Law Commons^™

Secured Transactions History: The Northern Struggle To Defeat The Judgment Lien In The Pre-Chattel Mortgage Act Era, George Lee Flint Jr.

Northern Illinois University Law Review

Reformers recently have attacked the priority accorded the Anglo-American nonpossessory secured transaction both under bankruptcy and non-bankruptcy law. These reformers believe that the law should reserve some of the debtors' assets for general creditors, most notably tort claimants with judgment liens. The priority rule like many legal rules was adopted to solve some problem. The problem has disappeared, yet the rule remains. Thus, lawmakers must determine if some new rationale justifies the rule and, if so, the rule takes on a new life. If not, then lawmakers should change rules to accommodate the new conditions. This article aims to provide …