UNCITRAL model law on secured transactions
By: United Nations Commission on International Trade Law
Publisher: United Nations; United Nations Environment Programme
Published: 2016
Place of publication: Vienna
Language: eng
Number of pages: 77
ISBN-13: 9789211338560
Copyright date: 2016
Subjects: Security (Law)
Other titles: Model law on secured transactions; United Nations Commission on International Trade Law model law on secured transactions
Description: The UNCITRAL Model Law on Secured Transactions (the "Model Law") deals with security interests in all types of tangible and intangible movable property, such as goods, receivables, bank accounts, negotiable instruments, negotiable documents, non-intermediated securities and intellectual property with few exceptions, such as intermediated securities. The Model Law follows a unitary approach using one concept for all types of security interest, a functional approach under which the Model Law applies to all types of transaction that fulfil security purposes, such as a secured loan, retention-of-title sale or financial lease, and a comprehensive approach under which the Model Law applies to all types of asset, secured obligation, borrower and lender. In this way, the Model Law is intended to address the main problem of secured transactions laws around the world, that is, the multiplicity of regimes that creates gaps and inconsistencies. The Model Law includes a set of Model Registry Provisions (the "Model Provisions") that can be implemented in a statute or other type of legal instrument, or in both. The Model Provisions deal with the registration of notices of security interests in a publicly accessible Registry to make a security interest effective against third parties and to provide an objective basis for determining the priority of a security interest over the rights of competing claimants. By providing a transparent, comprehensive and rational legislative framework of secured financing, the Model Law is expected to have a beneficial impact on the availability and the cost of credit, in particular to small and medium-size enterprises in developing countries. This will not only assist in their market inclusion and alleviating poverty, but also contribute to achieving Goal 1 of the 17 Sustainable Development Goals on ending poverty. The Model Law is based on the United Nations Convention on the Assignment of Receivables in International Trade, the UNCITRAL Legislative Guide on Secured Transactions, the Supplement on Security Interests in Intellectual Property and the UNCITRAL Guide on the Implementation of a Security Rights Registry. For the treatment of security interests in insolvency, the Model Law relies on the recommendations of the UNCITRAL Legislative Guide on Secured Transactions and the UNCITRAL Legislative Guide on Insolvency Law.--
Notes: "V.16-04667"
Table of contents: title: Chapter I.; title: Scope of application and general provisions -- -- Article 1.; title: Scope of application -- -- Article 2.; title: Definitions and rules of interpretation -- -- Article 3.; title: Party autonomy -- -- Article 4.; title: General standards of conduct -- -- Article 5.; title: International origin and general principles -- -- Chapter II.; title: Creation of a security right -- -- A.; title: General rules -- -- Article 6.; title: Creation of a security right and requirements for a security agreement -- -- Article 7.; title: Obligations that may be secured -- -- Article 8.; title: Assets that may be encumbered -- -- Article 9.; title: Description of encumbered assets and secured obligations -- -- Article 10.; title: Rights to proceeds and commingled funds -- -- Article 11.; title: Tangible assets commingled in a mass or transformed into a product -- -- Article 12.; title: Extinguishment of security rights -- -- B.; title: Asset-specific rules -- -- Article 13.; title: Contractual limitations on the creation of security rights in receivables -- -- Article 14.; title: Personal or property rights securing or supporting payment or other performance of encumbered receivables or other intangible assets, or negotiable instruments -- -- Article 15.; title: Rights to payment of funds credited to a bank account -- -- Article 16.; title: Negotiable documents and tangible assets covered by negotiable documents -- -- Article 17.; title: Tangible assets with respect to which intellectual property is used -- -- Chapter III.; title: Effectiveness of a security right against third parties -- -- A.; title: General rules -- -- Article 18.; title: Primary methods for achieving third-party effectiveness -- -- Article 19.; title: Proceeds -- -- Article 20.; title: Tangible assets commingled in a mass or transformed into a product -- -- Article 21.; title: Changes in the method for achieving third-party effectiveness -- -- Article 22.; title: Lapses in third-party effectiveness -- -- Article 23.; title: Continuity in third-party effectiveness upon a change of the applicable law to this Law -- -- Article 24.; title: Acquisition security rights in consumer goods -- -- B.; title: Asset-specific rules -- -- Article 25.; title: Rights to payment of funds credited to a bank account -- -- Article 26.; title: Negotiable documents and tangible assets covered by