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The Recognition and Treatment of Title Retention in the Legal Systems of the United Kingdom, Vietnam and Related Jurisdictions: a Comparative Study

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The Recognition and Treatment of Title Retention in the Legal Systems of the United Kingdom, Vietnam and Related Jurisdictions: a Comparative Study THE RECOGNITION AND TREATMENT OF TITLE RETENTION IN THE LEGAL SYSTEMS OF THE UNITED KINGDOM, VIETNAM AND RELATED JURISDICTIONS: A COMPARATIVE STUDY Hien Trinh Presented for the degree of Doctor of Philosophy Lancaster University 2018 1 DECLARATION I, Hien Trinh, do hereby declare that this submission is my own work. I have not submitted it in substantially the same form towards the award of any other degree or qualification. It has not been written or composed by any other person and all sources have been appropriately referenced. 2 ACKNOWLEDGEMENT I have benefited from the assistance and endorsement of numerous people for over the last four years for the completion of this thesis. First and foremost, I wish to thank my supervisors, Professor David Milman and Mr. Angus MacCulloch who have generously offered academic and professional advice. Notably, this thesis would not have been possible at the very beginning without the support, encouragement and patience of Professor David Milman. He not only provides helpful and valuable comments and instructions for my research but also accepts my status of "away" student. His role is vital and decisive, and I am honoured to be his student. I am grateful to the Lancaster University for providing me with the facilities for carrying out this research. Special thanks to the Vietnamese Ministry of Education. They granted me the full scholarship to pursue the Ph.D. study in England for three years. I would like to take the opportunity to express my deepest gratitude to my mother who does not hesitate to take care of my family. Without her unconditional support, this thesis could not be done. Finally, I would like to dedicate this thesis to my father, who is always proud of me, and to my children with a hope that it could be an inspiration in their life. 3 ABSTRACT Title retention functionally serves as a security device for ensuring the payment of the purchase price in a sales contract, but not all jurisdictions recognize it as a security interest. The research aims to compare the recognition and treatment of title retention in Vietnam, England, France, the United States and Australia. It examines the issues arising in Vietnam concerning the existing law of title retention and the prospect of a reform that possibly involves the importation of the Article 9 model. The research is conducted using the doctrinal and comparative analysis methods with the aid of a critical outlook and a discussion on the legal transplant. It is found that English law insists on the formalism approach that does not accept title retention to the original goods as a security interest. It raises the unexpected impact on the Sale of Goods Act after the FG Wilson (Engineering) Ltd v John Holt & Co (Liverpool) Ltd1 and PST Energy 7 Shipping LLC v OW Bunker Malta Ltd2 rulings. Vietnamese law adopts the French law approach that treats title retention as a security interest, but it is merely a seller-based security interest that excludes the participation of other. Article 9 of the American Uniform Commercial Code and the Australian Person Property Securities Act are an appealing and increasingly-accepted model of the law on secured transactions. It introduces the concept of purchase-money security interest that includes the title retention arrangement. The functionalism, unitary approach and the notice filing system under the Article 9 offer a comprehensive treatment of a purchase-money security interest as the exception of the general security interest. The findings suggest that even though Article 9 is currently a good model in this area, the import of this model may encounter some resistance from the angle of legal culture and legal practice. From the Vietnamese perspective, it is possible to build the law of purchase-money security interest running parallel with other devices in the scheme of a Civil Code before considering adopting a unitary functionalism law of secured transactions. 1 2013] EWCA Civ 1232, [2014] 1 WLR 2365 2 [2016] UKSC 23; [2016] AC 1034 4 CONTENTS DECLARATION .............................................................................................................................. 2 ACKNOWLEDGEMENT ................................................................................................................ 3 ABSTRACT...................................................................................................................................... 4 CONTENTS ..................................................................................................................................... 5 LIST OF ABBREVIATIONS........................................................................................................... 7 CHAPTER 1 INTRODUCTION ................................................................................................ 8 1.1 THE ISSUE ................................................................................................................................................... 8 1.2 RESEARCH QUESTION ........................................................................................................................... 12 1.3 RESEARCH METHOD .............................................................................................................................. 12 1.4 CONTRIBUTION TO KNOWLEDGE ....................................................................................................... 19 1.5 STRUCTURE OF THESIS ......................................................................................................................... 20 CHAPTER 2 HOW IS RETENTION OF TITLE TREATED IN ENGLISH LAW? ............. 22 2.1 OVERVIEW ............................................................................................................................................... 22 2.2 VALIDITY UNDER THE SALE OF GOODS ACT 1979 ....................................................................... 23 2.2.1 Simple retention of title: A quAsi – security interest under formAlism .......... 23 2.2.2 “RetAining beneficiAl And equitAble ownership”: Beyond the problem of wording ............................................................................................................................................................. 29 2.2.3 Title retention: A boomerAng returning to the sAle of goods lAw ...................... 33 2.2.3.1 Buyers in possession and autHority to sell .................................................................................... 33 2.2.3.2 Bunkers case: How title retention converts a sale into a non-sale transaction ............... 40 2.3 CONSTRUCTION OF FIDUCIARY RELATIONSHIP .............................................................................. 43 2.3.1 RomAlpa model ............................................................................................................................ 44 2.3.2 NegAtion of RomAlpA principle ............................................................................................ 50 2.3.3 Construction of chArges ........................................................................................................... 54 2.3.3.1 Charge issue .............................................................................................................................................. 54 2.3.3.2 Priority issue ............................................................................................................................................ 61 2.4 CONCLUDING REMARKS ........................................................................................................................ 66 CHAPTER 3 PURCHASE-MONEY SECURITY INTERESTS: ARTICLE 9 MODEL ........ 69 3.1 OVERVIEW ............................................................................................................................................... 69 3.2 CONCEPT OF PURCHASE MONEY SECURITY INTEREST .................................................................. 70 3.2.1 Security interest: FunctionAlism And unitary ApproAch in Article 9 ................ 70 3.2.1.1 Functionalism .......................................................................................................................................... 70 3.2.1.2 Unitary approacH .................................................................................................................................... 77 3.2.2 ConditionAl sAle: StAtutory secured trAnsAction under functionAlism ........... 78 3.2.3 PurchAse-money security interest ..................................................................................... 81 3.3 ESTABLISHMENT OF PURCHASE-MONEY SECURITY INTEREST ................................................... 85 3.3.1 AttAchment ..................................................................................................................................... 85 3.3.2 Perfection: Filing A finAncing stAtement ......................................................................... 91 3.4 PURCHASE-MONEY SECURITY INTEREST PRIORITY ....................................................................... 96 5 3.4.1 Overview.......................................................................................................................................... 96 3.4.2 PurchAse-money secured creditor vs. unsecured creditors ................................. 98 3.4.3 PurchAse-money secured creditors vs. purchAsers .................................................. 99 3.4.3.1 Buyers of goods in ordinary course of business ......................................................................
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