Maîtrise en droit, LL.M.
de
l'Université du Québec à Montréal

Département des sciences juridiques


Les mémoires des étudiantes et des étudiants des maîtrises en droit


Marinelli, Maria Cristina. 2002. La reforme du droit des sûretés réelles en Amérique Latine


Résumé
Table des matières

RÉSUMÉ

La présente étude est divisée en deux parties. La première partie discute des principales causes qui expliquent la basse performance des marchés financiers en Amérique latine. Elle identifie la législation relativement aux sûretés réelles en vigueur dans plusieurs pays comme ayant un certain impact sur la disponibilité du crédit commercial à des prix raisonnables.

La deuxième partie présente les principes fondamentaux de la récente loi type interaméricaine sur les sûretés réelles. Elle conclue que ces principes pourront s’avérer utiles à l’actualisation nécessaire de ce domaine du droit en Amérique latine.

Abstract

The present study is divided in two parts. Part I attempts to canvass the main factors accountable for the poor outcome of debt markets in Latin America. It identifies current secured transactions legislation as having some impact on the availability of reasonably priced commercial lending.

Part II looks at some of the key features of the recently adopted Model Inter-American Law on Secured Transactions, as well as its inspiring sources. It concludes that those principles can be a useful tool to achieve the long-needed update in that legal field.

TABLE DES MATIÈRES

Introduction
Part I: The Need of Reform of Personal Property Security Law in Latin America
1. The Economics of Collateral
a) Credit Practices in Industrialized Countries
b) Credit Practices in Developing Countries
2. The Weaknesses of Latin American Financial Markets
a) Lack of Financial Specialization
b) Macroeconomic Instability and Informal Sector
c) Beyond Economics, the Legal Framework
3. Current Secured Transactions Regimes in Latin America
a) Poor Creditor’s Rights Protection
b) Lack of a Uniform, Rationalized Approach to Security
c) Discouraging Judicial Enforcement Ratios
d) Major Shortcomings
Regarding the use of non-possessory security interests:
Regarding a conceptually unified approach to security interests:
Regarding enforcement procedures:
Regarding the lack of clear priority rules:
4. An economic problem with a legal solution?

Part II:
The Model Inter-American Law on Secured Transactions
1. General Background
a) Harmonization and Reform of Secured Transactions Legislations: Recent Trends
b) The Organisation of American States
c) CIDIP-VI: A Turning Point
d) Adoption of the OAS MILST
2. Inspiring sources
3. Key Principles of the MILST
a) Regarding the Creation of a Security Interest
Creation of a unitary, comprehensive security interest
Security Regime prior to the UCC
Article 9 of the Uniform Commercial Code and Canadian Personal Property Security Acts: The “Functional Approach”
The Unitary Concept in the MILST
Expansion of Types of Collateral
Article 9
Collateral types under the Model Law
Charge on After-Acquired Property
Rights in the Collateral
Automatic Encumbrance of Proceeds
b) Regarding Priority Rules
General Priority Structure
Purchase Money Security Interests
Protection of Ordinary Course Buyers of Collateral
Registry System
c) Regarding Enforcement Procedures
Article 9 & PPSA
Enforcement in Latin American countries
Enforcement procedure under the MILST: Repossession of collateral
Realization of seized collateral
Third Party Effects
Effect on the principal obligation
Arbitration
4. The MILST, OAS’ Own Version of Article 9 UCC?
Conclusion
Bibliography