UCC Article 9 Registration System for Latin America

Abstract

The purpose of this article is to outline the main features of a system to register notices of security interests as it was pioneered in Canada under the Personal Property Security Act (PPSA) and in the United States under the Uniform Commercial Code Article 9 (UCC Article 9). The features identified below should be implemented in any registration system irrespective of the jurisdiction and region that seeks to modernize its secured transactions legal framework. However, this article focuses on the implementation of the features in the context of Latin America, where recently a number of jurisdictions undertook reforms of their secured transactions systems but failed to establish a modern notice-registration system (e.g., Chile, Guatemala, and Peru).

Keywords: filing systems, UCC 9, security interest, collateral