Real impetus for reform and research into English law on secured transactions

Real impetus for reform and research into English law on secured transactions

Could English law secured transactions benefit from research into reform in other jurisdictions by the Secured Transactions Law Reform Project (STLRP)?

Background

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.

What was the focus of the conference of the STLRP?

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:

  • the current English law on security and secured transactions
  • alternative ways English law could be improved to meet the needs of the modern, commercial and financial world, and
  • whether English law should adopt a statute similar to the Personal Property Security Acts (PPSA) of Australia or Canada or the Security Interests (Jersey) Act 2012, or look at the best parts from each

From the presentations on the laws on security in other jurisdictions, what were some of the key concepts that could be considered for reform of the secured transactions under English law?

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

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