Divergences of Property Law

Book excerpt: This work is inspired by the comparative study published in The Interaction of Contract Law and Tort and Property Law in Europe (ISBN 3 935808 20 8-Cloth-$79.00-2004). Out of a transnational (comparative and EU-oriented) perspective, the essays included discuss whether divergences of property law on contractual security rights in movables constitute an obstacle to the internal market and, if so, what solutions could be offered. Unification or harmonization of private international law cannot offer an adequate solution, while unification of domestic security laws could. However, the latter will take a very long time, partly due to the specific nature of property law. The contributing authors advocate the development of a European Security Right in Movables (ESRM) in addition to the respective contemporary national security rights. A real ESRM would clearly support free competition within the European Union. However, the development of an ESRM will take much time, in particular when dealing with the relation between that ESRM and domestic security rights in the member states. The reader will also find considerations on the contents of an ESRM and on the outlines of the required additional provisions.