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Abstract: The Uniform Commercial Code’s Article 9 scheme for secured transactions has proved its viability over a half century now, seconded by Canada. The system supports a credit market that provides more loans for more money than ever before. Further proof of the Canadian-U.S. system’s virtues may be found in the OAS’s 2002 Model Law on Secured Transactions, which adopted the essential approach, albeit in simpler language. The OAS Model Law embodies the general scheme of Article 9, consistent with all of its basic tenets. However, those who go seeking to change Latin American secured transactions law and the registries so essential to its function should remember history. The UCC had a promethean impact in the U.S., but as recently as a generation ago, it had its credentialed doubters. Article 9 was its most radical provision in terms of the changes that it implied and those changes were neither easy nor warmly received. The history of the adoption of the UCC provides some perspective on the process in Mexico and other Latin American countries that consider the OAS Model Law. Mexico has approached reform of its secured transactions laws more cautiously than the UCC’s Article 9. This article attempts to assess Mexico’s substantial achievements in the reform of its secured transactions laws and to demonstrate that the country has come to the verge of instigating a new universal system that is faithful to the OAS Model Law and to those of Canada and the U.S. (from introduction, edited)
Keywords: secured transactions, Mexican law, commercial law
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