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- Title
Choice-of-law rules for secured transactions: an interest-based and modern principles-based framework for assessment.
- Authors
Mooney Jr., Charles W.
- Abstract
This article addresses the codification of the law applicable to the creation, perfection, priority, and enforcement of security rights in movable assets-the relevant 'choice-of-law' or 'private international law' rules (STCOL rules) for secured transactions. The STCOL rules are a core element of secured transactions law. The article offers a framework for the assessment of existing and proposed future rules and their relationship to the substantive law of secured transactions, thereby illuminating an underdeveloped and under-theorized area of the law. The framework takes account of the emerged and emerging modern principles of secured transactions law, as epitomized by the recently completed UNCITRAL Model Law on Secured Transactions. Application of the framework involves an analysis of the interests of the various stakeholders affected by secured transactions law-assignees (secured creditors), assignors (grantors), third-party obligors (such as obligors on receivables owed to grantors), other third parties such as an assignor's creditors, transferees, and insolvency representative, and States that enact and apply secured transactions laws, including the STCOL rules. It considers the manner and extent to which STCOL rules take account of the stakeholder interests and serve the substantive rules of secured transactions laws.
- Subjects
COLLATERAL security laws; INTERNATIONAL law; UNITED Nations Commission on International Trade Law
- Publication
Uniform Law Review, 2017, Vol 22, Issue 4, p842
- ISSN
1124-3694
- Publication type
Article
- DOI
10.1093/ulr/unx054