- •Contents
- •General editors’ preface
- •Preface
- •Contributors
- •Table of cases cited by name
- •England
- •Ireland
- •Netherlands
- •New Zealand
- •Scotland
- •South Africa
- •United States of America
- •Table of legislation
- •Austria
- •Belgium
- •Denmark
- •England
- •Finland
- •France
- •Germany
- •Greece
- •Ireland
- •Italy
- •Netherlands
- •Portugal
- •Scotland
- •South Africa
- •Spain
- •Sweden
- •Abbreviations
- •1 Introduction: security rights in movable property within the common market and the approach of the study
- •A. A short survey of the status quo
- •I. Economic reasons for the existence of security rights
- •II. Security rights in movable property: main divergencies
- •III. Private international law
- •1. Tangible movables: lex rei sitae and the limits of the doctrine of transposition
- •2. Claims: article 12 of the Rome Convention and its various interpretations
- •IV. The need for harmonisation within the EU
- •V. Attempts at harmonisation or unification: past and present
- •1. European Union
- •2. UNCITRAL
- •3. UNIDROIT
- •4. European Bank for Reconstruction and Development
- •B. The approach and purpose of the study
- •I. The ‘Common Core methodology’ as applied to secured transactions
- •II. Surveying the legal landscape against the background of a need for harmonisation
- •III. The genesis of the book
- •1. Narrowing down the topic
- •2. On terminology and the glossary
- •3. Order of the national reports
- •Bibliography
- •2 A labyrinth of creditors: a short introduction to the history of security interests in goods
- •1. Introduction
- •2. Justinian Roman law
- •3. Later developments in the European ius commune
- •4. Security interests in movables in the continental European codes
- •5. Common law and civil law
- •Bibliography
- •Brief description of key features of Article 9
- •History and context
- •Article 9 in depth
- •Creation, attachment and enforceability of a security interest
- •Scope of Article 9’s coverage
- •Perfection
- •How is perfection achieved?
- •Priority rules
- •Third-party rights
- •The filing system
- •Post-default rights and remedies
- •Conclusion
- •A. Article 9 through the eyes of an English lawyer
- •B. The values of English law
- •C. The future of English law
- •D. Summary
- •Postscript
- •Bibliography
- •5 The European Bank for Reconstruction and Development’s Secured Transactions Project: a model law and ten core principles for a modern secured transactions law in countries of Central and Eastern Europe (and elsewhere!)
- •Introduction
- •The EBRD Model Law on Secured Transactions: four objectives
- •The EBRD Ten Core Principles
- •How does the Model Law score? Answers to the questionnaire
- •Cases 1 and 2
- •Case 3
- •Case 4
- •Cases 5 and 6
- •Cases 7 and 8
- •Cases 9 and 11
- •Cases 10 and 14
- •Cases 12 and 13
- •Case 15 and a conclusion
- •Abbreviations
- •Germany
- •Austria
- •Greece
- •France
- •Belgium
- •Portugal
- •Spain
- •Italy
- •The Netherlands
- •England
- •Ireland
- •Scotland
- •South Africa
- •Denmark
- •Sweden
- •Finland
- •Evaluation/Comparative observations
- •Bibliographies
- •Germany
- •Austria
- •Greece
- •France
- •Belgium
- •Portugal
- •Spain
- •Italy
- •The Netherlands
- •England
- •Scotland
- •South Africa
- •Denmark
- •Sweden
- •Finland
- •Comparative observations
- •Glossary
- •I. Introduction
- •Questions
- •Discussions
- •Effects of bankruptcy
- •General remarks on transfer of ownership
- •Comparative observations
- •part (a)
- •Passing of ownership
- •part (b)
- •part (c)
- •Case 2: The deceived seller
- •Question
- •Discussions
- •Comparative observations
