
The Law of Security and Title-Based Financing
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- Cover
- THE LAW OF SECURITY AND TITLE-BASED FINANCING
- Copyright
- CONTENTS
- Table of Cases
- Table of Legislation
- List of Abbreviations
- I INTRODUCTION
- 1. Introduction
- A. Scope of book
- B. Reasons for security
- C. The contribution of equity
- D. Categories of security interests in English law
- E. Quasi-?security: reservation of title
- F. Form and substance and recharacterization risk
- G. Statutory interventions on behalf of unsecured creditors
- H. Creditors' preferences
- 2. Use of Security and Quasi-?security Interests in Debt Financing
- A. Introduction
- B. General map of debt financing
- C. Use of security and quasi-?security in general debt financing
- D. Specialized financing
- 3. Financial Collateral
- A. The Financial Collateral Arrangements (No 2) Regulations 2003
- B. Forms of financial collateral
- C. Key concepts of the FCARs
- D. Charges over financial instruments
- E. Charges over 'cash'
- F. Charges over 'credit claims'
- G. Evaluation of the FCARs
- II DESCRIPTION OF INTERESTS
- 4. Types of Interest
- A. Security interests and absolute interests
- B. Characterization of interests as security interests or absolute interests
- 5. Possessory Security
- A. Pledge
- B. Possessory lien
- 6. Non-?possessory Security
- A. Consensual
- B. Non-?consensual
- 7. Financing Devices Involving the Transfer or Retention of Title
- A. General
- B. Goods
- C. Title transfer financial collateral arrangements
- D. Receivables
- 8. Rights not Including the Transfer or Retention of Title
- A. Non-?consensual
- B. Consensual
- III REGISTRATION AND OTHER PERFECTION REQUIREMENTS
- 9. Registration and Other Perfection Requirements
- A. Meaning of perfection
- B. Purpose and significance of perfection requirements
- C. Specialist registers
- D. Registration of hire purchase agreements
- 10. Interests Created by Companies
- A. Overview
- B. Registration under the Companies Act 2006
- 11. Interests Created by Debtors Who Are Not Companies
- A. Introduction
- B. The Bills of Sale Acts
- C. General assignments of book debts
- D. Agricultural charges
- E. Charges created by cooperative, community benefit, and building societies
- IV PRIORITIES
- 12. Introduction to Priorities
- A. Introduction
- B. Registration as constructive notice
- 13. General Priority Rule: Nemo Dat (First in Time to Be Created Wins)
- A. The nemo dat principle
- B. Priority between possessory security interests and other security interests
- C. Priority between the holder of possessory security interests and buyers
- D. Priority between non-?possessory security interests
- E. Priority between the holder of non-?possessory security interests and buyers
- F. Priority between financing devices involving the transfer or retention of title and other security interests
- 14. Exceptions to the Nemo Dat Rule
- A. Purchaser of legal interest
- B. The rule in Dearle v Hall
- C. Statutory exceptions to the nemo dat rule
- D. Priority normally established by date of registration
- E. Future advances and priority
- F. Priority agreements
- 15. Authorized Dispositions
- A. Introduction
- B. Authority to make absolute disposition
- C. Authority to create prior ranking security interest
- 16. Priority between Consensual and Non-?consensual Security Interests
- A. Introduction
- B. Possessory liens
- C. Lienholder and owner
- D. Lienholder and secured creditor
- E. Statutory rights of detention
- F. Equitable liens
- G. Priority of maritime and statutory liens
- H. Execution creditors
- I. Rent and rates arrears
- 17. Other Priority Issues
- A. Priority between holders of security and absolute interests in assets and unsecured creditors
- B. Circularity
- V ENFORCEMENT
- 18. Enforcement of True Security Interests
- A. General issues in relation to true security interests
- B. Pledge
- C. Lien
- D. Non-?possessory security
- 19. Enforcement of Financial Devices Involving the Transfer or Retention of Title
- A. Introduction
- B. Goods
- C. Title transfer financial collateral arrangements
- D. Receivables
- 20. Enforcement of Security in Insolvency
- A. General
- B. Liquidation and bankruptcy
- C. Administration
- D. Receivership
- E. Other insolvency procedures
- F. Cape Town Convention
- 21. Enforcement of Rights Not Including the Transfer of Title
- A. Non-?consensual
- B. Consensual
- VI CONFLICT OF LAWS
- 22. Conflict of Laws
- A. The applicable law
- B. Security and the applicable law
- C. International uniform security interests
- VII CRITICISM AND LAW REFORM PROPOSALS
- 23. Criticism and Reform Proposals
- A. Introduction
- B. Reports recommending reform and reforms elsewhere
- C. Proposed amendments to the registration and priority of company charges
- D. Reform of the Bills of Sale legislation
- E. Radical reform
- F. Current prospects for radical reform in England and Wales
- Index
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