法学外文文献翻译担保交易.docx
- 文档编号:5130944
- 上传时间:2022-12-13
- 格式:DOCX
- 页数:10
- 大小:35.03KB
法学外文文献翻译担保交易.docx
《法学外文文献翻译担保交易.docx》由会员分享,可在线阅读,更多相关《法学外文文献翻译担保交易.docx(10页珍藏版)》请在冰豆网上搜索。
法学外文文献翻译担保交易
SecuredTransaction
RichardColson
.Introduction
Inthebusinessword,apromisetopayisrarelyenough.Thepromisewantstobesecured.Thisisthebasisoftheconceptofthesecuredtransaction.Thebestknowsecuritydeviceisthemortgageonreal(immovable)property.Themortgagesecuresthepromiseofrealpropertyownertorepaytheloanofthefinancier.Personal(movable)propertyisusedinavarietyofmethodstosecureanindebtednessorapromisetopayinthefuture.MostofthesemethodsareregulatedbyArticle9oftheUniformCommercialCode(UCC),asamendedin1974,whichhasbeenadopted(withsomemodification)byallU.S.jurisdiction,exceptLouisiana.Thecodificationhassupersededmostpriorlegislationandtheearliercommomlawofsecuredtransaction.Conceptlikeconditionalsale(inwhichthesellerownership)andchattelmortgage(inwhichpersonalpropertyismortgage)havebecomeobsolete.Thispaperdealswithsecuritydevicesthat,inaccordancewithUCCArticle9,arecreatedbyexpressagreement,so-calledconsensualliens.Itdoesnotdealwithsecuritydevicesthatarecreatedbylaw,suchasabank’srighttoselloffacustomer’sbalanceondepositagainstclaimsthatthebankmayhaveagainstthecustomer,orthelien,
Thatawarehousemanhasagainstapartywhoowesstoragefees,oramechanic’slien,aninnkeeper’slien,orlawyer’slien.Thesesecurityrightsarecreatedbylaw,notbyagreementbetweentheparties.Practicallyspeaking,theydonotariseunlessasserted.Thereis,however,onesecuritydevicethatarisesautomatically,namelyacourtjudgment.Acourtjudgmentcreatesalienagainstthepropertyofthepartyagainstwhomthejudgmentisrendered.Inmostjurisdictions,thelienattachesautomaticallytorealpropertyownedbyajudgmentdebtor,whilesomefurtheradministrativeproceduresarerequiredtoattachthetopersonalproperty.
Article9oftheUCCisaverycomplexanddetailedpieceoflegislation.Legalscholarandcourtshavedevotedagreatdealofattentiontoit.Hereisanoutlineofthetopicinthemostgeneralterms.
Onewhowishestoacquireapieceofabusinessmustfirstinquirewhetherthepropertyorbusinessisencumberedwithastatutorylien,orwhetheritisthesubjectofasecuredtransaction.Thissearch,whichmustbeconductedinvariousgovernmentaloffices,isgenerallyentrustedbyattorneyforthebuyertooneofanumberoforganizationsinthisfiled.
Ifadebtorbecomesbankrupt,asecuredcreditorhasapreferentialposition.Thisoneoftheprincipalreasonsforsecuringatransaction.
Thepropertyorpropertyrightthatisusedtosecureapromiseiscalledcollateralproperty,orcollateral,forshort.Accountsreceivable,chattelpaper,andevengrowingcropsmaybecollateral.ThewordchattelisanoldEnglishwordthatdenotespersonal(movable)property.TheofficialcommenttoSec.9-105oftheUCCillustratesthemeaningofthetermchattelpaper.Itisquotedherebecauseitalsoillustratesotherpertinentconcept.
“Adealersellsatractortofarmonaconditionalcontract.Theconditionalsalescontractisasecurityagreement,thefarmerisdebtor,thedealeristhesecuredparty,andtractoristhecollateral.Butnowdealertransfersthecontracttohisbank,eitherbyoutrightsaleortosecurealoan.Sincetheconditionalsalescontractisasecurityagreementrelatingtospecificequipment,theconditionalsalescontractisnowthetypeofcollateralcalledchattelpaper.”
Anypropertyhavingvaluemaybeusedascollateral.Ifthepurchaseofapropertyisfinanced,theverypropertymaybeusedascollateral.Forinstance,ifthesharesofacorporationaresold,thesellermayretainownershipofsharesuntiltheyarefullypaidfor(inwhichcaseheissaidtoapurchasemoneysecurityinterest):
or,ifthepurchaseisfinancedbyathirdparty,thesharesmaybetransferredascollateraltosuchthirdparty.
Asecurityagreementmustbeinwringinginordertobebindingbetweentheparties.Inordertobebindingonthirdparties,itmustbepubliclydisclosedbyfilingafinancingstatement(SeeSection3,below)orbyphysicalmanifestationofdelivery.
ThesubjectmatterofsecuredtransactionsisofinteresttoforeignersdoingbusinessintheU.S.intwoinstance:
(a)iftheywishtofinanceatransactionwithorinthe
U.S.,and(b)iftheyareunsecuredcreditorsandfindthemselvesinconflictwithcreditorswhoclaimtobesecured.
