Uncitral Model Law On Electronic Transferable Records. In the current draft of a model law acn9wgivwp135add1 august 2015 the exclusive control of an electronic transferable record is treated as functionally equivalent to the possession of a paper based transferable document. Mletr aims to enable the use of etrs both domestically and across borders by recognising the legal validity of etrs that are functionally equivalent to their paper based counterparts.
Uncitral model law on electronic transferable records 2017 mletr is also a legal model targeting on the transferability of electronic records. The news marks a major milestone for paperless trade with international law now catching up to existing business practices. Modelled on the united nations commission on international trade law uncitral e commerce model laws bahrain has become the first country to enact an electronic transferable records law.
Building on existing uncitral texts on electronic commerce and namely on the principles of functional equivalence and of technology neutrality underpinning those texts the uncitral model law on electronic transferable records aims at legally enabling dematerialisation of transferable documents and instruments such as bills of lading.
Building on existing uncitral texts on electronic commerce and namely on the principles of functional equivalence and of technology neutrality underpinning those texts the uncitral model law on electronic transferable records aims at legally enabling dematerialisation of transferable documents and instruments such as bills of lading. In april 2021 the g7 inter governmental. Commission on international trade law uncitral model law on electronic transferable records 2017 mletr a legislative instrument which confers legal recognition to electronic transferable records. The move is part of a series of sweeping reforms aimed at bolstering the digital readiness of the ggc regions us15 trillion economy.