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43 Can. Bus. L.J. 178 (2006)
The Exportability of North American Chattel Security Regimes: The Fate of the English Law Commission's Proposals

handle is hein.journals/canadbus43 and id is 184 raw text is: THE EXPORTABILITY OF NORTH AMERICAN CHATTEL SECURITY REGIMES: THE FATE OF THE ENGLISH LAW COMMISSION'S PROPOSALS Hugh Beale* I. INTRODUCTION In England and Wales, adoption of a personal property security law along the lines of the Personal Property Security Acts (PPSAS) or Article 9 of the United States Uniform Commercial Code has been under spasmodic discussion for a long time. It was first recommended in 1971 in Part 5 of the Crowther Report.' That report was in many ways extremely successful, leading to the Consumer Credit Act 1974. The recommendations made in Part 5, however, were not adopted. Perhaps part of the problem was that reform of security interests generally was outside the terms of ref- erence of the committee.2 Rather similar proposals in 1989 by Professor Aubrey Diamond3 also failed. Professor Sir Roy Goode tried again when he put forward his ideas for a Commercial Code in this country to parallel the Uniform Commercial Code of the United States.4 A part dealing with personal property security interests would have been a centrepiece of the Commercial Code. For a while the Department of Trade and Industry appeared very interested in this project. They organised a seminar in May 2000 at which there was very considerable enthusiasm. Unfortunately, I think, the DTI were dissuaded, apparently by the very large amount of time in Parliament that would be required to pass a Commercial Code, and the idea appears to have been dropped. * Professor of Law in the University of Warwick; Law Commissioner for England and Wales. The views expressed are purely personal. Contact details: Hugh.Beale@law- commission.gsi.gov.uk. I. Report of the Committee on Consumer Credit (1971) Cmnd 4596. 2. Ibid., at p iii and para. 1.1.23. 3. A.L. Diamond, A Review of Security Interests in Property (1989) (HMSO). 4. See Goode's Fullagar Memorial Lecture, which is reprinted in (1988), 14 Monash L.R. 135. A subsequent paper for the 2000 seminar has not been published. 178

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