- •Abstract and causal systems
- •Protection of third parties
- •Case 3: Machinery supplied to be used by the buyer
- •Questions
- •Discussions
- •Comparative observations
- •Parts (a) and (e)
- •Part (b)
- •Part (c)
- •Part (d)
- •Case 4: Jackets for resale
- •Question
- •Discussions
- •Comparative observations
- •Case 5: Motor cars supplied and resold (I)
- •Questions
- •Discussions
- •Comparative observations
- •Part (a)
- •Part (b)
- •Part (c)
- •(i) Solutions which do not require additional clauses or transactions
- •(iii) Assignment of the proceeds
- •(v) Contracts other than sale under retention of title (consignment and commission)
- •(vi) Rights in the sold goods other than retention of title
- •(vii) Summary
- •Case 6: Motor cars supplied and resold (II)
- •Questions
- •Discussions
- •Comparative observations
- •Part (a)
- •Part (b)
- •Case 7: Supply of material to manufacturer (I)
- •Questions
- •Discussions
- •Comparative observations
- •Part (a)
- •Part (b)
- •Part (c)
- •Part (d)
- •Case 8: Supply of material to manufacturer (II)
- •Questions
- •Discussions
- •Comparative observations
- •Parts (a) and (b)
- •Part (c)
- •Part (d)
- •Case 9: Too many toasters
- •Questions
- •Discussions
- •Comparative observations
- •Part (a)
- •(i) Validity of all-sums clauses
- •(ii) Invalidity of all-sums clauses
- •(iii) All-sums clauses and commingling
- •(iv) Invalidity of simple retention of title
- •Part (b)
- •Part (c)
- •Questions
- •Discussions
- •(i) Principle of publicity
- •(iii) Unconscionability
- •Comparative observations
- •Parts (a)--(c)
- •(i) Use of ownership for security purposes
- •(ii) Security rights based on the idea of a pledge without dispossession
- •Part (d)
- •Case 11: Bank loan for a wholesaler
- •Questions
- •Variation
- •Discussions
- •Stock-in-trade containing goods sold under retention of title
- •Variation
- •Variation
- •Variation
- •Variation
- •Variation
- •Variation
- •Variation
- •Variation
- •Variation
- •Variation
- •Variation
- •Variation
- •Variation
- •Variation
- •Variation
- •Variation
- •Comparative observations
- •Parts (a)--(c)
- •Part (d)
- •Variation
- •Case 12: Bank loan on the basis of money claims (I)
- •Questions
- •Discussions
- •Comparative observations
- •(iii) Further requirements
- •Case 13: Bank loan on the basis of money claims (II)
- •Questions
- •Discussions
- •Comparative observations
- •Parts (a)--(c)
- •Part (d)
- •Case 14: Finance leasing of computers
- •Questions
- •Discussions
- •Comparative observations
- •Part (a)
- •Part (b)
- •Part (c)
- •Part (d)
- •Case 15: Indebted businessman sells business to brother
- •Questions
- •Discussions
- •Comparative observations
- •Part (a)
- •Parts (b) and (c)
- •A. General tendencies
- •I. Common developments
- •1. Evolution of secured transactions law outside the Civil Codes
- •2. No unitary, functional approach to security rights
- •3. Enlarging the range of security rights
- •4. Limiting the rights of secured creditors in insolvency
- •6. The rise of contractual devices coupled with title-based security rights
- •II. Persisting differences
- •1. General attitude towards security rights in movables
- •B. Convergences and divergences in relation to specific security rights
- •I. Security rights with strong convergence
- •1. Simple retention of title
- •2. Leasing
- •II. Security rights where some elements of convergence are present but where significant differences continue to subsist
- •1. Security rights in entities of property -- enterprise charge
- •2. Security assignment of claims or charge over claims (outside retention of title)
