Publisher: National Law Center for Inter-American Free Trade (softcover)
Publication Date: 1995
Pages: 150
Price: $50.00

Although NAFTA opens Mexico's financial services sector, it has not remedied the country's antiquated secured financing legislation and registry systems. Mexico has not adopted far-reaching legislative changes similar to those found in Article 9 of the Uniform Commercial Code and the Canadian Personal Property Security Act. As a result, the Center launched the Secured Financing Project to help harmonize secured transactions law among the NAFTA countries.

Harmonization of the Secured Financing Laws of the NAFTA Partners: Focus on Mexico represents the culmination of the first phase of the project. Through the use of eight hypothetical financing transactions involving inventory, equipment and accounts receivable financing as well as project financing, consumer credit, agricultural lending and financial leasing, the study takes a comparative look at secured transactions law and practice among the NAFTA countries. With respect to each transaction, the key features of U.S. and Canadian law are set forth along with an explanation of how the legal and registry systems in these countries facilitate such transactions.

This is followed by a detailed examination of Mexican law and practice with particular emphasis on those aspects of the law which currently hinder secured lending. In connection with the study, various Mexican lawyers, notaries and bankers were interviewed in order to understand, not only the black-letter law, but also the manner in which personal property secured transactions are handled in practice. Although the study is aimed at promoting reform efforts in Mexico, the information and analyses should be both enlightening and useful for lawyers and bankers in the United States and Canada, particularly for those considering the extension of credit secured by personal property located in Mexico.

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