- Contract — Applicable law — Property and title and choice of law — Interests and terminology and transfer of title
This book has examined the default rules governing proprietary interests in derived assets and the issues with contracts that provide for proprietary interests in such assets. It has analysed the circumstances that allow the secured creditor or supplier to make a proprietary restitutionary claim to proceeds of unauthorised dispositions of assets subject to security interests and title-based interests. It has shown that security interests and title-based interests extend to accretions, which become part of the original asset and, with the exception of pledges, to mixtures. It has proposed a new structure of the legal relationship between parties to secured transactions and title-based transactions. The book has also considered the difference in treatment between fruits (income) and substitutes by citing Article 9 of the U.S. Uniform Commercial Code. Finally, it has discussed whether a ‘principle of substitutions’ is supported under the current English law.