The UNCITRAL Experience
- Corporations, Globalisation and the Law series
Chapter 8: Conclusion
The UNCITRAL Legislative Guide contains a fairly detailed set of rules governing the creation and enforcement of security interests over personal property. Alternative possibilities are allowed in certain situations, but the document is more than a guide, it is a series of prescriptions. While the UNCITRAL instrument does not reproduce American terminology, the instrument does mirror the norms reflected in Article 9 of the US Uniform Commercial Code. The previous chapters have explained that this alignment with American law is much closer in the case of the UNCITRAL Secured Transactions Guide than the UNCITRAL Insolvency Guide. This concluding chapter tries to explain why this is the case. It also seeks to examine the possibility of the Secured Transactions Guide gaining widespread international acceptance. THE INSOLVENCY AND AMERICAN PARALLELS This book has made the point on a number of occasions that there are greater similarities between Article 9 of the US Uniform Commercial Code and the UNCITRAL Secured Transactions Guide than between the US Bankruptcy Code and the UNCITRAL Insolvency Guide. Why should this have happened? One possibility is that there was greater American influence on the drafting of the Secured Transactions Guide mediated through organisations such as the Commercial Finance Association (CFA); that this came through in the final product in the absence of any countervailing groups; and that American-centred organisations such as the CFA did not play an equivalently influential role in the formulation of the Insolvency Guide. It is difficult, however, to provide concrete proof in support of...
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