Draft legislative guide on secured transactions

(c ) Colloquium on Reform of Secured transactions Law the draft UNCITRAL Legislative Guide on Secured Transactions (Clermont Ferrand, France 23 April 2004)

Preparation of a legislative guide on secured transactions.

Recommendations of the draft legislative guide on secured transactions

Recommendations of the draft legislative guide on secured transactions

Key objectives of an effective and efficient secured transactions regime

K. Harmonize secured transactions laws, including conflict of laws rules

(k) Harmonize secured transactions laws, including conflict of laws rules.

(f) The possible repercussions for secured transactions and secured creditors in the way in which corporate groups are treated in insolvency.

This Guide adopts terminology to express the concepts that underlie an effective secured transactions regime.

Furthermore, to the extent complete harmonization of national secured transactions laws might not be achieved, conflict rules would be particularly useful to facilitate cross border transactions.

It has equally been secured from writing good and bad files, or entering good and bad database transactions.

These examples represent only a few of the numerous forms of secured credit transactions currently in use, and an effective secured transactions regime must be sufficiently flexible to accommodate many existing methods of financing, as well as methods that may evolve in the future.

These transactions are essentially non possessory security rights, and they are primarily used in States where the secured transactions law has not yet appropriately recognized non possessory security rights.

Reference was made to the current work of Unidroit on security rights in securities, to the World Bank's Principles and Guidelines for Effective Insolvency and Creditor Rights Systems to the extent they concerned secured transactions, to the Model Law on Secured Transactions and the Principles of EBRD, to the Asian Development Bank's Guide to Movables Registries and to the Inter American Model Law on Secured Transactions of 2002 prepared by the Organization of American States.

However, in developing its secured transactions law, a State should take account of the increasing importance and economic value of intellectual property assets to companies seeking to obtain low cost secured credit.

(dd) Consultations with German Ministry of Justice on the draft Legislative Guide on Secured Transactions (Berlin, Germany 15 November 2004)

Subject to the limitations discussed in the following paragraph, the secured transactions law would apply to security interests in intellectual property rights.

Because an effective secured transactions regime should provide maximum flexibility and durability to encompass a broad array of credit transactions, and also accommodate new and evolving forms of credit transactions, the Guide stresses the need to keep mandatory rules to a minimum so that parties may tailor their credit transactions to their specific needs.

(cc) Bank account means, subject to law other than secured transactions law, an account maintained by a bank into which funds may be deposited.

A key to a successful legal regime governing secured transactions is to enable a broad array of businesses to utilize the full value inherent in their assets to obtain credit in a broad array of credit transactions.

In this regard, the Guide adopts two of the most essential concepts of successful secured transactions laws, the concepts of priority and effectiveness against third parties.

(dd) Intellectual property right includes, subject to law other than the secured transactions law, patents, trademarks, service marks, trade secrets, copyright and related rights and designs.

In addition, the Guide is intended to cover a broad range of transactions that serve security functions, including those related to possessory and non possessory security rights, as well as transactions not denominated as secured transactions (such as retention of title, transfer of title for security purposes, assignment of receivables for security purposes, financial leases, and sale and leaseback transactions and the like).

In the spirit of providing practical, effective solutions, the Guide explores and develops the following key objectives and themes of an effective and efficient secured transactions regime.

3. Also commends the Commission for the approval of the substance of the recommendations of the draft legislative guide on secured transactions, which has been designed to facilitate secured financing, thus promoting increased access to low cost credit and enhancing national and international trade

The purpose of the recommendations on key objectives is to provide a broad policy framework for the establishment and development of an effective and efficient secured transactions law.

The secretariat of the Conference is assisting UNCITRAL on private international law aspects of various UNCITRAL projects (including the ongoing work on a legislative guide on secured transactions).

As a result, absolute transfers of all those types of obligation are excluded from the scope of the draft Guide and are left to other non secured transactions law.

Breach secured.

Position secured.

In conjunction with that session, an informal presentation was made of the recently completed secured transactions law in the Slovak Republic, which was supported by the World Bank and by EBRD.

(b) indicate whether secured creditors need to file their secured claims and

(b) Indicate whether secured creditors need to file their secured claims and

(b) indicate whether secured creditors need to file their secured claims and

GNUnet Secured P2P

I was secured.

(b) an indication whether secured creditors need to file their secured claims and

quot (b) indicate whether secured creditors need to file their secured claims and

quot (b) indicate whether secured creditors need to file their secured claims and

Often weapons are diverted from poorly secured government stockpiles by corrupt officials or thieves, but frequently transactions are facilitated by illicit brokers taking advantage of poor or non existent import and export controls.

Security rights in such assets are not excluded but, in the case of any inconsistency between such a special law and secured transactions law, the special law (e.g. the special registration system) prevails.

A State enacting secured transactions legislation in accordance with this Guide should consider whether it might be appropriate to adjust certain of the recommendations as they apply to security rights in intellectual property.

As regards the reporting obligation, the CTC has noted that no convictions have been secured in Thailand for failing to report suspicious transactions and that a maximum fine of 300,000 Baht may be imposed.

Set forth below are short examples of the types of secured credit transactions that the Guide is designed to encourage, and to which reference will be made throughout the Guide to illustrate specific points.