- •3. Extensions of retention of title
- •4. Non-possessory security rights in individualised property (other than retention of title and leasing)
- •C. Possible ways towards harmonisation
- •I. Simple retention of title
- •II. Harmonisation or unification beyond simple retention of title
- •1. Form, scope and context
- •2. Main policy choices concerning the substantive rules
- •(a) Uniform, functional approach
- •(b) Range of possible collateral
- •(c) Publicity
- •(d) Priority
- •(e) Special rules for purchase-money security interests
- •Bibliography
- •Index by country
- •Index by subject
t a b l e o f l e g i s l a t i o n |
xxvii |
|
Misrepresentation Act 1967, 2(1) |
238 n.38 |
|
Sale of Goods Act 1979 |
204--207 |
|
17--19 |
426--427 |
|
19 |
271--272, 648--649 |
|
19(1) |
272 |
|
24 |
460--461 |
|
25 |
326, 345, 358--359, |
|
|
610--611 |
|
45(3) |
207 |
|
83 ff. |
205 |
|
Sale of Goods (Amendment) Act 1995 |
205 n.112, |
|
Supreme Court Act 1981 |
208--209 |
|
|
|
|
138(1) |
239--240 |
|
138B |
270 |
|
Finland |
|
|
Aircraft Mortgage Act (laki aluskiinnityksesta |
|
|
ilma-aluksiin/lag om inteckning i luftfartyg) |
472 |
|
Book-entry Accounts Act (laki arvo-osuustileista/lag |
|
|
om vardeandelskonton) (ATL) 1991 |
220 |
|
Book-entry System Act (laki |
|
|
arvo-osuujarjestelmasta/lag om vardeandekssystemet) |
|
|
(AJL) 1991 |
220 |
|
Commercial Code (kauppalalki/köplag) |
522 |
|
Companies Act (osakeyhtiölaki/lag om aktiebolag) |
|
|
(OYL) 1978, chapter 3, s 9 |
220 |
|
Consumer Protection Act |
|
|
(kuluttajansuojalaki/knosumentskyddslag) |
281 |
|
Enterprise Charge Act (laki takaisinsaannista |
|
|
Enterprise Charge Act (laki takaisinsaannista |
|
|
konkursipesaan/lag om atervinning till |
|
|
konkursbo) |
522--523 |
|
Instalment Sales Act (laki osamaksukaupasta/lag |
|
|
om avbetalningsköp) |
281, 283, 618 |
|
Promissory Notes Act (velkakirjalaki/lag om |
|
|
skuldebrev) (VKL) 1947 |
|
|
22 |
220 |
|
31 |
220, 567--568 |
|
xxviii t a b l e o f l e g i s l a t i o n |
|
Rearrangement of Private Person’s Debts Act |
|
(laki yksityishenkilön velkajarjestelysta/lag om |
|
skuldsanering för privatpersoner) (VJL) 1993 |
219--220 |
Recovery to Bankrupt’s Estate Act (laki |
|
takaisinsaannista konkursipesaan/lag om atervinning |
|
till konkursbo) |
|
3 |
523--524 |
5 |
524 |
14 |
523--524 |
Reorganisation of Enterprise Act (laki yrityksen |
|
saneerauksesta/lag om företagssanering) (YrKiinL) |
|
1984 |
219--220 |
Sale of Goods Act (kauppalaki/köplag) (KL) 1987 |
|
54 |
221 |
61 |
221--222 |
63 |
222 |
Vehicle Mortgage Act (autokiinnityslaki/lag om |
|
inteckning i bil) |
472 |
Vessel Mortgage Act (aluskiinnityslaki/lag om |
|
inteckning i fartyg) |
472 |
France |
|
Code civil 1804 |
|
2017--2072 |
47 |
2076 |
47 |
Code civil |
|
570 |
373--374 |
1116 |
233 |
1117 |
233 |
1129 |
|
1138 |
181 |
1141 |
313 |
1167 |
627--629 |
1183 |
184, 223 |
1184 |
184 |
1583 |
181, 223, 226--227 |
1593 |
371--372 |
1612 |
182 n.39 |
1689 ff. |
538--541 |
1690 |
19 n.73, 315, |
|
538--539, 649 |
|
t a b l e o f l e g i s l a t i o n |
xxix |
1691 |
538--539 |
|
1804 |
50 |
|
1993 |
313--314 |
|
2102 |
182 n.39, 185--186, |
|
|
233 |
|
2279 |
234, 315 n.68, |
|
|
344--345, |
|
|
652--653 |
|
2279(1) |
288--289, 313 |
|
2280 |
234 |
|
Commercial Code (C. com) |
11, 652--653 |
|
L. 521-1 ff. |
447 |
|
L. 521-3 |
600--601 |
|
L. 611.1-L. 628.3 |
255 |
|
L. 621-1 |
183, 492--493 |
|
L. 621-6 |
183 |
|
L. 621-7 |
183, 492--493 |
|
L. 621-24 |
186, 209, 355 |
|
L. 621-28 |
184, 448 |
|
L. 621-32 |
256 n.48, 374 |
|
L. 621-39 |
183 |
|
L. 621-40 |
183 |
|
L. 621-43 |
448 |
