Secured credit in Europe : from conflicts to compatibility / Teemu Juutilainen.
2018
KJC1088 .J88 2018 (Map It)
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Details
Author
Title
Secured credit in Europe : from conflicts to compatibility / Teemu Juutilainen.
Published
Oxford ; London : Hart Publishing, an imprint of Bloomsbury Publishing Plc ; Portland, OR : Hart Publishing, 2018.
Call Number
KJC1088 .J88 2018
ISBN
9781509910069 (hardcover alkaline paper)
1509910069 (hardcover alkaline paper)
9781509910076 (ePDF)
9781509910083 (ePub)
1509910069 (hardcover alkaline paper)
9781509910076 (ePDF)
9781509910083 (ePub)
Description
xxv, 334 pages ; 24 cm
System Control No.
(OCoLC)1015275424
Bibliography, etc. Note
Includes bibliographical references and index.
Available in Other Form
Online version: Juutilainen, Teemu. Secured credit in Europe. Portland, Oregon : Hart Publishing, 2018 9781509910083 (DLC) 2017058751
Record Appears in
Table of Contents
Acknowledgements
v
Table of Cases
xiii
Table of Legislation
xvii
Table of International Instruments
xxiii
Introduction
1
I.
Overview
1
II.
Security Rights as Relational Legal Positions
6
III.
Incompatibility: Cross-border Problems in Trade and Finance
12
IV.
Quest for Compatibility
19
1.
Options: The Variety of Means to Promote Compatibility
27
I.
Introduction
27
II.
Thesis: The Centralised Substantive Approach
28
A.
'Eternal Crisis' of Private International Law
28
i.
All-Sided Conflict Rules and Loss of Predictability
28
a.
Europe: Flexible Choice of Law and Result-Selective Motives
31
b.
US: A Multitude of Choice-of-Law Methods
32
ii.
Critique and Consequences for the European Discourse on Security Rights
33
B.
Proposals for EU Unification or Harmonisation of Substantive Law
37
i.
Comprehensive Means
37
a.
UCC Article 9 as a Model
38
b.
DCFR Book IX as a Blueprint
43
c.
Eliminating the Need for Choice of Law
46
ii.
Partial or Piecemeal Means
47
iii.
Optional or Supplementary Means
49
III.
Antithesis: Gentler Approaches
54
A.
Critique of the Centralised Substantive Approach
54
i.
Unnecessity
55
ii.
Detrimental Effects
56
B.
Centralised Conflicts-Approach
57
C.
Local Conflicts-Approach
63
D.
Local Substantive Approach
65
IV.
Search for Synthesis: The Integrated Approach
66
A.
Inclusive Third Way
66
B.
Gentler Approaches: 'Eternal Crisis' or Unused Potential?
70
C.
Interrelations and Interaction between the Approaches
75
D.
Conformity with Internal Market Law
77
i.
Structure of Reasoning
77
ii.
Trade Barrier
78
iii.
Ground for Justification
87
iv.
Proportionality of Justification
90
v.
Implications for the Integrated Approach
97
V.
Conclusion
98
2.
Objectives: The Essence of Desirable Development towards Greater Compatibility
101
I.
Introduction
101
II.
Epistemic Issues: Criteria for Choosing Objectives
102
III.
Objective of Foreseeability
105
A.
Content and Importance
105
B.
Variety of Solutions: The Preference for Comprehensive Means
105
C.
Economic Functions of Security Rights
107
i.
Standpoint of Secured Creditors
107
ii.
Standpoint of Security-Provider Debtors
113
iii.
Standpoint of the Whole Economy
115
iv.
Cross-border Problems Impeding Economic Functions
118
v.
Solutions through Foreseeability
121
D.
Foreseeability in Justifying the Priority of Secured Claims
122
E.
Institutional Support for Foreseeability
128
i.
Late Payment Directive
130
ii.
Financial Collateral Directive
131
iii.
DCFR Book IX
133
IV.
Objective of Responsiveness
135
A.
Content and Importance
135
B.
Controversial Policy Choices
136
i.
Concerns about Economic Efficiency and Distributional Fairness
136
ii.
Priority Questions
142
a.
Carve-outs: Full or Partial Priority?
142
b.
Scope of Security Devices: A Broader Notion of Priority
149
c.
