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Published online by Cambridge University Press: 28 February 2017
1 See Garvan, Larry T., The Strange Death of Academic Commercial Law, 68 Ohio St. L. J. 403 (2007)Google Scholar.
2 Every article of the Uniform Commercial Code has now been revised since it was initially promulgated by the National Conference of Commissioners on Uniform State Laws and the American Law Institute. See <http://www.nccusl.org>.
3 See, e.g.. Restatement of Suretyship and Guaranty.
4 UNCITRAL is the acronym for the United Nations Commission on International Trade Law. Products developed by UNCITRAL and referred to in this paper may be found at <http://www.UNCITRAL.org>.
5 UNIDROIT is the acronym for the International Institute for the Unification of Private Law. Products developed by UNIDROIT and referred to in this paper may be found at <http://www.unidroit.org>.
6 The Convention may be found at <http://www.hcch.net/index_en.php>.
7 UNIDROIT has also developed a Convention on International Factoring and a Convention on International Financial Leasing. It is currently in process of developing a convention or model law on the substantive rules for securities held with a securities intermediary.
8 UNIDROIT is also in process of developing a model law for the leasing of goods.
9 See United Nations Convention on the Assignment of Receivables in International Trade, Arts. 9(1), 93, available at <http://www.uncitral.org/pdf/english/texts/payments/receivables/ctc-assignment-convention-e.pdf>.
10 Under Chapter IV, Section II of the Convention, account debtors in turn remain protected by rules that discharge their obligations when payments are made to the assignee and by rules that preserve their rights of recoupment and setoff.
11 Convention, supra note 9, Art. 22.
12 My favorite story of such a doctrinal view relates to a discussion that I had with an UNCITRAL delegate from another country. The delegate was confused by how a receivable could be assigned with the assignor continuing to collect the receivable for the benefit of the assignee. Although such a structure is common in most securitizations of receivables, the delegate explained that such a notion was a “legal impossibility.”
13 Convention, supra note 9, Art. 24.