The UNCITRAL Model Law on Secured Transactions: preparation and implementation issues

This article briefly discusses the difficult issues that UNCITRAL had to deal with during the preparation and implementation process of the UNCITRAL Model Law on Secured Transactions and makes some suggestions as to how these issues might be better addressed in the future. Difficult preparation issues include establishing the desirability and feasibility of work, the complexity of the matter and in particular its overlap with property and insolvency law, the coordination with texts of other organizations and ensuring the cross-border recognition of security interests. These issues have been addressed to a sufficient extent for UNCITRAL to adopt the Model Law. Difficult implementation issues include the complexity of the matter and also lack of sufficient resources for law reform assistance and overlaps and conflicts with texts of other organizations. These issues still need to be addressed for the Model Law to be widely adopted.