Priorities
Secured Transactions Law Reform Project Discussion Paper, 2016
24 Pages Posted: 25 May 2018
Date Written: December 22, 2016
Abstract
This paper was written as part of the policy paper series produced by the Secured Transactions Law Reform Project, which exists to consider the need for and shape of reform in this area of law in the UK, as well as to study and inform discussion about the reform of secured transactions law around the world. The paper is a working paper intended to stimulate discussion.
The Paper examines in detail the priority rules that might be adopted by any UK Personal Property Security Act, including consideration of purchase money security interests and priorities between interests perfected by registration, possession and control. The Paper also examines the "taking free" rules, by which we decide when a third party acquiring an asset can take ownership from free (ie not subject to) the security interest. The appendices provide detail of provisions on taking free, purchase money security interests and the relationship with invoice factoring.
Keywords: Secured Transactions, Priority
JEL Classification: K22
Suggested Citation: Suggested Citation