Law Commons^™

Emerging Technology's Unfamiliarity With Commercial Law, Carla L. Reyes

Faculty Journal Articles and Book Chapters

Over the course of a three-year, collaborative process that was open to the public, the Uniform Law Commission (ULC) and the American Law Institute (ALI) undertook a project to revise the Uniform Commercial Code (UCC) to account for the impact of emerging technologies on commercial transactions. The amendments, approved jointly by the ULC and ALI in July 2022, touch on aspects of the entire UCC, but one change has inspired ire and attracted national media attention: a proposed revision to the definition of “money.” The 2022 UCC Amendments alter the definition of “money” to account for the introduction of central …

Secured Transactions Law Reform In Japan: Japan Business Credit Project Assessment Of Interviews And Tentative Policy Proposals, Megumi Hara, Kumiko Koens, Charles W. Mooney Jr.

All Faculty Scholarship

This article summarizes key findings from the Japan Business Credit Project (JBCP), which involved more than 30 semi-structured interviews conducted in Japan from 2016 through 2018. It was inspired by important and previously unexplored questions concerning secured financing of movables (business equipment and inventory) and claims (receivables)—“asset-based lending” or “ABL.” Why is the use of ABL in Japan so limited? What are the principal obstacles and disincentives to the use of ABL in Japan? The interviews were primarily with staff of banks, but also included those of government officials and regulators, academics, and law practitioners. The article proposes reforms of …

Lost In Transplantation: Modern Principles Of Secured Transactions Law As Legal Transplants, Charles W. Mooney Jr.

All Faculty Scholarship

This manuscript will appear as a chapter in a forthcoming edited volume published by Hart Publishing, Secured Transactions Law in Asia: Principles, Perspectives and Reform (Louise Gullifer & Dora Neo eds., forthcoming 2020). It focuses on a set of principles (Modern Principles) that secured transactions law for personal property should follow. These Modern Principles are based on UCC Article 9 and its many progeny, including the UNCITRAL Model Law on Secured Transactions. The chapter situates the Modern principles in the context of the transplantation of law from one legal system to another. It draws in particular on Alan Watson’s pathbreaking …

Insolvency Law As Credit Enhancement And Enforcement Mechanism: A Closer Look At Global Modernization Of Secured Transactions Law, Charles W. Mooney Jr.

All Faculty Scholarship

This essay revisits earlier work on the relationship between insolvency law and secured credit, the role of secured transactions law reforms, and the benefits of secured credit. These complex relationships require a holistic approach toward reforms of secured transactions law and insolvency law. Merely enacting sensible secured transactions laws and insolvency laws may be insufficient to produce the intended benefits from either set of laws.

The essay is informed by an ongoing qualitative empirical study of business credit in Japan—the Japanese Business Credit Project. The JBCP involves interviews of representatives of Japanese financial institutions and governmental bodies and legal practitioners …

Conceptualizing Cryptolaw, Carla L. Reyes

Faculty Journal Articles and Book Chapters

Sweden transfers its real property recording system to the blockchain, a software protocol that enables public, cryptographically secure transaction verification without reliance upon a trusted third party. Dubai plans to issue blockchain-based government documents. The United States Department of Health and Human Services investigates blockchain-based systems for managing health data. Illinois explores blockchain-based applications for use in the Illinois government. News of governments and public-private partnerships developing blockchain-based legal applications increasingly splash across the headlines; however the law-makers using blockchain and other Distributed Ledger Technology (DLT) systems to implement legal processes do not systematically consider the broader implications of their …

Immovable-Associated Equipment Under The Draft Mac Protocol: A Sui Generis Challenge For The Cape Town Convention, Benjamin Von Bodungen, Charles W. Mooney Jr.

All Faculty Scholarship

UNIDROIT is in the process of adopting a fourth Protocol under the umbrella of the Cape Town Convention, the MAC Protocol, which will cover mining, agricultural and construction equipment. This article addresses a challenge faced by the MAC Protocol that was not encountered in the development of the previous Protocols - the potential for MAC equipment to be associated with immovable property in ways that result in the holder of an interest in the immovable property acquiring an interest in the associated MAC equipment under the law of the State in which the immovable property is located. The article first …

The Cape Town Convention’S Improbable-But-Possible Progeny Part Two: Bilateral Investment Treaty-Like Enforcement Mechanism, Charles W. Mooney Jr.

