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Sealy and Hooley's Commercial LawText, Cases, and Materials

Sealy and Hooley's Commercial Law: Text, Cases, and Materials (6th edn)

David Fox, Roderick Munday, Baris Soyer, Andrew Tettenborn, and Peter Turner
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date: 13 April 2024

p. 93525. Possessory securitylocked

p. 93525. Possessory securitylocked

  • D Fox, D FoxProfessor of Common Law, University of Edinburgh
  • RJC Munday, RJC MundayReader Emeritus in Law, University of Cambridge
  • B Soyer, B SoyerProfessor of Commercial and Maritime Law, Institute of International Shipping and Trade Law, Swansea University
  • AM TettenbornAM TettenbornChair in Law, Swansea University
  •  and PG TurnerPG TurnerVisiting Senior Fellow of the Melbourne Law School

Abstract

This chapter deals with possessory security. It begins with a discussion of a pledge (which normally secures repayment of a debt but, in principle, there is no reason why it should not secure performance by the pledgor of some other obligation), before considering the concepts of delivery and re-delivery of possession. It also examines re-pledge by the pledgee, realisation, and statutory control before turning to liens. In particular, it explains how a lien arises and how it is enforced, terminated, and registered. Finally, it looks at the proposed legal reform with respect to possessory security.

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