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

Draft legislative guide on secured transactions

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

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

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.

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.

(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.

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.

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

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.

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

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.

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

Assistance to law reform in the area of insolvency law reform includes the Regional Technical Assistance (RETA) 5975 Promoting Regional Cooperation in Insolvency Law Reforms addressing (a) informal workouts, (b) intersection between insolvency law and secured transactions law and (c) cross border insolvency.

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).

These recommendations could be included in a preamble of the secured transactions law as a guide to the underlying legislative policies to be taken into account in the interpretation of the law (hereinafter referred to as the law ).

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.

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.

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.

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

(w) Negotiable instrument means, subject to law other than secured transactions law, an instrument that embodies a right to payment, such as a promissory note or a bill of exchange, which satisfies the requirements for negotiability under the law governing negotiable instruments.

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.

(x) Negotiable document means, subject to law other than secured transactions law, a document that embodies a right for delivery of tangibles, such as a warehouse receipt or a bill of lading, which satisfies the requirements for negotiability under the law governing negotiable documents.

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

Essential to this balance is a close coordination between the secured transactions and insolvency law regimes, including provisions pertaining to the treatment of security rights in the event of a reorganization or liquidation of a business.

In addition, the Commission emphasized the importance of coordination with organizations with interest and expertise in the field of secured transactions law, such as Unidroit, the Hague Conference on Private International Law, the World Bank, the International Monetary Fund, EBRD and the Asian Development Bank.

His delegation also noted the work of the Working Group on Security Interests in preparing the draft legislative guide on secured transactions, and looked forward to future work of the Working Group on Insolvency Law, now that the UNCITRAL Legislative Guide on Insolvency Law had been concluded.

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.

In Latvia natural resources are included in the civil transactions and may be object of the civil law transactions.

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.

4. Also commends the Commission for the progress made in the work on the draft legislative guide on secured transactions, on model legislative provisions on interim measures in international commercial arbitration and on issues of electronic contracting and transport law

(172) The insolvency law should specify whether secured creditors are required to submit claims.

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.

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).

Article 15 Women's equal rights before the law and in civil transactions

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.

Also commends the Commission for the progress made in its work on a revision of its Model Law on Procurement of Goods, Construction and Services, on model legislative provisions on interim measures in international commercial arbitration, on a draft instrument on transport law and on a draft legislative guide on secured transactions

Also commends the Commission for the progress made in its work on a revision of its Model Law on Procurement of Goods, Construction and Services, on model legislative provisions on interim measures in international commercial arbitration, on a draft instrument on transport law and on a draft legislative guide on secured transactions

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

If the secured creditor and the depositary institution are the same person, the law should provide that the secured creditor automatically has control upon the creation of the security right.