1991 Fiscal Year Final Research Report Summary
Empirical and Comparative Study of Security Interest Transactions in Consumer Credit in Japan
| Project/Area Number |
01520024
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| Research Category |
Grant-in-Aid for General Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Research Field |
Civil law
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| Research Institution | RITSUMEIKAN UNIVERSITY |
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Principal Investigator |
ARAKAWA Shigekatsu Ritsumeikan University, Faculty of Law, Professor, 法学部, 教授 (00066680)
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| Co-Investigator(Kenkyū-buntansha) |
YAMAMOTO Ryuji Gifu College of Economics, Faculty of Economics, Professor, 経済学部, 教授 (10150765)
SHIOTA Chikafumi Ritsumeikan University, Faculty of Law, Professor, 法学部, 教授 (50066544)
NAGAO Jisuke Ritsumeikan University, Faculty of Law, Professor, 法学部, 教授 (90014430)
NAKAI Yoshio Ritsumeikan University, Faculty of Law, Professor, 法学部, 教授 (60066602)
INUI Shozo Ritsumeikan University, Faculty of Law, Professor, 法学部, 教授 (70066538)
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| Project Period (FY) |
1989 – 1991
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| Keywords | Consumer Credit / installment selling / credit without guarantie / surety / surety / mortgagor / hypothec / account / maximal-hypothec |
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| Research Abstract |
We have conducted an empirical and comparative study of security interest transactions in consumer credit in Japan. Our goal was to identify the various legal problems associated with such transactions, and to overview the possible solutions to similar problems which have arisen in other developed countries such as Germany and European Community.
The results of our study are as follows. Firstly, it is evident that the protection of a guarantor or a surety/mortgagor against whom a creditor takes action is required. This is due to the fact that the creditor advances credit in knowledge that it can hold only a subordinate security interest in the debtor's real estate, or that the creditor misjudges the value of the real estate in which security interest is to be acquired. Secondly, a theoretical problem arises in the case where a creditor takes a deposit in the debtor's bank account as the security interest. Our study also included an examination of the applicability of the Preliminary Recording Act (KARI TOKI TANPO HO) to security interests such as the installment land contract with forfeiture clause, absolute deed or sale-leaseback, and the provisions regulating blanket-mortgage to blanket sureties.
Finally, comprehensive research into German and the European Community laws regulating consumer credit has provided us with a meaningful analytical framework with which to study legislative and policy issues concerning consumer credit in Japan.
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