IMES Discussion Paper Series 98-J UCC 9 JEL classification K19 * ( kiyoe@rikkyo.ac.jp)

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1 IMES DISCUSSION PAPER SERIES 9 Discussion Paper No. 98-J-7 INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN

2 IMES Discussion Paper Series 98-J UCC 9 JEL classification K19 * ( kiyoe@rikkyo.ac.jp)

3 choice of law perfection filing mortgage payment intangible

4 Uniform Commercial Code UCC 9 1 UCC 9 pledge chattel mortgage accounts receivable financing UCC Permanent Editorial Board of the Uniform Commercial Code PEB PEB American Law Institute 7 National Conference of Commissioners on Uniform State Laws UCC William M. Burke, Steven L. Harris and Charles W. Mooney "Interim Report on the Activities of the Article 9 Study Committee" 46 Bus.Law.1883 (1991) 3 Id Ibid 1

5 1990 PEB American Law Institute ALI 5 National Conference of Commissioners on Uniform State Laws NCCUSL 6 9 Study Committee PEB REPORT 9 Drafting Committee ALI ALI NCCUSL deposit account proceeds 9 original collateral 9 9 account 10 chattel Permanent Editorial Board For The Uniform Commercial Code, PEB Study Group Uniform Commercial Code Article 9 Report (December 1,1992) REPORT 8 xii 9 xii xx 10 account 2

6 paper 11 9 general intangible (1) (b) account debtor payment intangible security interest agricultural lien (a) (2) (a) (3) (A) i ii in the ordinary course of its business iii perfection 9 13 goods instrument chattel mortgage (1) (a) 12 general intangible document investment property personal property thing in action REPORT, supra note 7, at

7 9 14 REPORT 15 9 tort (k) (11) (d) (12) (A) (a) (9) (B) (ii) 9 choice of law perfection 17 9 mobile goods (3) (b) (4) (6) (f) (3) (b) 14 Steven L. Harris and Charles W. Mooney "The Article 9 Study Committee Report: Strong Signals and Hard Choices" 29 Ida.L.Rev REPORT, supra note 7, at xiii xv (1) (b) last event jurisdiction 18 mobile goods (3) (a) 4

8 jurisdiction 19 perfection 20 9 control (a) (2) (b) (2) depositary institution (1) (a) (a) filing mortgage Reporters' Comments 20 perfection 9 perfection 21 negotiable instrument security agreement (1) (l) 5

9 9 312 (j) (5) filing consumer secured transaction 23 UCC xviii xx 23 consumer secured transaction (a) (10) (a) (17) (b) (b) 6

10 UCC (e) (i) (n) (a) (4) (e) (i) (e) (i) UCC (3) (d) (e) (e) (i) (e) (i) (f) (a) 60 Gail K. Hillebrand "The Revision of UCC Article 9 : Issues for Consumers" 27 U.C.C.L.J

11 in good faith (e) (i) (3) (g) (2) (b) (2) 9 security agreement control (a) (1) (b) (3) ( ) (3) public sale 8

12 (a) (2) (b) (2) (j) (1) (2) (3) (4) (3) (4) (4) (a) (3) (a) (a) (1) depositary institution (2) (3) customer (3) (a) (a) (j) (4) (4) (a) (3) (a) (3) A (a) (3) (a) (3) 9

13 9 117 (a) (1) (a) (1) (j) (3) (3) (1) (a) (a) (1) REPORT, supra note 7,at Steven L. Harris and Charles W. Mooney, supra note 14, at negotiable instrument (1) (l) 21 10

14 34 35 UCC UCC 36 mortgage 37 realty paper mortgage Steven L. Harris and Charles W. Mooney, supra note 14, at (c) (d)

15 payment intangible 38 UCC 9 secured transaction personal property fixture security interest (1) (b) public notice (c) (c) payment intangible general intangible NBL

16 regulated entity participation interest (a) (3) (a) (3) 9 41 Benedict v. Ratner, 268 U.S. 353, 45 S.Ct. 566 (1925). 9 floating lien REPORT, supra note 7, at Recommendation 1.A., REPORT, supra note 7, at Steven L. Harris and Charles W. Mooney, supra note 14, at

17 (1) 9 notice filing system Edward S. Adams, Steve H. Nickles, Susan Sande and William R. Shiefelbein "A Revised Filing System: Recommendation and Innovation" 79 Minn.L.Rev. 889 (1995) 46 Adams et al., supra note 43 at (1) type item (g) all assets all personal property 48 UCC transaction filing system (n) (1) (a) (1)

18 trade name (c) (a) registered entity (c) (1) (a) (1) (8) seriously misleading minor errors (h) filing office (a) (a) (3) (d) (a) (4) (i) (d) 9 15

19 (1) (a) (b) (b) Adams et al., supra note 43 at Ibid (1) Secretary of State county (a) (a) 54 Steven L. Harris and Charles W. Mooney, supra note 14, at

20 9 523 (b) (1) (2) (3) (b) (b) 2 (d) (e) (e) (d) UCC (1) (5) (a) (3) (7) 9 "carve-out" Lisa M. Bossetti and Mette H. Kurth "Professor Elizabeth 17

21 9 lien creditor Warren's Article 9 Carve-Out Proposal: A Strategic Analysis" 30 U.C.C.L.J. 4 (1997) 56 xxi 57 Elizabeth Warren "carve-out" 18

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