Secured Credit under English and American Law

McCormack examines English law on Secured Credit, highlighting its weaknesses, and evaluating possible remedies. Contains the text of Article 9.

Gerard McCormack (Author)

9780521826709, Cambridge University Press

Hardback, published 14 June 2004

436 pages
23.5 x 16 x 3.4 cm, 0.872 kg

'… a timely book …this is a useful book … This is the first book that considers English and American law on secured credit at some length.' Journal of International Banking Law and Regulation

Secured Credit drives economic activity. Under English Law it is possible to create security over almost any asset, but the law is widely considered to be unsatisfactory for several reasons, including a cumbersome registration system, a preoccupation with formalistic distinctions and the lack of clear and rationally-determined priority rules. Gerard McCormack examines the current state of English law highlighting its weaknesses. He uses Article 9 of the American Uniform Commercial Code as a reference point: this Article has successfully serviced the world's largest economy for over 40 years and is increasingly used as the basis for legislation by Commonwealth jurisdictions including Canada and New Zealand. The Law Commission has suggested the enactment of similar legislation in England. In addition, McCormack considers if there really is a case for the priority of secured credit, as well as if there are other international models to draw upon. Contains the text of Article 9.

Preface
List of journal abbreviations
1. The essence and importance of security
2. Security rights under English Law
3. An overview of Article 9 of the Uniform Commercial Code
4. Implications of Article 9 type reforms for the English law of Security Interests
5. Notice filing versus transaction filing
6. Retention of Title Clauses under English law and Article 9
7. Receivables financing
8. Security interests in deposit accounts, investment property and insurance policies
Appendix: text of Article 9.

Subject Areas: Company law [LNCD], Company, commercial & competition law [LNC], Comparative law [LAM], Business & management [KJ]