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Law and Policy Reform at the Asian Development Bank - A Guide to Movables Registries

E-mail or fax the Publications Unit at + 632 636 2648 to order the printed version of this publication. Applicable shipping cost will be charged. View Document  Books, Periodicals, Studies, and Reports ISBN: 971-561-477-9 Publication Date: December 2002 In stock

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Modern movables registries are attracting increasing interest from ADB's member countries. Such movables registries hold the promise of improved access to credit for debtors due to efficient, transparent registration of a debtor's movable property as collateral for credit.

This publication provides a guide to these movables registries. It discusses these key issues :

• the concept of a movables registry compared to other types of registries
• the purposes of registering under a movables registry
• the features of a movables registry design (including registering and searching features)
• the nature of movables registry operations (including registry administration and effectiveness of registration by registry clientele)
• the transactional and territorial scope of a movables registry
• examples of modern secured transactions laws on which movables registries are based

The publication highlights the opportunities for leapfrogging to state-of-the-art electronic movables registries, while recognizing the need for pragmatic policy choices to accomodate the special challenges of developing countries.

The main audience of the publication will be legislators, policy makers, designers, creditors, and other potential users of movables registries. It will also be of interest to those who wish to understand the nature of movables registries arising from a marriage of innovative information technology and a modern secured transactions law.

RELATED DOCUMENTS

Law and Policy Reform at the Asian Development Bank, 2005 Law and Policy Reform at the Asian Development Bank, 2003 Law and Development at the Asian Development Bank, 2001 Law and Policy Reform at the Asian Development Bank, 2000, Vol. II Law and Policy Reform at the Asian Development Bank, 2000, Vol. 1 Law and Development at the Asian Development Bank, 1999

Download the document [ PDF: 385kb | 116 pages ]. To read, you need Acrobat.

Contents

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Table of Contents and Foreword [ PDF: 27kb | 5 pages ]

Part 1: An Overview of ADB’s Law and Policy Reform Activities in 2001-2002 [ PDF: 11kb | 3 pages ]

Part 2: A Guide to Movables Registries

1. Introduction to Movables Registries [ PDF: 36kb | 7 pages ]
1. Purpose of the Guide
2. Structure of the Guide
3. Terminology in the Guide
4. Sources and References for the Guide
5. The Concept of a Movables Registry Compared to Other Types of Registries and Credit Reporting Agencies


2. Purposes of Registration [ PDF: 50kb | 10 pages ]
1. Economic Role of Secured Credit
2. Priority Risk Created by Nonpossessory Charges in Absence of a Movables Registry
3. Registration and Priority Ordering among Secured Creditors in a Movables Registry
4. Exception to First-to-Register Priority in a Movables Registry for Acquisition Financing Charges
5. Role of Movables Registry in Balancing Rights of Secured Creditors and Buyers
6. Effectiveness of Registered Charge in a Movables Registry against Creditors Generally
7. Exceptions to Effectiveness of Registered Charges in a Movables Registry
8. Should there be Additional Sanctions for Failure to Register in a Movables Registry?
9. Enforcement of Registered Charges in a Movables Registry


3. Movables Registry Design: What Must Be Registered? [ PDF: 39kb | pages ]
1. Comparison Between Notice-Registration System and Document-Filing System in a Movables Registry
2. Transition from Document-Filing to Notice-Registration
3. Access to Further Information in a Notice-Based Movables Registry
4. Minimum Content of Registered Notice in a Notice-Based Movables Registry
5. Additional Registered Particulars in a Notice-Based Movables Registry: Value of Secured Obligation
6. Additional Registered Particulars in a Notice-Based Movables Registry: Duration of Registration
7. Should the Debtor's Signature or Consent be required in a Notice-Based Movables Registry?


4. Movables Registry Design: The Registration and Search Process [ PDF: 33kb | 8 pages ]
1. Paper or Digital Registry Record?
2. Client Access to a Paper-Based Registry Record
3. Client Access to a Computerized Registry Record
4. Registration-Search Criteria
5. Debtor Identifier: The Principal Registration-Search Criterion
6. Collateral Identifier: A Supplementary Registration-Search Criterion?


5. Movables Registry Operations: Effectiveness of Registration of Registry Clientelle [ PDF: 37kb | 6 pages ]
1. Introduction
2. Advance Registration
3. A Single Registration for Successive Security Agreements
4. Effective Time of Registration
5. Legal Effect of Unauthorized Amendments and Discharges
6. Adequacy of Registered Collateral Description
7. Effect of Errors or Omissions in Registered Particulars


6. Movables Registry Operations: Registry Administration [ PDF: 41kb | 7 pages ]
1. The Balance Between Transactional Efficiency and the Reliability and Security of Registry Data
2. Controlling Access to the Registry Record: Security Issues
3. Liability of the Registry
4. The Role of Government in Creating and Operating Registries
5. Privately-operated Registries and Public-Private Arrangements
6. Financing the Start-up and Operational Costs of the Registry


7. Transactional Scope of Movables Registry [ PDF: 37kb | 8 pages ]
1. The Range of Transactions Included
2. Exclusion of Possessory Pledges
3. Substance over Form in Characterizing Nonpossessory Charges
4. Functional Equivalents: Title Retention Sales, Financial Leases, and Similar Functional Equivalents
5. True Long-Term Leases
6. Assignments of Monetary Receivables
7. Commercial Consignments
8. Judgment Liens and Other Security Rights Created by Law
9. Linkage to Immovable Registries
10. Charge Transactions Subject to Specialist Movable Registries


8. Territorial Scope of Movables Registry [ PDF: 21kb | 4 pages ]
1. Introduction
2. The Contexts within which Choice of Registration Law Issues Arise.
3. Tangible Collateral
4. Intangible Collateral
5. Federal and Regional Registries


9. Conclusion [ PDF: 20kb | 3 pages ]

1. Definitions of Technical Terms
2. Excerpts from the New Zealand Personal Property Securities Act, 1999
3. Checklist for the Design of a Modern Movables Registry
4. Step in the Creation of a Modern Movables Registry
5. Bibliography of Resources
6. Overview of the Registration System for Secured Transaction in Viet Nam
7. Registry Provisions of the Convention on International Interests in Mobile Equipment, 2001
8. United Nations Convention on the Assignment of Receivables in International Trade