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Flexibility, Security and Efficiency of Security Rights over Real Property in Europe Volume III

03/03/2010
Otmar M. Stöcker and Rolf Stürner

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The vdp has therefore set itself the goal of contributing to transparency in the law on mortgages in Europe not only in the form of publications relating to specific countries but also by developing transnational slides that facilitate rapid access to detailed information and legal facts. It was for this purpose that the so-called “Round Table: Flexibility of security rights over real property in Europe” was established, in which mortgage collateral specialists from 24 countries are now involved. 13 national
reports and a series of comparative law slides by authors from this expert group have already been published in volumes 23 and 32 of the vdp’s publication series. The Round Table is also reflecting the need for a form of neutral appraisal of legal facts.

Since the crisis in financial markets triggered by the subprime mortgage crisis, if not earlier, the degree of transparency required of structures within the capital and banking markets has generally increased. Professionals who deal with several legal systems in the course of their international mortgage business have, time and again, articulated their need for clearly set out descriptions of the law of property. Alongside
their function as an information source, publications also have important significance for the credibility of an assertion or an analysis because they are open to review by a specialist audience, unlike secret legal opinions about complex capital market instruments which cannot be the subject of broad, academic review.

Volume 39 contained a substantial series of slides, displaying a comparative description of the law of security rights over real property for 22 jurisdictions with explanations to the individual questions and answers. On this basis, in two additional workshops of the Round Table on 26/27 March and 5/6 November 2009 in Berlin, an assessment process could be developed, generally and for specific business perspectives.
This process and its results are published here in this volume. In addition, with France and Greece 2 more countries could be integrated into the system of slides.

As a consequence, in this second edition presented now the number of analysed jurisdictions increases to 24. Vdp is prepared to foster materially scholarly-based development of such evaluation procedures also in future. For this, cooperations with scholars in Sweden and other European countries were initiated with the objective
to integrate more jurisdictions into the work of the Round Table.

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