Security Right in Software (Comparative Study in UNCITRAL Legislative Guide on Secured Transactions (Supplement on Security Rights in Intellectual Property), Uniform Commercial Code of America and Iranian Law)

Due to the increasing growth of the software industry and its financial value, the issue of using software as collateral has been taken into consideration by the laws of the countries for financing. Security interest in software as a financing instrument in the UNCITRAL Legislative Guide on Secured Transactions (Supplement on Security Rights in Intellectual Property) and Article 9 of the US Uniform Commercial Code is adopted. However, effectiveness against third parties, is subject to registration. if registered, must be filed in the Federal Copyright Office, otherwise the security right must be filed in the secretory State’s Office. In the case of invented software, the current procedure is the dual registration of security interest in the secretory State’s Office and the Federal Patent and Trademark Office.In Iranian law, collateralization of software has been questioned Because of the intangible nature of it. Some regulations such as Securities Collateral Directive, dated 6/19/2010, securities and shares considered as tangible asset and collateralization of them has been possible. Also, software Proprietary Bonds are securities under the Directive of deposition and transaction of intellectual property bonds. Thus, these securities, like all other securities, are objective, and it is possible to collateral them with physical delivery or prediction of a security right registration system.