Читать книгу Retos y desafíos de las garantías reales - Abel B. Veiga Copo - Страница 11

The value attached to ownership (or title) in sale and related transactions is therefore of uncertain extent in English law. It is treated as a matter of primordial importance - except where it is not. Turning now to the relationship between ownership and security, it is plain that a financier’s choice of ownership over security, as a support for the promise to reimburse the financier for a credit advance, has significant legal consequences. First of all, there is the freedom accorded to the financier to keep the transaction off a public register, a factor not present in (widely-defined) financial collateral transactions51, since the exemption from registration applies to transactions based both upon title-based transactions and true security transactions. Secondly, there is the matter of available remedies, where in principle the ability to repossess goods the subject of a title-based transaction creates the possibility of a retained surplus in the hands of the financier. Thirdly, there is the matter of priority as between a title-reserving financier and a financier claiming security over assets in the hands of the debtor.