negotiable documents -- -- Article 27.; title: Uncertificated non-intermediated securities.; title: Chapter IV.; title: The registry system -- -- Article 28.; title: Establishment of the Registry --; title: Model Registry Provisions -- -- A.; title: General rules -- -- Article 1.; title: Definitions and rules of interpretation -- -- Article 2.; title: Grantor's authorization for registration -- -- Article 3.; title: One notice sufficient for multiple security rights -- -- Article 4.; title: Advance registration -- -- B.; title: Access to registry services -- -- Article 5.; title: Conditions for access to registry services -- -- Article 6.; title: Rejection of the registration of a notice or a search request -- -- Article 7.; title: Information about the registrant's identity and scrutiny of the form or contents of a notice by the Registry -- -- C.; title: Registration of a notice -- -- Article 8.; title: Information required in an initial notice -- -- Article 9.; title: Grantor identifier -- -- Article 10.; title: Secured creditor identifier -- -- Article 11.; title: Description of encumbered assets -- -- Article 12.; title: Language of information in a notice -- -- Article 13.; title: Time of effectiveness of the registration of a notice -- -- Article 14.; title: Period of effectiveness of the registration of a notice -- -- Article 15.; title: Obligation to send a copy of a registered notice -- -- D.; title: Registration of an amendment or cancellation notice -- -- Article 16.; title: Right to register an amendment or cancellation notice -- -- Article 17.; title: Information required in an amendment notice -- -- Article 18.; title: Global amendment of secured creditor information -- -- Article 19.; title: Information required in a cancellation notice -- -- Article 20.; title: Compulsory registration of an amendment or cancellation notice -- -- Article 21.; title: Effectiveness of the registration of an amendment or cancellation notice not authorized by the secured creditor -- -- E.; title: Searches -- -- Article 22.; title: Search criteria -- -- Article 23.; title: Search results -- -- F.; title: Errors and post-registration changes -- -- Article 24.; title: Registrant errors in required information -- -- Article 25.; title: Post-registration change of grantor identifier -- -- Article 26.; title: Post-registration transfer of an encumbered asset -- -- G.; title: Organization of the Registry and the registry record -- -- Article 27.; title: The registrar -- -- Article 28.; title: Organization of information in the registry record -- -- Article 29.; title: Integrity of information in the registry record -- -- Article 30.; title: Removal of information from the public registry record and archival -- -- Article 31.; title: Correction of errors made by the Registry -- -- Article 32.; title: Limitation of liability of the Registry ---- Article 33. Registry fees.; title: Chapter V.; title: Priority of a security right -- -- A.; title: General rules -- -- Article 29.; title: Competing security rights created by the same grantor -- -- Article 30.; title: Competing security rights created by different grantors -- -- Article 31.; title: Competing security rights in the case of a change in the method of third-party effectiveness -- -- Article 32.; title: Competing security rights in proceeds -- -- Article 33.; title: Competing security rights in tangible assets commingled in a mass or transformed into a product -- -- Article 34.; title: Security rights competing with rights of buyers or other transferees, lessees or licensees of an encumbered asset -- -- Article 35.; title: Impact of the grantor's insolvency on the priority of a security right -- -- Article 36.; title: Security rights competing with preferential claims -- -- Article 37.; title: Security rights competing with rights of judgment creditors -- -- Article 38.; title: Acquisition security rights competing with non-acquisition security rights -- -- Article 39.; title: Competing acquisition security rights -- -- Article 40.; title: Acquisition security rights competing with the rights of judgment creditors -- -- Article 41.; title: Competing security rights in proceeds of an asset subject to an acquisition security right -- -- Article 42.; title: Acquisition security rights extending to a mass or product competing with non-acquisition security rights in the mass or product -- -- Article 43.; title: Subordination -- -- Article 44.; title: Future advances and future encumbered assets -- -- Article 45.; title: Irrelevance of knowledge of the existence of a security right -- -- B.; title: Asset-specific rules -- -- Article 46.; title: Negotiable instruments -- -- Article 47.; title: Rights to payment of funds credited to a bank account -- -- Article 48.; title: Money -- -- Article 49.; title: Negotiable documents and tangible assets covered by negotiable documents -- -- Article 50.; title: Intellectual property -- -- Article 51.; title: Non-intermediated securities -- -- Chapter VI.; title: Rights and obligations of the parties and third-party obligors -- -- Section I.; title: Mutual rights and obligations of the parties to a security agreement -- -- A.; title: General rules -- -- Article 52.; title: Sources of mutual rights and obligations