ABSTRACT
This chapter provides an overview of the reformed Lithuanian secured transactions law and focuses on creation, perfection and priority of a real security over movable property, as well as the remedies of a secured creditor. It explores the concepts which explain the enactment of national legal provisions and examines the aim of the parliament to converge differing legal philosophies, underpinning a modem security law reform. The Soviet model was an ideal starting point for comprehensive security law reform. The Law on Charges over Movable Property, which laid the background for the future sophisticated reform of secured transactions law, was founded on the principles of functionalism. The new Lithuanian Civil Code extends registration requirements to a number of quasi-security interests. All non-possessory charges over movable property and the quasi-security interests are registered with a single institution–the Hypothecary Register, which is operated by the state.
