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The paper argues that a secured transaction is one in which collateral is used as security for a loan or other financial value. The paper discusses how within a global economy, many of the laws surrounding secured transactions and collateral have become complicated and convoluted, warranting a uniform law across borders to simplify international business dealings. The paper shows how secured transactions play a large role in economic development of both North and South America through the reduction of costs of financing small and medium-sized business. Alternatively, the paper explains that personal property security is not relevant when it comes to the financial obligations of publicly held organizations in the United States.
From the Paper:"A secured transaction is one in which collateral is used as security for or loan or other financial value. Within a global economy, many of laws surrounding secured transactions and collateral have become complicated..."
Cite this Term Paper:
Secured Transactions (2008, December 01) Retrieved December 12, 2019, from https://www.academon.com/term-paper/secured-transactions-142211/
"Secured Transactions" 01 December 2008. Web. 12 December. 2019. <https://www.academon.com/term-paper/secured-transactions-142211/>