One of the main differences between the two compared systems is that
UCC Article 9 and its Canadian counterparts are not familiar with the numerus
clausus concept of civil law.27
In other words, any kind of interest against the collateral is considered a security interest.
Civil lawyers often have difficulties in understanding that their North American counterparts are not bound to clearly distinguish between a limited number of security rights. Therefore, the notion of security interest must be considered as wider than the notion of security rights. The following definition of a security interest shall demonstrate this: A security interest is created through the consent of the debtor, who
grants the creditor a special property interest in identified personal property.28
W.H. Lawrence, W.H. Henning, R.W. Freyermuth, Understanding Secured Transactions (New York:
Matthew Bender & Co.: 1997) at 3 [Lawrence, “Secured Transactions”].
It therefore includes any “special property interest” designated as such by the
parties to the respective secured agreement.
U.C.C. sections 1-201 (37), 9-109