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Commercial Law

Commercial Law (4th edn)

Eric Baskind, Greg Osborne, and Lee Roach
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date: 21 July 2024

p. 71325. Security interests in propertylocked

p. 71325. Security interests in propertylocked

  • Eric Baskind, Eric BaskindSenior Lecturer in Law, Liverpool John Moores University and Visiting Research Fellow, Oxford Brookes University
  • Greg OsborneGreg OsborneFormerly Senior Lecturer in Law, University of Portsmouth
  •  and Lee RoachLee RoachSenior Lecturer in Law, University of Portsmouth

Abstract

This chapter is concerned with limited rights over property that enable a person who is owed a personal obligation by someone with ownership of an asset to exercise powers over that asset, should the personal obligation not be fulfilled. These limited rights are known as ‘security interests’—their effect is to provide additional remedies in the event of breach of the personal obligation and so make performance more secure. The chapter deals first with possessory securities like pledges and liens where the person taking the security has physical or constructive possession of the secured assets. It then goes on to consider non-possessory securities like mortgages and charges, showing the differences between the two and considering both fixed and floating charges.

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