In the case of United States, Article 9 of the Uniform Commercial Code provides for practically all types of security agreements for owned property that are both for own use as also for commercial purposes. This type of agreements includes fixtures which mean personal property that is attached to the property, and the ready example can be a water heater. This does not include other liens taken on the property like the lien of a mechanic are not covered by this act, but are covered by the individual laws that govern them. There is also a statute of frauds and that requires a security agreement to be in writing for it to be valid, unless the property has been pledged for getting the loan. This sort of a pledge takes place when the borrowing party shifts the collateral to the lender of money in exchange for the loan that he has been given. The reason for making a security agreement perfect is to make the lender gain precedence about the collateral over any other party. For this purpose, generally a public notice is required. (Secured transaction law: An overview) This also covers most of the commercial transactions in different forms. (UCC: Uniform commercial code)
One of these statements under section 9-310 is that "When a person in the ordinary course of his business furnishes services or materials with respect to goods subject to a security interest, a lien upon goods in the possession of such person given by statute or rule of law for such materials or services takes priority over a perfected security interest unless the lien is statutory and the statute expressly provides otherwise." (9-310. Priority of Certain Liens Arising by Operation of Law) There are also laws which protect the rights of the lender to receive interest that is due to him and the concerned clause is article 9-203. (9-203. Attachment and Enforceability of Security Interest; Proceeds: Formal Requisites) In short, it can be seen that ensuring payment from the parties is not easy and that is the reason why most international trade is insured. This will make sure that the exporter will at least get some money for his goods if not the totality. Even the efforts that have been made by United Nations have not been accepted by all countries, and that makes the situation even more complex.
The most difficult reason for International trade to take place is the interest that politicians take in the matter. Let us look at the recent summit of Americas that has just ended in Argentina. It is clear that there are a lot of opportunities for business which is held back by political views. At the first point, the American President did not object to the direct request from Chavez of Venezuela that Argentina build a nuclear reactor in Venezuela for energy production. Within a period of one day, Stephen Hadley, the national security advisor mentioned directly that Chavez has asked a number of countries to build the nuclear reactor in Venezuela but was not being able to get it. Clearly this is an instance where trade opportunities are being sacrificed for political advantage. This attempt of gaining political advantage was also seen in certain other areas. This was causing a lot of difficulties to the efforts to come to a consensus required for the final communique to be issued at the end of the summit. (Troubles follow Bush to Argentine summit)
One of the main issues of dispute was regarding job creation and the representatives of USA had suggested that the communique take care of "the 96 million people who live in extreme poverty" in Latin America and the Caribbean, subsisting on $1 a day or less. This was being opposed by Venezuela who said that it will agree to the inclusion of that statement if it also included another phrase saying "while in the United States there are 37 million poor." (Troubles follow Bush to Argentine summit) There was the highest amount of differences regarding free trade which is supposed to be the key for economic growth in the entire region. There were efforts by United States for issuing a statement for resumption of negotiations in the talks for establishment of free trade, but this was being opposed from the major countries of South America - Brazil, Argentina...
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