets and obligations and non-possessory security46

1.4.3 Efficient rules for creation of security interests49

1.4.4 Predictable rules for third-party effectiveness51

1.4.5 Clear priority rules for competing creditors53

1.4.6 Harmonised conflict-of-laws rules in secured transactions53

1.5 Conclusion54

2Harmonisation of secured transactions law in context56

2.1 Introduction56

2.2 Defining harmonisation in the context of secured transactions58

2.3 Historical backdrop62

2.4International harmonisation65

2.4.1 The need for international harmonisation and difficulties67

2.4.2 Grounds for harmonisation to overcome divergent approaches74

2.5 Conclusion86

3Scope of applicability and party autonomy87

3.1 Introduction87

3.2Scope of application87

3.2.1 Substantive dimension88

3.2.2 Territorial dimension103

3.3 The relationship between instruments110

3.4 Party autonomy113

3.5 Conclusion123

4Creation of security rights124

4.1 Introduction124

4.2 Recurrent problems in the creation of security rights125

4.3 Creation of security rights128

4.3.1 Relationship and distinction between creation and third-party effectiveness128

4.3.2. Minimum formalities ana creation of security rights132

4.3.3Statutory and contractual limitations139

4.3.4 Creation of security interest over bank accounts157

4.4 International interests157

4.5 Conclusion161

5Effectiveness of security interests against third parties162

5.1 Introduction162

5.2Rationale for third-party effectiveness163

5.2.1 Third-party effectiveness and creation168

5.2.2 Difference between, third-party effectiveness and perfection170

5.3Methods of achieving third-party effectiveness172

5.3.1 Registration175

5.3.2 Possession192

5.3.3 Alternative methods of achieving third-party effectiveness195

5.4 Conclusions199

6Priority of security interests200

6.1 Introduction200

6.2 Issues in priority201

6.3 Determination of priority status under the Guide207

6.4Divergence in priority rules in the assignment of receivables209

6.4.1 'Priority' and 'competing claimants'211

6.4.2 Article 22 and the conflict-of-laws rule212

6.4.3 Optional annex213

6.4.4 Independent conflict-of-laws rules218

6.5 Model law218

6.6Cape Town Convention221

6.6.1 Basic rule221

6.6.2 Exceptions222

6.6.3 Proceeds223

6.6.4 Priority and assignment of associated rights and international interests224

6.7 Conclusions225

7Acquisition financing devices227

7.1 Introduction227

7.2Acquisition financing devices228

7.2.1 General228

7.2.2 Retention-of-title229

7.2.3 Leases232

7.3 The new frontier: unitary and non-unitary approach to acquisition financing232

7.4 Conclusions243

8Choice-of-law issues244

8.1 Introduction244

8.2 Choice-of-laws and the international instruments245

8.3The Guide and the Receivables Convention249

8.3.1 Connecting factors249

8.3.2 The scope of the Guide's choice-of-law rules250

8.3.3 The Receivables Convention: individual rules and Chapter V250

8.3.4 Lex situs for tangible assets252

8.3.5 Law of the grantor's (assignor's) location and other alternatives257

8.3.6 Choice-of-law rules on security interest in proceeds272

8.4 International interests in mobile equipment and choice-oflaws274

8.5 Conclusion278

Conclusion280

Bibliography285

Index307