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| Cover Page of the Supplement |
Excerpt:
Unfortunately, the terminology and concepts used in the Personal Property Security Act (PPSA) appear unmoored from the structures and doctrines established in decades of Philippine legislation and jurisprudence. Moreover, the advocacy for the law seems to stress that it will enable “borrowers to secure financing using non-traditional collateral such as account receivables, inventory, warehouse receipts, crops, livestock, machinery and equipment,” as if this were a law of first impression. Clearly, that is not accurate in this jurisdiction, as the law on pledges and chattel mortgages has long been used for this purpose. Instead, it would be more productive if efforts were exerted to explain and implement the PPSA in such a way as to resonate with existing legal practice in this jurisdiction.It is hoped that The Personal Property Security Act - Supplement to the 2nd Edition of Credit Transactions will be one such effort.
The Supplement will be available soon at the University of the Philippines Law Centre.
