International secured transactions law : facilitation of credit and international conventions and instruments / N. Orkun Akseli.
2011
K1100 .A947 2011 (Map It)
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Details
Title
International secured transactions law : facilitation of credit and international conventions and instruments / N. Orkun Akseli.
Published
London ; New York : Routledge, 2011.
Call Number
K1100 .A947 2011
ISBN
9780415488105 (hbk.)
0415488109 (hbk.)
9780203831618 (ebk.)
0203831616 (ebk.)
0415488109 (hbk.)
9780203831618 (ebk.)
0203831616 (ebk.)
Description
xxviii, 311 pages ; 24 cm.
System Control No.
(OCoLC)650827442
Bibliography, etc. Note
Includes bibliographical references (pages [285]-305) and index.
Record Appears in
Table of Contents
Preface
xi
Foreword
xiii
Acknowledgements
xvi
Table of cases
xvii
Table of conventions, instruments and statutes
xx
List of abbreviations
xxvii
0.
Introduction
1
0.1.
General
1
0.2.
International instruments
7
0.2.1.
UNIDROIT Convention on International Factoring
7
0.2.2.
UN Convention on the Assignment of Receivables in International Trade
8
0.2.3.
The EBRD Model Law on Secured Transactions
10
0.2.4.
UNIDROIT Convention on International Interests in Mobile Equipment
13
0.2.5.
UNGITRAL legislative. Guide on Secured Transactions
16
0.3.
Purpose, scope and structure of the book
18
1.
Secured credit and fundamental principles of international instruments
21
1.1.
Introduction
21
1.2.
Defining secured transactions, security interests and assignment of receivables
21
1.2.1.
Secured transactions
21
1.2.2.
Security interest
23
1.2.3.
Assignment of receivables
28
1.2.4.
Significant financing practices covered by international instruments
31
1.3.
Significance and rationale of secured lending
33
1.3.1.
Security affords priority
33
1.3.2.
Security affords control
40
1.3.3.
Security assists expansion of business
40
1.3.4.
Security and self-help
42
1.3.5.
Security and bargain
42
1.3.6.
Security and economic growth
43
1.4.
Fundamental principles of international conventions and instruments
44
1.4.1.
Promotion of low-cost credit
45
1.4.2.
Ability to use. all assets and obligations and non-possessory security
46
1.4.3.
Efficient rules for creation of security interests
49
1.4.4.
Predictable rules for third-party effectiveness
51
1.4.5.
Clear priority rules for competing creditors
53
1.4.6.
Harmonised conflict-of-laws rules in secured transactions
53
1.5.
Conclusion
54
2.
Harmonisation of secured transactions law in context
56
2.1.
Introduction
56
2.2.
Defining harmonisation in the context of secured transactions
58
2.3.
Historical backdrop
62
2.4.
International harmonisation
65
2.4.1.
The need for international harmonisation and difficulties
67
2.4.2.
Grounds for harmonisation to overcome divergent approaches
74
2.5.
Conclusion
86
3.
Scope of applicability and party autonomy
87
3.1.
Introduction
87
3.2.
Scope of application
87
3.2.1.
Substantive dimension
88
3.2.2.
Territorial dimension
103
3.3.
The relationship between instruments
110
3.4.
Party autonomy
113
3.5.
Conclusion
123
4.
Creation of security rights
124
4.1.
Introduction
124
4.2.
Recurrent problems in the creation of security rights
125
4.3.
Creation of security rights
128
4.3.1.
Relationship and distinction between creation and third-party effectiveness
128
4.3.2.
Minimum formalities and creation of security rights
132
4.3.3.
Statutory and contractual limitations
139
4.3.4.
Creation of security interest over bank accounts
157
4.4.
International interests
157
4.5.
Conclusion
161
5.
Effectiveness of security interests against third parties
162
5.1.
Introduction
162
5.2.
Rationale for third-party effectiveness
163
5.2.1.
Third-parly effectiveness and creation
168
5.2.2.
Difference, between third-party effectiveness and perfection
170
5.3.
Methods of achieving third-party effectiveness
172
5.3.1.
Registration
175
5.3.2.
Possession
192
5.3.3.
Alternative methods of achieving third-party effectiveness
195
5.4.
Conclusions
199
6.
Priority of security interests
200
6.1.
Introduction
200
6.2.
Issues in priority
201
6.3.
Determination of priority status under the Guide
207
6.4.
Divergence in priority rules in the assignment of receivables
209
6.4.1.
Ě€Priority 'and' competing claimants'
211
6.4.2.
Article 22 and the conflict-of-laws rule
212
6.4.3.
Optional annex
213
6.4.4.
Independent conflict-of laws rules
218
6.5.
Model law
218
6.6.
Cape Town Convention
221
6.6.1.
Basic rule
221
6.6.2.
Exceptions
222
6.6.3.
Proceeds
223
6.6.4.
Priority and assignment of associated rights and international interests
224
6.7.
Conclusions
225
7.
Acquisition financing devices
227
7.1.
Introduction
227
7.2.
Acquisition financing devices
228
7.2.1.
General
228
7.2.2.
Retention-of title
229
7.2.3.
Leases
232
7.3.
The new frontier; unitary and non-unitary approach to acquisition financing
232
7.4.
Conclusions
243
8.
Choice-of-law issues
244
8.1.
Introduction
244
8.2.
Choice-of-laws and the international instruments
245
8.3.
The Guide and the Receivables Convention
249
8.3.1.
Connecting/actors
249
8.3.2.
The scope of the Guide's choice-of-law rules
250
8.3.3.
Tlie Receivables Convention: individual rules and Chapter V
250
8.3.4.
Lex situs for tangible assets
252
8.3.5.
Law of me grantor's (assignor's) location and other alternatives
257
8.3.6.
Choice-of-law rules on security interest in proceeds
272
8.4.
International interests in mobile equipment and choice-of-laws
274
8.5.
Conclusion
278
Conclusion
280
Bibliography
285
Index
307