.Guaranty
Thesimplestsecurityisaguaranty.ItisnotevenmentionedinUCCArticle9.Inmanypartsoftheworld,acreditorwillaskforguaranty.Americanbanksgenerallyarenotallowedtoissueaguaranty.Instead,theywillissueastandbyletterofcredit,whichisevenbetterthanguarantybecauseitconstitutesaprimaryobligationofthebank.TheFederalComptrolleroftheCurrency,whoforbidsbankguaranties,hasexpresslyapprovedthestandbyletterofcredit.Iftheobligorisasubsidiaryofafinanciallystrongparentcompany,theguarantyoftheparentcompanymayalsobeusedasasecuritydevice.U.S.parentcompaniesdonotreadilyissuesuchguarantiesbecausetheyexpecttheirsubsidiariestostandontheirownfinancialfeet.Acorporateguarantyisgenerallynotavailable,andmightnotbevalidunderapplicablestatelaw,unlesstheobligorisasubsidiary.Arelatedsecuritydevice,alsonotcoveredbyUCCArticle9,istheperformancebond.Aperformancebondisgenerallyavailableformatypeofinsurerknowasasuretycompany.Thebondinsuresthattheobligorwillperforminaccordance.Itisgenerallycoupledwithapenaltyprovisionincaseofdelay.Thebondissuerisliableiftheobligordefaults.Performancebondsarecustomaryintheconstructionindustry,buttheycanalsobeusedinotherfieldsofbusiness.
TherestofthispaperreferstosecuritytransactionembracedbyUCCArticle9.
.PerfectionoftheSecurityInterest
Inordertohaveasecurityinterestthatisgoodagainstthirdparties,thesecurityinterestmustbeperfected.Thiscanbedoneindifferentways,dependingonthekindofcollateralinvolved.Asecurityinterestmaybeperfectedwhenitattaches,oritmayrequirethetransferofpossessionformthedebtortothesecuredparty.Transferofpossessionisnecessaryif,forexample,onepledgesstockassecurityforaloan.Theusualmannerofperfectingasecurityinterestisthefilingofaf
inancingstatement(seeSection,below).Sometimes,thereareconflictingperfectedsecurityinterests.Inthatcase,thequestionofpriorityarises.Themanneroftheresolvingthatissueisaddressedbythestate.
Wheneitherfilingorthetransferofpossessionofcollateralisnecessaryforperfection,thatactmayoccurpriortotheattachmentofthesecurityinterest.Thesecurityinterestisperfectedwhenthelastoftheeventsnecessaryforattachmentandperfectionhasoccurred.Asthereisanadvantageinsecuringprioritybyanearlyfilingofthefinancingstatement,thefinanciersometimesdoesnotpartwithanyvalueuntilafterthefilinghasoccurred.
Thestatuteprovidesthatasecurityinterestwillattachonlyifthreerequirementsaremet:
(a)theremustbesecurityagreement,(b)thefinanciermustgivevalue,and(c)thedebtormusthaverightsinthecollateral.Thislastrequirementseemssimple.ButrecentlyaBritishbankranafoulofthisprovision.ThecaseinvolvedthepurchaseofayachtinCalifornia.Theyachtdealer’sinventorywasfinancedbyChryslerCorporation,whichheldasecurityinterestintheinventory.Thedealersoldtheyachttoanindividual,whofinancedthetransactionthroughtheBritishbank.Actually,theindividualhadnoassignablerightsintheyachtasitwaspartofChrysler’scollateralsecurity.ThecourtruledthattheBritishbankhadacquirednosecurityinterestand,therefore,thatnointerestwascapableofbeingperfected.Thisrulingcontradictsthegeneralruleininventoryfinancing,(statedbelowinSection7),butitservesasacautionarysignaltointerestedparties.
.Filing
Wherefillingisrequiredtoperfectasecurityinterest,thedocumentfilediscalledafinancingstatement.Printedstatutoryformsareavailableandgenerallyused.
Thefinancingstatementissimple.Itneedcontainonlythenames,addressesandsignatures.Ifthesecuredpartyisentitledtotheproceedsofanysaleofthecollateral,oroftheproductsthataremanufacturedwiththecollateral,thisalsoshouldbestatedinthefinancingstatement.The1974revisionoftheUCChasabolishedtherequirementthatthisbementioned.Itisnowpresumedthatproceedsarealwayscoveredbythefinancingstatement.However,notallstateshaveacceptedthischange.
Thesufficiencyofthedescriptionofthecollateralhassometimesbeenchallengedinlitigation.Itisthereforeadvisabletodescriptionasspecificaspossible.Itisalsoadvisabletoavoidattachingseparatedocumentstothefinancingstatement.Thestatutesaysthatminorerrorsinafinancingstatementwillbeoverlookediftheyarenotseriouslymisleading.Thishasledtoconflictingdecisionsincaseswhereanerroroccurredinthedescriptionofthenameofthedebtor.Thedescriptionmisleadingofitimpedesasearcher-if,forinstance,adebtorcorporationislistedunderthenameofitsdivision.
Therulesforfilingafinancingstatementvaryindifferentstates.Generallylocalfilinginthecountyofthedebtor’sresidenceorbusinessandcentralfilinginthestatecapitalarerequired.
Afinancingstatementlosesitseffectfiveyearsafterfiling.However,acontinuationstatementmaybefiled,whichextendstheeffectivenessforanadditionalfiveyearperiod.Thereisnolimittothenumber
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 法学 外文 文献 翻译 担保 交易
![提示](https://static.bdocx.com/images/bang_tan.gif)