IMES DISCUSSION PAPER SERIES 9 Discussion Paper No. 98-J-7 INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN 100-8630 203
IMES Discussion Paper Series 98-J-7 1998 3 9 9 9 9 UCC 9 JEL classification K19 * (E-mail:kiyoe@rikkyo.ac.jp)
--------------------------------------------------------------------------------------------- 1 --------------------------------------------------------------------------------------- 2 9 ------------------------------------------------------------------ 2 choice of law ----------------------------------------------------------- 4 perfection --------------------------------------------------------- 5 ------------------------------------------------------------------------------- 6 filing --------------------------------------------------------------------- 6 --------------------------------------------------- 6 -------------------------------------------------------------------------------- 8 ------------------------------------------------------------10 ------------------------------------------------------------------------------10 mortgage ---------------------------------11 payment intangible ------------------------------------------------12 ----------------------------------------------------------------------------------14 -----------------------------------------14 ------------------------------------------------------------------------------16 ------------------------------------------------------------------------------17 ----------------------------------------------------------------17
Uniform Commercial Code UCC 9 1 UCC 9 pledge chattel mortgage accounts receivable financing 2 1952 1967 UCC 9 1967 Permanent Editorial Board of the Uniform Commercial Code PEB 1972 3 1972 9 1978 PEB 9 4 1 1996 5 American Law Institute 7 National Conference of Commissioners on Uniform State Laws 1996 10 UCC 9 9 1998 1 2 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.1884. 4 Ibid 1
1990 PEB American Law Institute ALI 5 National Conference of Commissioners on Uniform State Laws NCCUSL 6 9 Study Committee PEB 9 1992 12 1 7 REPORT 9 Drafting Committee 1993 9 1996 5 ALI 1997 9 1998 ALI NCCUSL 8 9 9 9 9 deposit account proceeds 9 original collateral 9 9 account 10 chattel 5 1923 2000 6 1892 7 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
paper 11 9 general intangible 12 9 102 (1) (b) account debtor payment intangible 9 9 9 security interest agricultural lien 9 105 (a) (2) 9 102 (a) (3) (A) i ii in the ordinary course of its business iii perfection 9 13 goods instrument 9 106 11 chattel mortgage 9 105 (1) (a) 12 general intangible document investment property personal property thing in action 9 106 13 REPORT, supra note 7, at 181. 3
9 14 REPORT 15 9 tort 9 104 (k) 9 104 (11) 9 112 (d) (12) (A) 9 102 (a) (9) (B) (ii) 9 choice of law 16 9 103 perfection 17 9 mobile goods 18 9 103 (3) (b) (4) (6) (f) 9 9 103 (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. 576. 15 REPORT, supra note 7, at 181. 16 xiii xv 17 9 103 (1) (b) last event jurisdiction 18 mobile goods 9 103 (3) (a) 4
jurisdiction 19 perfection 20 9 control 9 304 (a) (2) 9 310 (b) (2) depositary institution 9 117 9 109 9 304 (1) 21 9 304 (a) 9 310 (a) filing mortgage 9 19 9 103 Reporters' Comments 20 perfection 9 perfection 21 negotiable instrument 3 104 security agreement 9 105 (1) (l) 5
