| 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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| 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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