More often than not proponents of modernization are central banks or
governments who are sometimes encouraged by institutions such as the
World Bank and its financing affiliate, the International Finance
Corporation number of stakeholders who push for modernization. Even when the
need for modernization is recognized, however, some States prefer to copy
and modify legislation from a neighboring State instead of turning to the
recommendations found in the UNCITRAL Secured Transactions
Guide.43
43. For a discussion of the UNCITRAL Secured Transactions Guide, see Spiros V. Bazinas, The
UNCITRAL Legislative Guide on Secured Transactions — Key Objectives and Fundamental
Policies, 42 No. 2 U.C.C. L.J. 1 (2010).
However, this might change after the UNCITRAL Model Law is
finished because it might provide a more accessible product with enhanced
incentives for States to adopt the UNCITRAL reforms