9 312 (j) 9 325 1994 8 9 9 115 (5) filing 4 9 22 5 consumer secured transaction 23 UCC 24 25 22 xviii xx 23 consumer secured transaction 9 105 (a) (10) 9 102 (a) (17) 24 81 383 25 9 506 (b) 9 622 (b) 6
UCC 9 9 9 504 (e) 9 614 (i) 9 504 (n) 9 615 (a) 9 504 (4) 9 504 (e) 9 614 (i) 9 504 (e) 9 614 (i) UCC 9 318 (3) 9 318 (d) 9 404 (e) 26 9 504 (e) 9 614 (i) 9 504 (e) 9 614 (i) 9 502 (f) 1998 1 9 622 (a) 60 Gail K. Hillebrand "The Revision of UCC Article 9 : Issues for Consumers" 27 U.C.C.L.J. 179 26 467 7
in good faith 9 504 (e) 9 614 (i) 27 9 504 (3) 28 1972 9 504 (g) (2) 9 611 (b) (2) 9 security agreement control 9 203 (a) (1) 9 203 (b) (3) 27 1998 1 9 502 ( ) 28 9 504 (3) public sale 8
29 9 304 (a) (2) 9 310 (b) (2) 9 312 (j) 9 325 (1) (2) (3) (4) (3) (4) (4) 9 117 (a) (3) 30 29 9 117 (a) 9 109 (a) (1) depositary institution (2) (3) customer 4 104 (3) 9 117 (a) 9 109 (a) 30 9 312 (j) (4) 9 325 (4) 9 117 (a) (3) 9 109 (a) (3) 9 312 A 9 337 9 117 (a) (3) 9 109 (a) (3) 9
9 117 (a) (1) 9 109 (a) (1) 9 312 (j) (3) 9 325 (3) 9 304 (1) 31 9 304 (a) 9 310 (a) 9 32 9 302 (1) 33 31 REPORT, supra note 7,at 152. 32 Steven L. Harris and Charles W. Mooney, supra note 14, at 565. 33 21 negotiable instrument 3 104 9 105 (1) (l) 21 10
34 35 UCC UCC 36 mortgage 37 realty paper mortgage 34 35 Steven L. Harris and Charles W. Mooney, supra note 14, at 565-566. 36 1996 10 1 9 327 (c) 9 327 (d) 37 181 1 3 182 90 11
payment intangible 38 UCC 9 secured transaction personal property fixture security interest 9 102 (1) (b) 9 9 9 9 9 9 public notice 39 9 401 9 302 40 9 38 9 106 (c) 9 103 (c) payment intangible general intangible 39 467 NBL597 24 40 9 556 12
41 42 9 43 regulated entity participation interest 9 44 9 102 (a) (3) 9 112 (a) (3) 9 41 Benedict v. Ratner, 268 U.S. 353, 45 S.Ct. 566 (1925). 9 floating lien 9 205 95 2 392 42 REPORT, supra note 7, at 44-45. 43 Recommendation 1.A., REPORT, supra note 7, at 47. 44 Steven L. Harris and Charles W. Mooney, supra note 14, at 572. 13
45 46 47 9 402 (1) 9 notice filing system 48 49 45 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 890 47 9 402 (1) type item 9 402 (g) 9 504 all assets all personal property 48 UCC transaction filing system 1040 33 49 9 402 (n) (1) 9 508 (a) (1) 9 415 14
trade name 9 402 (c) 9 503 (a) registered entity 9 402 (c) (1) 9 503 (a) (1) 50 9 402 (8) seriously misleading minor errors 9 402 (h) 9 506 filing office (a) 9 519 (a) 50 9 9 103 (3) (d) 9 103 (a) (4) (i) 9 307 (d) 9 15
9 413 9 528 9 9 402 (1) 9 51 52 53 9 403 9 521 (a) 9 515 (b) 9 413 9 528 9 9 54 9 407 (b) 51 8 14 20 Adams et al., supra note 43 at 907 52 Ibid 53 9 401 (1) Secretary of State county 9 401 (a) 9 501 (a) 54 Steven L. Harris and Charles W. Mooney, supra note 14, at 573-574. 16
9 523 (b) (1) 3 9 403 9 404 (2) (3) (b) (b) 2 (d) (e) (e) (d) UCC 9 9 55 55 9 9 303 (1) 9 312 (5) (a) 9 204 (3) 9 312 (7) 9 "carve-out" Lisa M. Bossetti and Mette H. Kurth "Professor Elizabeth 17
9 lien creditor 56 57 Warren's Article 9 Carve-Out Proposal: A Strategic Analysis" 30 U.C.C.L.J. 4 (1997) 56 xxi 57 Elizabeth Warren 9 301 20 "carve-out" 18