[extract] The promised land where it exists is said to be a new security law. It is based on, but does not necessarily slavishly follow, article 9 of the US Uniform Commercial Code and those statutes which have followed it in some of the Canadian Provinces and, most recently, in New Zealand. In Australia and New Zealand it has indeed been a long long trail a-winding. There have been many mountain ranges of difficulty - and even sometimes of opposition - to surmount. And each time a range has been crested we have expected to see the promised land on the other side. But all too often it has been just another range of mountains.

The most recent range was revealed at the Australia New Zealand Banking Law Association Conference on 8 and 9 June 2000 at the Sheraton Mirage Hotel on the Queensland Gold Coast. Part 1 of this paper was written in the days preceding that Conference. It sets out the path we have followed and the ranges we have crested. Part 2 was written on 12 June 2000, just after we crested the range revealed at the Conference.