The Influence of the ULSIA on the Proposed New Brunswick Land Security Act

Abstract

The Uniform Land Secured Interest Act ("ULSIA") may well be the proverbial "prophet [which] hath no honour in [its] own country. ''2 Al- though apparently not yet adopted by any of the United States, it provided the Canadian authors of this paper with a valuable resource in the development of our just-completed "Proposal for a New Brunswick Land Security Act." The actual prototype for the Land Security Act ("LSA") was the province's recently-proclaimed Personal Property Security Act ("PPSA"). However, the New Brunswick PPSA was derived from PPSAs previously enacted elsewhere in common law Canada, all of which were derived, in turn, from Article 9 of the Uniform Commercial Code. Because the ULSIA was inspired by Article 9, it was of obvious and direct relevance to our own efforts to simplify and consolidate land security law along modern personal property security lines.In any law reform project, the initial gathering of political and institutional support for change is often the greatest challenge. Therefore, this article begins its comparative review of the ULSIA and its Canadian relative with a brief explanation of why the drafters think New Brunswick offered a hospitable climate for the reform of land security law at this particular time.