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Could English law secured transactions benefit from research into reform in other jurisdictions by the Secured Transactions Law Reform Project (STLRP)?
Last week saw a gathering of lawyers in London and Durham from a number of different jurisdictions, all joined to share their own experience on reforming the law on secured transactions. The conference ‘Secured Transaction Reform in other jurisdictions’ was run by the STLRP and was chaired by Rt Hon Lord Saville of Newdigate. It focused on reform in Australia, Jersey, Scotland, Ireland, Canada and the US with commentary on points of English law from Professor Louise Gullifer from the University of Oxford and Dr Magda Raczynska from the University of Bristol.
The STLRP was established under the executive directorship of Professor Sir Roy Goode, and is now spear-headed by Professor Louise Gullifer of Oxford University Law Faculty, as executive director. It involves interested parties considering:
There were some excellent presentations and comments from the floor but there were some common themes relating to security over intangible moveables. At this stage the members of the STLRP are examining the law in different jurisdictions and gathering views on what works well and what not so well, so they can consider these concepts in detail in relation to English law.
A few of the themes that came up included:
Were there any key themes emerging on priority of security interests?Yes, there were a few common concepts. English law seems to have one of the most complex system of rules on priority.The key themes were that:
The STLRP would be interested to hear from solicitors in practice, barristers, academics or any other party with an interest in this important area of law to create an impetus for reform. The STLRP arranges conferences and meetings on different topics relating to secured transactions so lawyers can focus on the area relevant to them. Publications of the members of the group will be posted on the STLRP’s website.
The papers and presentations from the conference will shortly be available on the Project’s website.
Jacqueline Cook from the Lexis Banking & Finance team attended the conference in London last week and is now liaising with Professor Gullifer, the executive director. The LexisPSL Banking & Finance team will be monitoring further developments in the STLRP’s work over the coming months.
First published on LexisPSL Banking & Finance. Click here for a free trial.
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