| Budget Amount *help |
¥2,000,000 (Direct Cost: ¥2,000,000)
Fiscal Year 1998: ¥500,000 (Direct Cost: ¥500,000)
Fiscal Year 1997: ¥500,000 (Direct Cost: ¥500,000)
Fiscal Year 1996: ¥1,000,000 (Direct Cost: ¥1,000,000)
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| Research Abstract |
This is a three-year research on the revision process of the Uniform Commercial Code Article 9 and the resulting reform of personal property security interest law in the United States with a view of obtaining its implications for Japan.
The Uniform Commercial Code is a uniform act prepared and promulgated by the National Conference of commissioners on Uniform State Laws and the American Law Institute that is intended to be enacted by each state of the United States. Both organizations are engaged in uniform law movement and law reform movement..
In 1993, they resolved to revise the 1972 version of Article 9. and the revision was completed in July 1998. In March 1999, the official text with comments of the 1998 version of Article 9 was published. The Revised Article 9 has already been under consideration of some state legislatures. If everything goes according to plan, it will become the law in a significant number of states, effective July 1, 2001.
This revision of Article 9 seeks greater certainty through expanding the scope of property and transactions covered by Article 9, and simplifying and clarifying the rules for creation, perfection, and enforcement of security interest.
This research has focused on uniform law reform movement in order to have better understanding of the revision process of Article 9, and on ideas and components which lead this revision of Article 9. It is not yet a time to say how successful the revision is until a substantial number of states will have enacted the 1998 revision of Article 9 and see how it is used and applied. I would like to give close look at Article 9 and report how well it is doing.
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