|
L. 621-46 |
183, 255--257 |
|
L. 621-107 |
492--493, 540 |
|
L. 621-107(4) |
540 |
|
L. 621-107(6) |
540 |
|
L. 621-108 |
540 |
|
L. 621-115 |
183, 255--257 |
|
L. 621-116 |
259, 448 |
|
L. 621-118 |
184--185 |
|
L. 621-122 |
255--258 |
|
L. 621-122(2) |
371--372 |
|
L. 621-123 |
402 |
|
L. 621-123(3) |
373, 420--421, |
|
|
436 |
|
L. 621-124 |
402--404, 420--421 |
|
Decree No 72-665 of 4 July 1972 |
|
|
1--7 |
259 |
|
8 |
600 |
|
9 |
259 |
|
xxx |
t a b l e o f l e g i s l a t i o n |
|
Decree No 92-755 of 31 July 1992 (D.) |
|
|
|
81 ff. |
233 |
|
126 |
234 |
|
128 |
234 |
|
129 |
234 |
Decree-Law of 24 June 1939 (warrant over war |
|
|
material) |
491 |
|
Execution Law (Law No 91-650 of 9 July 1991 (L.)) |
|
|
|
3 |
233 |
|
44 |
577 |
|
50 |
234 |
|
50 ff. |
233 |
|
52 |
234 |
Insolvency Act (Law No 85-98 of 25 Jan. 1985 as |
|
|
amended). See Commercial Code above |
|
|
Law of 17 March 1909 (fonds de nantissement) |
491 |
|
|
9 |
491--492 |
Law of 21 April 1932 (warrant over oil products) |
491 |
|
Law No 66-455 as modified by Ordinance No 837 of |
|
|
28 Sep. 1967 |
447 |
|
|
1 |
447--448, 600 |
Law No 81-1 (Loi Dailly) of 2 Jan. 1981 |
57, 538--539, 649, |
|
|
|
660--661 |
|
1(3) |
576--577 |
|
4 |
541--542 |
|
5 |
542 |
Law No 84-46 of 24 Jan. 1984 |
649 |
|
Loi Dubanchet of 12 May 1980. See Commercial |
|
|
Code above |
|
|
Loi Malingre 1934 as amended by decree No 968 |
|
|
of 30 Sep. 1953 |
314--315, 447, |
|
|
|
477--478 |
Germany |
|
|
Avoidance Act (Gesetz, betreffend die Anfechtung von |
|
|
Rechtshandlungen eines Schuldners außerhalb des |
|
|
Konkursverfahrens) (AnfG) |
624--625 |
|
|
3(1) |
485, 624--625 |
Bankruptcy Act (Reichskonkursordnung) (RKO) 1877 |
|
|
|
14 |
47 |
|
|
t a b l e o f l e g i s l a t i o n |
xxxi |
Civil Code (BGB) |
|
|
|
93 n.7 |
248 |
|
|
142(1) |
212 n.121 |
|
|
185 |
|
291 n.7, 399 |
|
185(1) |
287--288 |
|
|
305 |
ff. |
593--594 |
|
307 |
(pre-2002) |
418, 441--442, |
|
|
|
483--484 |
|
310 n.1 |
418 n.3 |
|
|
407(1) |
306, 532 |
|
|
419 (pre-1990) |
644--645 |
|
|
441 |
|
174 |
|
441(3) |
174 |
|
|
449 |
|
246--247 |
|
455 |
|
248--249 |
|
497 ff. |
50 |
|
|
812(1) |
230--231 |
|
|
816(1) |
302 |
|
|
855 |
|
174 |
|
868 |
|
249--250, 439, 481 |
|
929 |
|
172, 230--231, |
|
|
|
249--250, 285, 399 |
|
930 |
|
249--250, 439 |
|
931 |
|
174, 475 |
|
932(2) |
302, 653 |
|
|
932 |
ff. |
344--345 |
|
933 |
|
302 |
|
935 |
|
653 |
|
935(1) |
302, 653 |
|
|
935(2) |
302 |
|
|
946 |
|
248 |
|
950 |
|
366--368 |
|
951(1) |
366 |
|
|
985 |
|
247 |
|
1006(1) |
302, 653 |
|
|
1204 ff. |
47, 440--441 |
|
|
1205 |
11, 47, 476 |
|
|
1205 ff. |
440--441 |
|
|
1229 |
441, 657 |
|
|
1253 |
11, 47 |
|
|
1280 |
11 |
|
xxxii |
t a b l e o f l e g i s l a t i o n |
|
Civil Procedure Code (ZPO) |
|
|
|
727 |
624 |
|
729(2) |
624 |
|
771 |
231, 247, 368, |
|
|
399--400, 439--440, |
|
|
442, 596 |
|
775 n.2 |
247, 596 |
|
776 |
247 |
|
805 |
368 n.13, 399--400 |
Commercial Code (HGB) |
|
|
|
25 |
623, 645 |
|
25(2) |
623--624 |
|
441 s 3 |
174 |
Consumer Credit Act (Verbraucherkreditgesetz) |
|
|
|
3(2) n.1 |
596 |
Insolvency Code (InsO) 1999 |
172 n.5 |
|
|
1(1) |
353 |
|
29(1) |
352--353 |
|
47 |
173, 247, 287--288, |
|
|
442, 596 |
|
48 |
304, 351--352, 363, |
|
|
532 |
|
50 |
173 |
|
50(1) |
352, 368, 400, |
|
|
439--440 |
|
51 n.1 |
352, 368, 400 |
|
55 n.2 |
247 |
|
61 |
247 |
|
80 |
172--173 |
|
103 |
247, 442 n.29, 597 |
|
107(2) |
247--248, 442 n.29 |
|
108(1) |
597 |
|
112 n.1 |
442 n.28 |
|
129 ff. |
484 |
|
130 |
484 |
|
131(1) |
484 |
|
133(1) |
484--485 |
|
138 |
624--625 |
|
159 |
352--353 |
|
166(1) |
368--369 |