A Property-Based Theory of Security Interests: Taking Debtors' Choices Seriously

Key Points

• The aim is to develop a theoretical framework for understanding security interests by focusing on debtor choices.
• Analysis of Article 9 of the Uniform Commercial Code
• Discussion of property rights related to security interests
• Theoretical exploration of debtor decision-making
• Proposes a new perspective on security interests emphasizing debtors' agency.
• Highlights gaps in the current framework of the UCC regarding debtor choices.
• Suggests revisions to improve the recognition of debtor preferences in security interests.