Junior Liens in Secured Transactions: A Comparative Study between American Law and Japanese Law
| Project/Area Number |
26380137
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Civil law
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| Research Institution | Waseda University |
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Principal Investigator |
Aoki Noriyuki 早稲田大学, 法学学術院, 教授 (30350416)
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| Project Period (FY) |
2014-04-01 – 2017-03-31
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| Project Status |
Completed (Fiscal Year 2016)
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| Budget Amount *help |
¥4,550,000 (Direct Cost: ¥3,500,000、Indirect Cost: ¥1,050,000)
Fiscal Year 2016: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2015: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
Fiscal Year 2014: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
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| Keywords | 譲渡担保 / 後順位 / 実行 / 消除主義 / 引受主義 / ABL / モーゲージ / UCC第9編 / 抵当権 / 私的実行 / 担保競売 / フォークロージャー / 受戻権 / 後順位担保権 / UCC第９編 / 集合動産譲渡担保 / 流動債権譲渡担保 / 非占有担保 / 占有担保 / 担保 |
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| Outline of Final Research Achievements |
Under Japanese Law, a Junior Lien in a Secured Transaction can be created and perfected, but cannot be foreclosed. Only if the Senior Lienor decides to foreclose the senior lien, the Junior can seize the debtor's claim for surplus, by which the Junior can realize its lien. Japanese Supreme Court points out if the Junior is eligible to foreclose the junior security interest it will harm the Senior because the senior lien is to be extinguished in the foreclosure started by the Junior without any legal dividing procedure, under Japanese Civil Procedure Law. In this research project, I suggest that Japanese Law should accept the idea that the Junior Lien never extinguish the senior lien in the foreclosure, learning from the American law.
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Report
(4 results)
Research Products
(2 results)
