- Publicity in secured transactions law: Towards a European public notice filing system for non-possessory security rights in movable assets?
- Award date
- 16 May 2014
- Number of pages
- Document type
- PhD thesis
- Faculty of Law (FdR)
There is a growing call to introduce a European public notice filing system for security rights in movable goods comparable to the notice filing system of Art. 9 UCC. A proposal to this effect has been adopted in Book IX DCFR, which represents a comprehensive framework of rules for proprietary security in movable assets. The ultimate aim of this thesis was to investigate whether a European notice filing system for security rights in movable assets should be introduced, and if so, to what extent Art. 9 UCC should serve as an example. In evaluating this question, this thesis focused on the interests of several types of parties that are typically involved in or exposed to secured transactions operating within the borders of the European Union. In a nutshell, it investigated whether it is likely that these parties will be "better off" in a system where a public filing system exists, measured by effectiveness and cost-efficiency. More specifically, this thesis proceeded from the proposition that it is worthwhile to strive for public filing if it effectively addresses the legal risks these parties are exposed to in the absence of public information on security interests and does so in a manner that is cost-efficient for the parties concerned, i.e. in accordance with a cost-benefit approach. The outcome was that a public filing system on a European scale may be useful in the aforementioned respect; its success will however, largely depend on the way it is designed and organized. The current proposal for a public notice filing system as embodied in Book IX of the European Register for Proprietary Security (‘ERPS’), is promising in various respects. This thesis presented a few recommendations aimed at further improving the proposal.
- Research conducted at: Universiteit van Amsterdam
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