CEU Electronic Theses and Dissertations, 2013
| Author | Iheme, Chima Williams |
|---|---|
| Title | THE ROLE OF SELF-HELP UNDER ARTICLE 9 OF THE UCC: LESSONS FOR NIGERIA |
| Summary | Executive Summary In the history of human existence, when Law was at its nascent stage, recovery of possession from another was mainly by self help. Later many legal systems abolished self help repossession and encouraged strongly that repossession be done through legal channels except where the law otherwise permits. Today, history is repeating itself as many legal systems have begun to go back to the old concept of recovery although with some elements of restriction. The crux of this thesis examines how in particular, the United States (US) secured transactions law under Article 9 of the Uniform Commercial Code (Hereafter: Article 9) gives the creditor the license to either pursue recovery of possession of property subject of a security interest through court means or by self help. This thesis seeks to examine the level of success of the US self help repossession concept especially when juxtaposed with the modern day commercial realities. In order to ensure the flow of credit in the market, the creditors must be assured strongly that they would not in the end lose out completely in their investments. This strong assurance may not be completely given to the creditors if the only system of recovery of the collateral when the debtor defaults is through the court actions. Litigation is notoriously very slow due to the different levels of court an aggrieved party may appeal to. In Nigeria for instance, court proceedings are very slow and creditors are scared of recovering through the courts because the subject matter of litigation might wear out tremendously in value due to countless court adjournments before the final judgment is rendered. The US self help repossession concept therefore is a recommended concept for Nigeria considering that the US economy is very viable and supports credit flow which would not be possible if the grantors of credit were not sure of recovering their investments quickly. Over the decades Article 9 is increasingly proving successful, and many other legal systems are envious although some are still very critical about it. Nigeria for instance wishes to follow the paths of Article 9 in view of its success in the United States. But being envious and desirous of Article 9 self help provision is not the end of the story. Many other factors must be considered and dealt with if a successful legal transplant must take place. What these factors are and how they could conveniently be addressed, are the essences of this thesis. |
| Supervisor | Tibor, Tajti |
| Department | Legal Studies LLM |
| Full text | https://www.etd.ceu.edu/2013/iheme_chima-williams.pdf |
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