of the parties -- -- Article 53.; title: Obligation of the party in possession to exercise reasonable care -- -- Article 54.; title: Obligation of the secured creditor to return an encumbered asset -- -- Article 55.; title: Right of the secured creditor to use and inspect an encumbered asset, and to be reimbursed for expenses -- -- Article 56.; title: Right of the grantor to obtain information -- -- B.; title: Asset-specific rules -- -- Article 57.; title: Representations of the grantor of a security right in a receivable -- -- Article 58.; title: Right of the grantor or the secured creditor to notify the debtor of the receivable -- -- Article 59.; title: Right of the secured creditor to payment of a receivable -- -- Article 60.; title: Right of the secured creditor to preserve encumbered intellectual property -- -- Section II.; title: Rights and obligations of third-party obligors -- -- A.; title: Receivables -- -- Article 61.; title: Protection of the debtor of the receivable -- -- Article 62.; title: Notification of a security right in a receivable -- -- Article 63.; title: Discharge of the debtor of the receivable by payment -- -- Article 64.; title: Defences and rights of set-off of the debtor of the receivable -- -- Article 65.; title: Agreement not to raise defences or rights of set-off -- -- Article 66.; title: Modification of the contract giving rise to a receivable -- -- Article 67.; title: Recovery of payments -- -- B.; title: Negotiable instruments -- -- Article 68.; title: Rights as against the obligor under a negotiable instrument -- -- C.; title: Rights to payment of funds credited to a bank account -- -- Article 69.; title: Rights as against the deposit-taking institution -- -- D.; title: Negotiable documents and tangible assets covered by negotiable documents -- -- Article 70.; title: Rights as against the issuer of a negotiable document -- -- E.; title: Non-intermediated securities -- -- Article 71.; title: Rights as against the issuer of a non-intermediated security.; title: Chapter VII.; title: Enforcement of a security right -- -- A.; title: General rules -- -- Article 72.; title: Post-default rights -- -- Article 73.; title: Methods of exercising post-default rights -- -- Article 74.; title: Relief for non-compliance -- -- Article 75.; title: Right of affected persons to terminate enforcement -- -- Article 76.; title: Right of a higher-ranking secured creditor to take over enforcement -- -- Article 77.; title: Right of the secured creditor to obtain possession of an encumbered asset -- -- Article 78.; title: Right of the secured creditor to dispose of an encumbered asset -- -- Article 79.; title: Distribution of the proceeds of a disposition of an encumbered asset and debtor's liability for any deficiency -- -- Article 80.; title: Right to propose the acquisition of an encumbered asset by the secured creditor -- -- Article 81.; title: Rights acquired in an encumbered asset -- -- B.; title: Asset-specific rules -- -- Article 82.; title: Collection of payment -- -- Article 83.; title: Collection of payment by an outright transferee of a receivable -- -- Chapter VIII.; title: Conflict of laws -- -- A.; title: General rules -- -- Article 84.; title: Mutual rights and obligations of the grantor and the secured creditor -- -- Article 85.; title: Security rights in tangible assets -- -- Article 86.; title: Security rights in intangible assets -- -- Article 87.; title: Security rights in receivables relating to immovable property -- -- Article 88.; title: Enforcement of security rights -- -- Article 89.; title: Security rights in proceeds -- -- Article 90.; title: Meaning of "location" of the grantor -- -- Article 91.; title: Relevant time for determining location -- -- Article 92.; title: Exclusion of renvoi  -- -- Article 93.; title: Overriding mandatory rules and public policy (ordre public) -- -- Article 94.; title: Impact of commencement of insolvency proceedings on the law applicable to a security right -- -- Article 95.; title: Multi-unit States -- -- B.; title: Asset-specific rules -- -- Article 96.; title: Rights and obligations between third-party obligors and secured creditors -- -- Article 97.; title: Security rights in rights to payment of funds credited to a bank account -- -- Article 98.; title: Third-party effectiveness of a security right in certain types of asset by registration -- -- Article 99.; title: Security rights in intellectual property -- -- Article 100.; title: Security rights in non-intermediated securities -- -- Chapter IX.; title: Transition -- -- Article 101.; title: Amendment and repeal of other laws -- -- Article 102.; title: General applicability of this Law -- -- Article 103.; title: Applicability of prior law to matters that are the subject of proceedings commenced before the entry into force of this Law -- -- Article 104.; title: Applicability of prior law to the creation of a prior security right -- -- Article 105.; title: Transitional rules for determining the third-party effectiveness of a prior security right -- -- Article 106.; title: Application of prior law to the priority of a prior security right as against the rights of competing claimants arising under prior law -- -- Article 107.; title: Entry into force of this Law.