Publications of Tajti, T.

Beszélhetünk-e a zálogjogi rendszerek versenyéről?

Is there a Global Competition of Secured Transactions Laws? Abstract While it has by now become commonly known, not only in Hungary and in the region but also in a growing number of jurisdictions worldwide, why are the reforms of secured transactions law of heightened importance, it is less known that, directly or indirectly, it is the so-called ’unitary concept of security interests’ enshrined in Article 9 of the Uniform Commercial Code of the United States of America has been increasingly the major source of inspirations. This model impacted most of the projects of various international organizations that were focused on this branch of law, including the most important recent vintage private law initiative of Europe, the Draft Common Frame of Reference,” Book IX of which (and partially also Book X on Trusts) came forward with a similar unitary model (though the commentaries do not mention any connection with the American model). At the same time, German law – that still ranks one of the major models in Europe – remained completely immune from these trends. As a result, German secured transactions law (Recht der Kreditsicherheiten) is a model offering solutions that are in many key respects the exact opposite of the American ones as a consequence of what it may be looked upon as the rival of the unitary model. As opposed to German law, English law, as another leading legal system, is far from being indifferent: the debate whether to embark on reforms along the lines of the unitary model (and to follow the suit of Australia, the Canadian provinces and New Zealand) has been ongoing for more decades now. For the time being, the City of London – preferring the status quo and the ’if not broken, don’t mend it’ philosophy – has prevailed against a group of academics. In the light of these developments, this article is an attempt to answer the question whether there is a genuine competition among various national secured transactions law models given the numerous international projects and national law reforms? And if yes, is it possible to identify, and based on what criteria, which are the competing models? The article casts a light also on the possible economic repercussions of the competition. As the best illustration of the importance of the economy-secured transactions reform nexus suffice to point to the changed Chinese stance according to which it is, neither German, nor continental European (civil) law, the only source of inspirations for Chinese law-makers anymore; it is rather the model that could generate the most economic benefits for China. Consequently, it is not only capital markets and securities regulation but also bankruptcy and secured transactions law with respect to which the law of the United States is increasingly winning the ground in China. Having the increased economic and political importance of China in sight, it should come natural to presume that it should not be irrelevant to Europe either which secured transactions model is going to prevail in China and globally in the not so distant future.

Tajti T. Vagyonvédelem, hagyatéktervezés és a szindikátusi szerződések. Vol XVII. Mandoki I, editor. Budapest: Közjegyzői Akadémia Kiadó; 2016. (Studia Notarialia Hungarica; vol XVII).
Tajti T. The Dynamic Conception of Alternative Dispute Resolution. In: Alternative Means of Dispute Resolution in Business. Vol 1. first, 2015 ed. Vilnius, Lithuania: University Kazimiero Simonavičiaus, Vilnius, Lithuania; 2015. p. 177-200.

The Dynamic Conception of Alternative Dispute Resolution

ABSTRACT One could hardly contest that the English (and to a lesser extent other) language publications on alternative dispute resolution have significantly increased during the last few decades. This applies primarily to international commercial arbitration, though mediation – perhaps domestic rather than international – seems to have caught up lately as well. No matter whether books written by arbitrators or mediators are at stake, however, they suffer from a weakness this paper would like to focus upon: the static picture they present. The article vouches for a shift from a static to a dynamic perception of alternative dispute resolution for the 21st century. Contrary to what intuition would dictate, however, such a shift would require more than just adding a few more pages to the introductory, evolution-related parts of these works. The task would be rather to create a picture that would emphasize the presence of dynamic forces constantly reshaping the contours of ADR; both internally and externally. The paper, by no means a complete account of the topic, aims to cast a novel light on some of the entrenched assumptions characteristic to the ADR law by putting forward a number of historical and contemporary illustrations.

Tajti T. Chapter on Mediation in Hungary. In: Richbell D, editor. How to Master Commercial Mediation (CEU Library Code KJC 4169.H6 2015). United Kingdom: Bloomsbury; 2014. p. 435-40.
Tajti T. Italian Law in Hungary. Annuario di diritto comparato e di studi legislative. 2014;(November):451-88.
Tajti T. Italian Law in Hungary. Annuario di diritto comparator e di studi legislative . 2014;V( Il diritto Italiano in Europa (1861-2014) - Scienza, giurisprudenza, legislazione):451-88.
Tajti T. Neglected Challenges of Law in the 21st Century: Focus on Post-Socialist Central Europe. In: The Milestones of Law in the Area of Central Europe 2013. Bratislava: Comenius School of Law; 2013. p. 1014-26.

When and Why is the Rubberstamp of the European Union Insufficient? - Caveats to Systems on the Road towards the European Union

Due to the principle of subsidiarity, European Union law is inherently in¬complete. Hence, neither the transposition of the acquis communautaire, nor the law or impetuses coming from Brussels is a panacea to numerous real-life legal, economic or political problems not being focused upon by the Union. This is often forgotten not just by countries approaching the Union but also by the Member States. The article is a review of a number of such legal and economic challenges faced in particular by Central European and ex-Yugoslav successor states, from such new transplants as franchise through risks of the pyramid and Ponzi schemes from the realms of financial law.

