A preliminary analysis of the amendments to the Japanese secured transaction law

• Main Author: ZHANG, Wei
• Format: text
• Language: Chinese
• Published: Institutional Knowledge at Singapore Management University 2004
• Subjects: International Law
• Online Access: https://ink.library.smu.edu.sg/sol_research/2316; https://ink.library.smu.edu.sg/context/sol_research/article/4268/viewcontent/prelim.pdf
• Institution: Singapore Management University

The collapse of the Japanese asset price bubble in the 90's left a record amount of non-performing loans in the nation's financial system. To tackle this unprecedented crisis, both legal scholars and practitioners in Japan advocated for a series of amendments to its secured transaction law to facilitate the enforcement of mortgages by banks. In this paper, based on the state of the post-bubble real estate finance market, I discussed the major drawbacks of the existing Japanese secured transaction system as it was applied in the real estate arena. I commented on the proposed material amendments to the Japanese secured transaction law and further considered what the Chinese legislators could learn from Japan's experience.