Payment Rights in Supply Chain Financing
Dive into the intricate world of payment rights in supply chain finance, exploring the UNCITRAL Model Law on Secured Transactions, electronically recorded monetary claims, and the design of secured transactions frameworks for supply chain products. Discover the evolving landscape of payment obligations and digital assets, and consider the lack of coverage in current legal frameworks.
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Presentation Transcript
Rights to Payment in Supply Chain Finance Dr. Marek Dubovec International Law Institute and James E. Rogers College of Law, University of Arizona
Rights to Payment under the UNCITRAL Model Law on Secured Transactions (MLST) Defined and specific rules Receivables Negotiable instruments Money Bank accounts Non-intermediated securities Expressly excluded Independent undertakings Intermediated securities Payment rights arising from financial contracts
Payment Rights Beyond MLST UNCITRAL Model Law on Electronic Transferable Records (MLETR) enables Electronic negotiable instruments Linked digital assets, such as digital invoices Digital assets, such as cryptocurrencies Central Bank Digital Currencies UNIDROIT Principles on Digital Assets and Private Law (DAPL) enables Payment obligation FSP payment undertaking ICC Uniform Rules for Digital Trade Transactions (URDTT) enables
Electronically recorded monetary claims (2006 Japanese law) Domestic Approaches Negotiable electronic invoices (2010 Peruvian law) Controllable accounts (2022 U.S. law)
How to Design a Secured Transactions Framework for Supply Chain Products?
Deep-tier Supply Chain Financing Payment obligation of the anchor buyer evidenced in: 1. receivable(Model Law on Factoring) 2. electronic transferable record (MLETR) 3. digital token(DAPL)
Lack of coverage? Lack of asset-specific rules, including on conflict of laws? Considerations for Future Work What guidance might be valuable for States? Desirability to introduce changes affecting the MLST implementation? How to create a coherent legal framework? How to enable specific supply chain products?
