Examples of using Transferable documents in English and their translations into Russian
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Official
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Colloquial
Transferable documents and instruments are essential commercial tools.
It was added that the need for guarantees andpledges also arose for other transferable documents.
Transferable documents or instruments typically include bills of lading, bills of exchange, promissory notes and warehouse receipts.
However, the view was also heard that such issues were not limited to electronic transferable documents.
It was stressed that electronic and paper-based transferable documents should give the same level of protection to third parties.
The Working Group then considered the topics of transfer andenforcement of rights in electronic transferable documents.
It was replied that all options available for paper-based transferable documents should also be applicable to electronic transferable records.
It was widely felt that the draft provisions should not displace existing private international law rules applicable to paper-based transferable documents or instruments.
However, it was also said that different systems for electronic transferable documents could offer varying levels of protection to third parties.
Paragraph 2 sets forth the general principle that the Model Law does not affect substantive law, including rules of private international law,applicable to transferable documents or instruments.
The possibility of clarifying the relation between electronic transferable documents, on the one hand, and electronic money and payments, on the other hand.
In that respect, it was clarified that those general principles referred to the law governing electronic communications, andnot to the law governing paper-based transferable documents or instruments.
Those documents are not“transferable documents or instruments” in the meaning of article 2 of the Model Law and therefore the Model Law would not be applicable.
It was further noted that certain draft articles contained reference to paper-based transferable documents or instruments e.g., draft article 23.
Today, both transferable instruments and transferable documents typically exist as paper documents jointly referred to as"transferable paper.
Endorsement It was recalled that endorsement was one of the two elements for transferring paper-based transferable documents or instruments, the other being delivery.
It was further clarified that the circumstances in which transferable documents or records would cease to have legal effect was a matter of substantive law and thus could differ according to the type of the instrument.
The Working Group then discussed the impact of different modes of transferring rights in electronic transferable documents on the protection of third parties in good faith.
After discussion, it was generally agreed that the Working Group should focus on enabling the use of electronic transferable records as equivalents of existing paper-based transferable documents.
It was further suggested that definition of the terms"electronic transferable documents" and"electronic negotiable documents" would be useful to identify the scope of work.
It was further explained that, once the functional equivalent of possession was achieved, effects such as negotiability would derive from substantive law applicable both to electronic and to paper-based transferable documents.
In fact, the notion of uniqueness poses challenges also with respect to transferable documents or instruments, since paper does not provide an absolute guarantee of non-replicability.
However, it was stated that notice requirements did not necessarily exist in the paper-based environment andthat it would be more appropriate to maintain the same notice requirements for electronic transferable records as set for paper-based transferable documents.
It was noted that envisageable mechanisms for the transfer of electronic transferable documents were significantly different from those in place for paper-based transferable documents.
It was suggested that future deliberations of the Working Group would benefit from a study providing a comparative analysis of substantive laws of various jurisdictions on areas relevant to its work andcovering different types of transferable documents or instruments.
The MLETR does not affect in any manner the law applicable to transferable documents or instruments, which is referred to as"substantive law" and includes rules on private international law.
It was indicated that, while the principle of party autonomy was a cornerstone of UNCITRAL texts,its operation in connection with electronic transferable records should reflect the limitations to the use of the same principle in paper-based transferable documents or instruments.
The Model Law does not aim to affect in any manner existing law applicable to transferable documents or instruments, which is referred to as“substantive law” and includes rules on private international law.
However, this does not preclude enacting jurisdictions from mandating the use of electronic transferable records,at least with respect to some categories of users and some types of transferable documents and instruments, in light of the policy goals pursued.
In that context, the practical reasons for issuing ortransferring paper-based transferable documents or instruments to bearer were stressed for example, parties in the chain of transfers might not wish to endorse the document or instrument so as not to attract liability.