Author : Scottish Law Commission
Release : 2011
Genre : Law
Kind : eBook
Book Rating : 609/5 ( reviews)
Book Synopsis Discussion Paper on Moveable Transactions by : Scottish Law Commission
Download or read book Discussion Paper on Moveable Transactions written by Scottish Law Commission. This book was released on 2011. Available in PDF, EPUB and Kindle. Book excerpt: This discussion paper looks at three connected areas of law, all important to the smooth running of the Scottish economy. In all three areas Scots law appears to be out of date, and insufficiently business-friendly. From an international perspective current Scots law would appear to be in need of radical reform. The three areas are: (i) he transfer of financial rights (ie a creditor transferring the right to payment, so that the debtor will have a new creditor); (ii) security over corporeal moveable property ("security" means security for a debt) - although Scots law, like other systems, allows security by delivery to the lender (eg handing over a gold watch to a pawnbroker), there are legal hurdles in the way of non-possessory security; (iii) security over incorporeal moveable property. The Discussion Paper discusses the current law, identifies its shortcomings, and suggests possible ways forward. Other legal systems are looked at, including the model that originated in the USA and has now been adopted (with some variations) in a number of other countries including Australia, Canada and New Zealand. It is suggested that Scots law would benefit from adopting some of the model's ideas. It is proposed that there should be a new type of security right, covering both corporeal and incorporeal moveable property. There would be a new online Register of Moveable Transactions, in which the security right would be registered. The new register could also be used to register transfers of financial rights, for example in securitisations and factoring.