Priorities between Different Security Devices: The Treatment of Acquisition Financing
153
iii.
Publicity Questions
158
a.
Functions of Publicity
158
b.
Is Publicity Necessary?
160
c.
Variations of Registration
162
iv.
Virtues of Local Choices
168
a.
Responsiveness to Economic and Social Circumstances and Value Choices
168
b.
Against the Technicality Thesis: Continuum of Policies and Values
173
c.
Unknowability of the Optimal Features of Law on Security Rights
179
C.
Potential of Competition between Jurisdictions
180
i.
Theoretic Fragments
181
ii.
General Account of Competition between Jurisdictions
184
a.
Starting Point: The Tiebout Model
184
b.
Modifications Needed to the Tiebout Model
185
iii.
Competition as to the Law on Security Rights: Mapping the Dynamics
188
a.
Actors and Incentives
188
b.
Formation of Content
193
c.
Slow Race to the Top?
198
D.
Institutional Support for Responsiveness
199
V.
Objective of Dividing Unforeseeability Costs
203
A.
Content and Importance
203
B.
Transnational Conception of Justice
204
i.
Justice Pluralism
204
ii.
Conflicts Justice or Material Justice?
205
iii.
Theories on the Division of Conflit Mobile Costs
207
C.
Institutional Support for the Division of Unforeseeability Costs
212
i.
Swedish Supreme Court: Starting Point and Exceptions
213
ii.
Danish Supreme Court: The Principle of Import Country Law
216
iii.
German Federal Court of Justice: Resolving the Problem of Initial Invalidity
219
iv.
EU Internal Market Law: 'Structural' Institutional Support
221
VI.
Interrelations between Objectives
222
A.
Coexistence and Reconciliation Required
222
B.
Process Perspective: Potential Integration
223
VII.
Conclusion
224
3.
Choices: Options Reviewed in the Light of Objectives
227
I.
Introduction
227
II.
Centralised Substantive Approach
228
A.
Deciding on the Preservation of Responsiveness
228
i.
Prerequisite: Competence
229
a.
Potential Legal Bases
229
b.
Subsidiarity and Proportionality: Beyond Enforceable Legal Principles
233
ii.
Who Should Decide on the Preservation of Responsiveness?
234
iii.
Envisioning Procedures for the Preservation of Responsiveness
236
B.
Comprehensive Unification or Harmonisation of Substantive Law
238
i.
Prospect of Significantly Increased Foreseeability
239
ii.
Risk of Severely Impeded Responsiveness
240
iii.
Ways Forward: Enhanced Cooperation or a 'Strongly Recommended' Model Law
241
C.
Partial or Piecemeal Unification or Harmonisation of Substantive Law
244
i.
Dealing with the Threat of Fragmentation
245
ii.
Spontaneous Convergence as a Starting Point: Simple Retention of Title
250
iii.
Separation of Cross-border and Domestic Security Arrangements
252
D.
Optional or Supplementary Instruments
254
i.
'European Security Right'
254
a.
Content
254
b.
Critique
260
ii.
'Community Security Right'
263
a.
Content
263
b.
Critique
264
III.
Centralised Conflicts-Approach
267
A.
Uniform Conflict Rules and Other Means of Coping with Substantive Diversity
267
B.
Competence
270
C.
General Design Requirements for Conflict Rules on Third-Party Relations
272
i.
Definite and Predictable Choice of Law
272
a.
Choice of Connecting Factors
272
b.
Exclusion of Renvoi
274
ii.
Rejection of Party Autonomy as a General Solution
275
iii.
Asset Type-Specificity in Choosing Connecting Factors
280
D.
Conflicts Treatment for Security Rights over Tangible Movables
281
i.
General Conflict Rule: Lex Rei Sitae Challenged by Security-Provider Location
281
ii.
Improvement through the Unification of Conflict Rules
286
iii.
Grace Period
287
E.
Conflicts Treatment for Security Rights over Receivables
289
IV.
Local Conflicts-Approach
292
A.
Residual Nature
292
B.
Security Rights over Tangible Movables
292
i.
Treatment of Conflit Mobile Situations
292
ii.
Scope of the Lex Registrationis Rule
295
C.
Security Rights over Receivables
295
V.
Local Substantive Approach
296
VI.
Conclusion
299
Conclusions
301
Bibliography
305
Index
325