In discussing whether a Personal Property Security Act should be introduced into English law, the Secured Transactions Law Reform Project say,
“In weighing the costs and benefits of the new scheme we should take into account the fact that it has now been adopted in many jurisdictions, most of which have had it in place for many decades and all but two of which are common law jurisdictions whose rules were previously much the same as those of English law. It will therefore be a
matter for consideration as to whether English security law and practice are so distinctive as to make it unnecessary to follow the same approach”. ‘Secured Transactions Law: The Case for Reform’ Para. 23.
What would be the advantages and disadvantages of reforming English law along these lines? Would you favor reform and why?
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