All Faculty Scholarship

This Essay is Part Two of a two-part essay series that outlines and evaluates two possible future international instruments. Each instrument draws substantial inspiration from the Cape Town Convention and its Aircraft Protocol (together, the “Convention”). The Convention governs the secured financing and leasing of large commercial aircraft, aircraft engines, and helicopters. It entered into force in 2006. It has been adopted by sixty-six Contracting States (fifty-eight of which have adopted the Aircraft Protocol), including the U.S., China, the E.U., India, Ireland, Luxembourg, Russia, and South Africa.

This Part of the Essay explores whether an investor-state dispute settlement (ISDS) feature …

Law And Development In West And Central Africa (Ohada), Peter Winship

Faculty Journal Articles and Book Chapters

This seminar paper considers whether OHADA - an experiment in unifying business law in African countries - has been a success. Following a prologue that explains the origins of the paper, the first part of the paper sets out basic information about the Organisation pour l’Harmonisation du Droit des Affaires en Afrique (“Organization for the Harmonization of Business Law in Africa,” known by the acronym OHADA). This part is followed by a review of law and development literature to assess the value of this literature for an evaluation of the success (or not) of OHADA. A third part then focuses …

Unification Of The Law Governing Secured Transactions: Progress And Prospects For Reform, Hannah Buxbaum

Articles by Maurer Faculty

This article was published in connection with UNIDROIT's 75th anniversary conference on worldwide harmonization of private law and regional economic integration. It begins by addressing the commercial need for harmonization in the area of secured transactions, discussing both traditional conflicts analysis in that field and particular obstacles to reform. It then outlines the specific reform initiatives that have been implemented to date, grouping them into sectoral instruments and regional instruments. It concludes by speculating on the future of harmonization efforts in security law.

Introducing Revised Article 9 Of The Uniform Commercial Code, John L. Mccabe, Arthur H. Travers

Publications

No abstract provided.

A Central Filing System For Financing Statements, Arthur H. Travers Jr., John L. Mccabe

Publications

No abstract provided.

On The U.C.C. Revision Process: A Reply To Dean Scott, David Frisch

Law Faculty Publications

This Article takes account of the forces that shape revisions of the commercial law and notes the relationship between those forces and the tenor of the resulting codification; Part II peruses Scott's thesis. It responds to his criticism of the UCC drafting and revision processes and describes how uniform commercial law Jurisprudence reveals the incongruities in his analysis. Part III tests Scott's conclusions about private legislatures by considering the realist Jurisprudence of the UCC and compares the UCC's "private legislature" (PL) commercial law to the commercial- law product of a "public legislature," the Bankruptcy Code promulgated by the United States …

The Implicit "Takings" Jurisprudence Of Article 9 Of The Uniform Commercial Code, David Frisch

Law Faculty Publications

Part I of this Article begins by reasserting that central to the idea of property rights is the legal entitlement to remedies that permits a person to exercise dominion over the specific asset or to exclude the exercise of dominion by others. Next, part I examines the essence of a security interest and demonstrates that it is a protected property interest. Part II sets forth a model of priorities that suggests that although property interests should ordinarily be protected by a property rule, there is something special about a security interest, implying the need for greater contingency and justifying a …

Purchase Money Security Interest In Inventory: If It Does Not Float, It Must Be Dead!, D. Benjamin Beard

Articles

No abstract provided.

Recapitalizations Under Section 3 (A) (9) Of The Securities Act Of 1933, J. William Hicks

Articles by Maurer Faculty

No abstract provided.

Sales And Secured Transactions, Douglass Boshkoff

Articles by Maurer Faculty

No abstract provided.

Sales And Secured Transactions, Douglass Boshkoff

Articles by Maurer Faculty

No abstract provided.

Sales And Secured Transactions, Douglass Boshkoff

Articles by Maurer Faculty

No abstract provided.