Examples of using This guide recommends in English and their translations into Arabic
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For the same reasons(recognizing that the creditor ' s primary interest is in receiving payment and the grantor ' s primary interest is in not losing its property), this Guide recommends that repayment leading to release of the encumbered assets be permitted right up until third-party rights are acquired or the secured creditor has accepted the encumbered asset in satisfaction of the secured obligation(see A/CN.9/631, recommendation 140).
Because the specialized financing practices associated with independent mortgages are typically carefully specified in the land law of a State, this Guide recommends that the automatic extension of third-party effectiveness to rights securing the payment of the receivable or negotiable instrument not apply where the right in question is an independent mortgage(see A/CN.9/631, recommendation 49).
Because banking law is closely tied to significant commercial practices within States, this Guide recommends deference to banking law and also provides additional safeguards for banks whose depositors may have granted security rights in their rights to payment of funds credited to a bank account(see A/CN.9/631, recommendations 33, 50, 101, 102, 122 and 123).
In chapter VII(Priority of a security as against the rights of competing claimants), this Guide recommends that judgement creditors that obtain a judgement and take the steps necessary to acquire rights in a judgement debtor ' s assets will generally have priority over existing secured creditors for advances made after they are informed of the judgement creditor ' s rights(see A/CN.9/631, recommendation 90).
Because the second approach is more in conformity with banking practices and the usual expectations of banks and their commercial customers, this Guide recommends that in addition to registration in the general security rights register," control" be accepted as a privileged method for achieving third-party effectiveness over the right to payment of funds credited to a bank account(see A/CN.9/631, recommendation 50).
This Guide recommends in chapter VII(Priority of a security right as against the rights of competing claimants) that a security
In order to protect the issuer against potential liability for payment to a secured creditor when presentation may not have been duly made, or when conditions in the security agreement may disentitle the secured creditor from claiming payment once a draw has been properly made, this Guide recommends that control be the exclusive method by which a secured creditor may achieve third-party effectiveness(see A/CN.9/631, recommendation 51).
To balance the interests of all parties, this Guide recommends that the secured creditor may take possession of the encumbered assets without applying to a court, provided that the grantor has consented to extrajudicial enforcement in the security agreement, does not object when the secured creditor seeks to obtain possession, and has given the grantor notice of default and of its intention to seek to obtain possession out of court(see A/CN.9/631, recommendation 143).
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Consistent with the approach taken by these States, this Guide recommends that no further steps to achieve enforcement need be taken(see A/CN.9/631, recommendation 163).
For this reason, this Guide recommends that the registry should be designed so as to be accessible continuously except for scheduled maintenance(see A/CN.9/631, recommendation 55, subpara.(k)).
In order to ensure that the integrity of the registry can be preserved in a cost-effective manner, this Guide recommends that electronic registries be systematically backed up(see A/CN.9/631, recommendation 56, subpara.(f)).
effective functioning of a general security rights registry depends on the confidence that registrants and searchers have in its integrity, this Guide recommends that the first of the alternatives be adopted.
In order to promote efficient secured credit, this Guide recommends adoption of the approach that distinguishes between steps required for creation(effectiveness between the parties) of a security right and those necessary to achieve third-party effectiveness.
As between the parties, this Guide recommends that a security right in an attachment to immovable property may be created according to the principles elaborated in this Guide, or according to the regime governing rights in the immovable property.
This Guide recommends that, in order to maximize flexibility in enforcement and thereby to obtain the highest possible price upon disposition, creditors should have the option of proceeding either judicially or extrajudicially when enforcing their security rights(see recommendation 139).
For the reasons set out in chapter IV(see A/CN.9/631/Add.1, paras…), this Guide recommends that a security right in tangible assets that are later processed or commingled automatically continues in the finished product or commingled mass(see A/CN.9/631, recommendation 23).
This Guide recommends that security rights may be created in such proceeds, subject to a series of rules governing the obligations between the guarantor/issuer, confirmer or nominated person and the secured creditor(see A/CN.9/631, recommendations 26, 28, 49 and 51).
This Guide recommends that, in order to maximize flexibility in enforcement and thereby to obtain the highest possible price upon disposition, creditors should have the option of proceeding either judicially or extra judicially when enforcing their security rights(see A/CN.9/631, recommendation 136).
In chapter IV(Creation of a security right(effectiveness as between the parties)), this Guide recommends that the formal requirements for creating a security agreement that is effective as between the parties should be minimal