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Ws 5 Task 1 Notes

LPC Law Notes > Finance and Capital Markets Notes

This is an extract of our Ws 5 Task 1 document, which we sell as part of our Finance and Capital Markets Notes collection written by the top tier of Cambridge And Oxilp And College Of Law students.

The following is a more accessble plain text extract of the PDF sample above, taken from our Finance and Capital Markets Notes. Due to the challenges of extracting text from PDFs, it will have odd formatting:

BDF - WS5 - TASK 1 N.B UNDER NEW LAW, EVERYTHING IS REGSITERABLE (APART FROM SECURITY ON SHARES - BUT BEST PRACTISE TO REGISTER NONETHELESS)

HOLDINGS SECURIT ASSET Y

WHY?

PERFECTIO N

MINIMISE 3rd PARTY CLAIMS

ADDITIONAL CONSIDERATI ONS??100 %
Shares in EDL

Equitable MortgageInsuran ce Policy

Legal Assignmen t (see s136 requiremen ts)?

Paintin g worth
PS1m

Fixed Charge/
Legal Mortgage

Any other Assets

Qualifying Floating ChargeMortgage
=
highest priority Legal mortgage
=
destroying Parent/Sub relationship. Also increased Admin due to dividends and voting rights.

Not registerable, but best practice to do so. Register at CoHo (s860)

Transfers ownership of asset to bank Legal
>
Equitable as money is paid directly to bank

Not registerable, but best practice to do so. Register at CoHo (s860))

Dearne v Hall
- need to give notice to 3rd party get priority (done by registering)

Fixed Charge/
Legal Mortgage
=
highest priority Pledge
=
problemsinsurance, storage, client may want it etc.

Register at CoHo (s861 =
mortgage)

Registering gives notice to 3rd parties

Register at CoHo (s860)

Registering gives notice to 3rd parties

Gives charge holder power to appoint an administrator on insolvency (para

BDF - WS5 - TASK 1Registering gives notice to 3rd parties?

Take custody of share certificates Need power of attorney for bank to fill in &
file STF (this is how bank enforces the security) Check D's have authority. Need to check pre-emption rights.

Need to check contract to see whether you need consent

N/A

Make sure there is a negative pledge in charging document to get priority over future

1

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