Personal property security legislation based on Article 9 of the UCC is thought to lower the cost of taking a security interest and lower third party search costs. A common strategy to lower the cost of taking security in all four countries is to allow lenders to register even before obtaining a security interest; i.e. prospective lenders may set their priority position before even committing to a loan. However, a default rule allowing for filing before the entering into of a security agreement makes possible vexatious or strategic registrations. An ineffective regime for minimizing registry abuses offsets at least some of the gains achieved from lowering the cost of taking security by increasing third party search costs. In this talk, Queen's University Faculty of Law Professor Mohamed Khimji presents a comparative analysis of how the PPS regimes in the US, Canada, New Zealand, and Australia seek to disincentivize registry abuses.
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