In some States with
an English-law tradition,41 there are perceptions that the fixed and floating
charge institutions are sufficient, making modernization unnecessary. In
some jurisdictions, a modern registry is an economic threat to notary and
registrar positions created under existing registration systems. In others,
registration of property interests in movables is essentially unknown in the
domestic tradition, which dulls the appetite for a modern electronic
secured transactions registry.
If there is any overarching or unifying theme
for resistance, it is a lack of understanding with regards to the benefits of
an efficient system for public notice and, more generally, a modern secured
transactions law.
This lack of understanding can only be overcome
through consistent and effective education of decisionmakers and affected
market participants.
More often than