A new Model Law of Secured Transactions: worldwide modernisation in the making?

A new model law on secured transactions is currently being prepared by the UNCITRAL Working Group VI, based on its previous work – the Legislative Guide on Secured Transactions with its Supplement on security in intellectual property. The article explains the context in which the Draft Model Law arises, and shows that its rationale is to provide a simple, concise and shorter model law that would facilitate worldwide modernisation in this area. Although hard to achieve, the success of the Draft Model Law could change the attitudes to law reform in countries where reform is opposed such as England.