ABSTRACT
This chapter introduces and analyses the registration system for secured transactions in movables. In general, there is a difference between the notice-filing system and document-recordation system. The Uniform Commercial Code (UCC) establishes a notice-filing system under which the parties to the secured transaction must register a financial statement. Registration perfects the security interest under the UCC. Since 2021, the Chinese Central Bank has created a similar system based on filing a notice, which differs from the UCC system in several aspects. The Chinese registration system for secured transactions is “semi-uniform and semi-patchy” because the notice-filing system is associated with several specific systems for investment assets, intellectual property, motor vehicles, aircraft, and vessels. The notice-filing system is digital and has a personal folium basis. Like the UCC system, the Chinese system allows one of the parties to apply for registration. However, the problem of fraudulent registration is not addressed.
