THE ROLE OF PUBLIC REGISTRY SYSTEMS IN RISK ASSESSMENT: A COMPARATIVE ANALYSIS OF THE PERSONAL PROPERTY SECURITY ACT AND UNIFORM COMMERCIAL CODE ARTICLE 9

Abstract

The focus of this thesis is on the central role that registration plays in modern systems regulating secured and related transactions involving personal property and the extent to which an effective registry system reduces legal risk and associated transactional costs to persons taking interests in personal property. The thesis focuses on two types of systems, the registry system associated with The Saskatchewan Personal Property Security Act and the filing system associated with the Texas version of Article 9 of the United States of America Uniform Commercial Code. The outcome of this comparison is the conclusion that the approach contained in the Saskatchewan system is more effective at facilitating risk assessment associated with transactions involving security interests in personal property. The major considerations in reaching this conclusion are the Saskatchewan Personal Property Registry’s centralized structure, low transactional cost, and user-friendly configuration. By comparison, the UCC Article 9 ‘filing’ or ‘open drawer’ system is bifurcated and its structure imposes high transactional costs on its users. Further, unlike the SPPR, the Article 9 system is designed primarily to facilitate commercial lending and does not address some important registry concerns that arise in the context of secured transactions involving consumer goods.