This work endeavors to become a valuable guidance to one of the most challenging fields of commercial law, increasingly known as secured transactions. Besides canvassing the central features of contemporary leading legal systems in a fairly detailed manner, the focus is on a comparative analysis of the building blocks of these. Detailed account has been also given to the related Hungarian reform efforts of the 1990s, which is a topic in essence unknown to the English reading audience so far. Since the economic potential inherent to developed secured transactions systems has not been fully exploited even by many developed economies, the sudden realization of the importance of credit economies and credit securities should not come as a surprise in the era of globalization. This book is a valuable tool for all those dealing with this peculiar area of law in countries striving towards market economy. The mission of the author is not just to highlight the potential role of security in easing the chronic shortage of credit in transitory countries, but also to provide the reformers with a repository of tested security law solutions, utilizing Article 9 - the American success story of the 20th