UNCITRAL Legislative Guide on Secured Transactions (2007)

The overall objective of the Guide, which was adopted by the General Assembly on 11 December 2008, is to promote low-cost credit by enhancing the availability of secured credit. To assist States in modernizing their secured transactions laws, the Guide contains commentary and legislative recommendations on all issues that need to be addressed in a modern law on security rights in all types of movable asset, tangible or intangible (including goods, equipment inventory, receivables, letters of credit, bank accounts, negotiable instruments, negotiable documents and intellectual property). The Guide follows a functional approach and integrated approach to secured transactions, relying on a concept of "security right" that includes all types of right in movable property created by agreement to secure payment or other performance of an obligation, regardless of the form of the transaction or the terminology used by the parties, as well as on a public registry that provides notice of a security right to third parties. As a result, the Guide applies to secured transactions, retention-of-title sales, financial leases, transfers of goods and assignments of receivables for security purposes, as well as (for limited purposes) outright assignment of receivables.