In honor of the late Professor Roderick A. Macdonald, NatLaw’s Executive Director, Dr. Marek Dubovec, co-authored a chapter with Mr. Harry C. Sigman titled “Some Thoughts (and Facts) about the Process of Secured Transactions Law Reform, with Special Emphasis on Registration, the Key to Achievement of Reform’s Goals” in the recently published book, “International and Comparative Secured Transactions Law: Essays in Honour of Roderick A Macdonald.”
In their chapter, Dr. Dubovec and Mr. Sigman discuss the registry component of contemporary secured transactions law reform efforts, a key element of any such reforms. They describe the crucial features of efficient modern registries and discuss the major issues affecting secured transactions reforms around the world in the context of the UNCITRAL Model Law on Secured Transactions (2016), with a focus on issues concerning the registration system. In particular, Dr. Dubovec and Mr. Sigman stress the critical need for clear and comprehensive rules that provide predictability and minimize dependence on subsequent judicial resolution, as well as the need to draw a clear line between the functions of the legislature and those of the registry. They argue, quite tellingly, that the role of the registry should be limited to executing the policy choices made by the legislature, as reflected in the rules enacted by the legislature for the governance of the registry. The book is available for purchase here.