Testing the equivalence of the new comprehensive Australian Personal Properties Securities Act, its Segmented European Equivalents and the Draft Common Frame of Reference

With the new Personal Property Securities Act 2009 (Cth) (‘APPSA’) Australia has become the fourth jurisdiction to embrace a comprehensive system of personal property security law (‘PPSL’). At its centre lies the concept of unitary security interests, the prototype for which was art 9 of the United States’ Uniform Commercial Code. This is a new page in the global regulatory competition in this domain, and is causing other countries to rethink their unsystematised and hence less predictable and less competitive laws. This applies especially to fragmented Europe, which should pay increased attention to these Australian developments as they represent a gradually emerging international standard for access to financing (especially by small and medium size businesses), attraction of capital and economic growth. Only some have heeded this message, as illustrated by reforms in France and Central and Eastern Europe, as well as by Book IX of the recent soft law equivalent of a pan-European Civil Code, the Draft Common Frame of Reference. There is meaningful resistance, as the City of London’s successful blocking of realignment with the Unitary Model shows. It is less known, however, that quite a number of European national laws possess ‘segments’ of PPSL resembling the new Australian system. This article offers the first holistic comparison of the two continents’ PPSLs for the benefit of comparative lawyers and practitioners.

Consignments and the draft common frame of reference

Abstract: One of the novelties of Book IX of the most recent achievement of European efforts aimed at harmonization of private laws, the Draft Common Frame of Reference, concerns the subjection of some types of consignments to secured transactions law. The paper endeavors to unearth, what main dilemmas are corollary to, and what factors may justify transplantation of a solution from a system based on ‘functional approach’ – Article 9 of the American Uniform Commercial Code – into a law predominantly still based on system thinking (legal dogmatism). Key words: consignment, harmonization of European private law, Draft Common Frame of Reference, Uniform Commercial Code of the United States of America, consignment as a secured transaction, transplantation, function approach, legal dogmatism, behavioral economics, ostensible ownership (false wealth), purchase-money security interest, priorities, trust receipts, second generation of financiers.

Tajti T. Hungary. In: Ciacchi SWAC, Ciacchi AC, editors. Regulating Unfair Banking Practices in Europe - the Case of Personal Suretyships . Oxford: Oxford University Press; 2010. p. 303-39.

The case law of Central & Eastern Europe : enforcement of contracts

Enforcement of contracts in Albania, Czech Republic, Hungary, Lithuania, Republic of Moldova, Poland, Romania, Russia, Serbia, Ukraine

Tajti T, Messmann S. The Case Law of Central and Eastern Europe: Enforcement of Contracts - Preface and Introduction. In: Tajti T, Messmann S, editors. The Case Law of Central and Eastern Europe - Enforcement of Contracts. Bochum: European University Press; 2009. p. 11-39. (European Law & Economics).
Tajti T. The Trento Project : the way to rediscover each other in Europe and beyond. In: Bussani M, Mattei U, editors. Opening up European law : the common core project towards Eastern and South Eastern Europe. Berne: Stämpfli; 2007. p. 141-73.
Introduction. In: Messmann S, Tajti T, editors. The Case Law in Central and Eastern Europe: Leasing, Piercing the Corporate Veil and the Liability of Managers and Controlling Shareholders, Privatization, takeovers and the Problem with Collateral Law. Bochum: European University Press; 2007. p. 15-32.
Introduction. In: Messmann S, Tajti T, editors. Investing in South Eastern Europe. Foreign Direct Investment in the Stability Pact Countries. Bochum: European University Press; 2005. p. 4-44.
Tajti T. Secured transactions and financial contracts in Hungary on the eve of joining the European Union. In: Bussani M, Fiorentini F, editors. I contratti di finanziamento e le garanzie reali nella prospettiva europea. Trieste: University of Trieste; 2003. p. 107-49.

Comparative secured transactions law

Harmonization of the law on security interests in the United States of America, Canada, England, Germany and Hungary

Viehweg's Topics, Article 9 UCC, the 'kautelarische Sicherheiten' and the Hungarian Secured Transactions Law Reform

It goes without saying that secured transactions law is one of those emerging and growing legal disciplines which has attracted the most attention during the 1990s on all levels. Despite some encouraging developments and first steps taken in introducing new secured transactions laws, all the transitory economies of most Central and Eastern European countries seem to suffer fromt he same malaise in this context. In a nutshell: system-oriented thinking and the inherent deference to "traditional legal principles" of civil law tend to stymie the creation of a high-quality legal framework inevitable for the gradual formation of credit economy. A credit economy, without which no market economy can exist, and without which hardly could such burning problems, as housing or the revival of the economy, be solved. In sum, "traditional legal rules", be they enshrined into civil codes, or just hovering somewhere in the vacuum, are not the tools for bringing about a credit economy. In order to effect the necessary changes, problem-oriented thinking should come to the forefront, to which the acceptability of even the tiniest technical details of a new law would not depend on whether the new solution could be brought under the penumbras of any of the "traditional legal principles", but rather whether innovation could in practice improve the conditions for extending credits. And eventually, to what extent can any one solution help solving the main policy aim, which I will refer to in a somewhat shorthand way as the creation of credit economy.