Model Law on Electronic Transferable Records: Difference between revisions
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Transferable documents or instruments are paper-based documents or instruments that | Transferable documents or instruments are paper-based documents or instruments that: | ||
::(1) Entitle the holder to claim the performance of an obligation; and | ::(1) Entitle the holder to claim the performance of an obligation; and | ||
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::(2) Allow the transfer of the claim to that performance by transferring possession of the document or instrument. | ::(2) Allow the transfer of the claim to that performance by transferring possession of the document or instrument. | ||
''(Source - | ''(Source - UNCITRAL Model Law on Electronic Transferable Records.)'' | ||
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:''Naresh Aggarwal, ACT Associate Director, Policy & Technical, September 2023.'' | :''Naresh Aggarwal, ACT Associate Director, Policy & Technical, September 2023.'' | ||
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* [[Warehouse receipt]] | * [[Warehouse receipt]] | ||
[[Category:Manage_risks]] | [[Category:Manage_risks]] | ||
Latest revision as of 03:30, 6 November 2023
International trade - law - UNCITRAL
(MLETR).
The Model Law on Electronic Transferable Records (MLETR) aims to enable the legal use of electronic transferable records both domestically and across borders.
The MLETR applies to electronic transferable records that are functionally equivalent to transferable documents or instruments.
Transferable documents or instruments are paper-based documents or instruments that:
- (1) Entitle the holder to claim the performance of an obligation; and
- (2) Allow the transfer of the claim to that performance by transferring possession of the document or instrument.
(Source - UNCITRAL Model Law on Electronic Transferable Records.)
Transferable documents or instruments typically include bills of lading, bills of exchange, promissory notes and warehouse receipts.
- MLETR will reduce fraud
- "The UK – Singapore trade corridor will be the first one to go live once legislation is passed on September 20.
- It was fascinating hearing from a number of [GTR Asia conference] participants what a difference [MLETR] will make to reducing fraud, enabling more straight-through processing of trade documents and offering greater transparency over trade-related information."
- Naresh Aggarwal, ACT Associate Director, Policy & Technical, September 2023.
