Rethinking Ethiopian Secured Transactions Law Through Comparative Perspective: Lessons from the Uniform Commercial Code of the US

Mizan Law Review, Vol. 11, No.1, pp. 153-197 (September 2017).

43 Pages Posted: 8 Oct 2017

See all articles by Asress Adimi Gikay

Asress Adimi Gikay

Brunel University London; Scuola Superiore Sant'Anna di Pisa, Department of Law, Politics and Development (DIRPOLIS)

Date Written: September 28, 2017

Abstract

Various countries have reformed their secured transaction laws recognizing the significance of modern secured transactions law in enhancing access to credit and economic development. Ethiopia has not undertaken comprehensive secured transactions law reform, despite the demonstrable mismatch between the legal regime governing security interests and the country’s current political, economic and commercial realities. In-depth analysis of the Ethiopian secured transactions law is made in this article in the light of UCC1 Art 9, English, and French secured transactions laws and the EBRD (European Bank for Reconstruction and Development) Model law and the experience of civil law jurisdiction of Louisiana. I argue that secured transaction law reform in Ethiopia can be implemented based on UCC Art. 9 with some adjustment in light of Louisiana’s experience. The article uses the unitary concept of security interest and floating lien to exemplify the supremacy of the approaches and policies of UCC Art. 9 and its suitability as a model for potential secured transactions law reform in Ethiopia.

Keywords: Credit Market, UCC Art. 9, Unitary Concept/Theory, Functional Approach, Floating Lien, Floating Charge, Security Interest, Self-Help Repossession, Efficiency

Suggested Citation

Gikay, Asress Adimi, Rethinking Ethiopian Secured Transactions Law Through Comparative Perspective: Lessons from the Uniform Commercial Code of the US (September 28, 2017). Mizan Law Review, Vol. 11, No.1, pp. 153-197 (September 2017).. Available at SSRN: https://ssrn.com/abstract=3044532

Asress Adimi Gikay (Contact Author)

Brunel University London ( email )

Kingston Lane
Uxbridge, Middlesex UB8 3PH
United Kingdom

Scuola Superiore Sant'Anna di Pisa, Department of Law, Politics and Development (DIRPOLIS) ( email )

Pisa
Italy

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