So far, only Honduras has been able to fully implement and implement the OAS model law in a manner consistent with the spirit of UCC Article 9, in the sense of unifying security interests and their visibility in a public register. At the launch of the Pathways to Prosperity in the Americas initiative in San Jose, Costa Rica, on March 4, 2010, and then in the United States. U.S. Secretary of State Hillary Clinton stressed that “the United States is committed to working with our Pathways partners to modernize credit laws so that small and medium-sized businesses can use non-real estate assets as collateral for loans,” and generously commended Honduras for its aggressive reform efforts. [45] In the absence of perfection, it may be difficult to assert its security rights to third parties, including a liquidator and other creditors who claim the application of a guarantee on the same assets. A fair tax is also a form of unhanded guarantee and the beneficiary of the tax (the accused) is not obliged to retain ownership of the property. A fair right of wagering comes into force essentially as a fair tax and only intervenes in certain situations (for example. B the right of an unpaid seller to pay for the property is a fair right of bet; a maritime pledge right is sometimes considered a fair right of bet). It is sometimes argued that where a corporation`s constitutional documents provide that the corporation has a pawnholding in its own shares, that provision takes effect as a fair right[29] and, if that analysis is correct, it is probably the only exception to the rule that fair wagering rights arise from the functioning of the law and not from the agreement. Laws relating to the adoption and enforcement of security vary from country to country and depend on common or civil law. [34] Section 9 is limited to personal and capital goods (i.e.

personal property related to real estate). Security interests in real estate remain subject to divergent laws (in the form of laws or jurisprudence, or both), which vary considerably from state to state. In a small majority of states, the Act of Trust is the most important instrument to generate a security interest in real estate, while the mortgage is used in the rest. As a general rule, consensual deposits are not held, which means that the creditor or lender does not take or retain the guarantees. However, it is possible that one of the two types of consensual pawn rights may be taken over by the lender or creditor. While most security interests are created by an agreement between the parties, it is also possible that the application of the law may create an interest in security. [4] For example, in many legal systems, a mechanic who repairs a car has a right to pledge over the car for the cost of repairs. This right to pledge is granted in the event of no agreement between the parties. The development of the law of non-proprietary security interests in personal property was particularly confusing and chaotic.