Criterion of Closest Connection to applicable law for secured transaction (A comparative study of European Union law, American law and Iranian Law)

The globalization of economic exchanges has led to different ways of securing transactions, among which the collateral instrument that is the cause of American rights. Although major international exchanges are based on sample contracts, and in practice private international law is fading, the determination of the law governing the contract is still one of the legal concerns of international trade. The principle of the will to determine the law governing the contract is fully accepted. However, it is probable that the contract for the selection of the law will be postponed for various reasons. This has led to the establishment of the closest relationship to determining the law. And in the recent regulations, both within the European Union and in the US legal system, it is well-documented. The theory has grown to such an extent that it is sometimes regarded as exceptional to the principle of sovereignty of will. It is inevitable to set precise criteria for the abovementioned criteria, in particular in relation to the contractual certainty, which are discussed in the forthcoming article in the context of specific regulations in the field of bail-out transactions.