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Vol 22 No 2 Feb/March 2017

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Secured Credit Under English and American Law

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Gerard McCormackUniversity of Manchester

ISBN13: 9780521826709
ISBN: 0521826705
Published: June 2004
Publisher: Cambridge University Press
Country of Publication: UK
Format: Hardback
Price: £103.00

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Secured Credit drives economic activity. Under English Law it is possible to create security over almost any asset, but the law is widely considered to be unsatisfactory for several reasons, including a cumbersome registration system, a preoccupation with formalistic distinctions and the lack of clear and rationally-determined priority rules. Gerard McCormack examines the current state of English law highlighting its weaknesses.

He uses Article 9 of the American Uniform Commercial Code as a reference point: this Article has successfully serviced the world's largest economy for over 40 years and is increasingly used as the basis for legislation by Commonwealth jurisdictions including Canada and New Zealand. The Law Commission has suggested the enactment of similar legislation in England. In addition, McCormack considers if there really is a case for the priority of secured credit, as well as if there are other international models to draw upon. Contains the text of Article 9.

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Commercial Law
List of journal abbreviations
1. The essence and importance of security
2. Security rights under English Law
3. An overview of Article 9 of the Uniform Commercial Code
4. Implications of Article 9 type reforms for the English law of Security Interests
5. Notice filing versus transaction filing
6. Retention of Title Clauses under English law and Article 9
7. Receivables financing
8. Security interests in deposit accounts, investment property and insurance policies
Appendix: text of Article 9.

Series: Cambridge Studies in Corporate Law

Minority Shareholders' Remedies ISBN 9780521169455
Published March 2011
Cambridge University Press
The Governance of Corporate Groups
Janet DineUniversity of Essex
ISBN 9780521025799
Published May 2006
Cambridge University Press
Minority Shareholders' Remedies ISBN 9780521791069
Published January 2002
Cambridge University Press
Price on Application
The Governance of Corporate Groups
Janet DineUniversity of Essex
ISBN 9780521660709
Published May 2000
Cambridge University Press
Price on Application