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Chapter

Cover Commercial Law

25. Security interests in property  

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.

Chapter

Cover Sealy and Hooley's Commercial Law

25. Possessory security  

D Fox, RJC Munday, B Soyer, AM Tettenborn, and PG Turner

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.

Chapter

Cover Sealy and Hooley's Commercial Law

26. Non-possessory security  

D Fox, RJC Munday, B Soyer, AM Tettenborn, and PG Turner

This chapter focuses on non-possessory security. It begins with a discussion of mortgages and their definitions. A mortgage involves the transfer of ownership of property from the mortgagor (the debtor or a third party) to the mortgagee (the creditor) as security for a debt or other obligation. The chapter then considers equitable charges and their definition, which include fixed and floating charges, before moving on to consider equitable liens. The chapter also examines statutory control with respect to non-possessory security, with particular emphasis on the protection of third parties and debtors.

Chapter

Cover Essential Cases: Equity & Trusts

Foskett v McKeown [2001] 1 AC 102, House of Lords  

Essential Cases: Equity & Trusts provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Foskett v McKeown [2001] 1 AC 102, House of Lords. The document also includes supporting commentary from author Derek Whayman.

Chapter

Cover Essential Cases: Equity & Trusts

Foskett v McKeown [2001] 1 AC 102, House of Lords  

Essential Cases: Equity & Trusts provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Foskett v McKeown [2001] 1 AC 102, House of Lords. The document also includes supporting commentary from author Derek Whayman.

Chapter

Cover Land Law

25. Security Interests in Land  

All books in this flagship series contain carefully selected substantial extracts from key cases, legislation, and academic debate, providing able students with a stand-alone resource. This chapter reviews the use of land (or legal and equitable property rights relating to land) as security for the repayment of money by a borrower to a lender. It also describes charging orders, the use of which increases in the context of the recession. There are four types of security interest: the pledge; the lien; the mortgage; and the charge. The borrower holds the equity of redemption under a classic mortgage by conveyance or sub-demise, but its continued relevance under the predominant legal charge by way of mortgage is questionable. It is observed that the domestic lending market has seen the development of Islamic mortgages, the emergence of shared-ownership schemes, and equity release schemes.

Chapter

Cover The Principles of Equity & Trusts

19. Proprietary Claims and Remedies  

This chapter examines the proprietary claims and remedies relevant to a breach of trust or fiduciary duty by a trustee or fiduciary. It explains that a proprietary claim in Equity requires the claimant to show that the defendant has received an asset in which the claimant has an equitable proprietary interest while a proprietary remedy enables the claimant to assert proprietary rights against property that is in the defendant’s possession. This chapter also proposes a framework for understanding the law relating to proprietary claims and describes different types of remedy that are available with respect to equitable proprietary claims, specifically the recognition that property is held on constructive trust, the equitable lien, and the remedy of subrogation.

Chapter

Cover Commercial Law Concentrate

9. Remedies of the unpaid seller  

Each Concentrate revision guide is packed with essential information, key cases, revision tips, exam Q&As, and more. Concentrates show you what to expect in a law exam, what examiners are looking for, and how to achieve extra marks. This chapter considers the remedies that are available to a seller against the buyer for breach of contract and the position when the buyer refuses delivery of the goods. These are real remedies and personal remedies, which are set out in Parts V and VI of the Sale of Goods Act 1979. An example of a real remedy is a lien over the goods, whereas two examples of a personal remedy are an action for the price and damages for non-acceptance of the goods.

Chapter

Cover The Principles of Equity & Trusts

19. Proprietary Claims and Remedies  

This chapter examines the proprietary claims and remedies relevant to a breach of trust or fiduciary duty by a trustee or fiduciary. It explains that a proprietary claim in Equity requires the claimant to show that the defendant has received an asset in which the claimant has an equitable proprietary interest while a proprietary remedy enables the claimant to assert proprietary rights against property that is in the defendant's possession. This chapter also proposes a framework for understanding the law relating to proprietary claims and describes different types of remedy that are available with respect to equitable proprietary claims, specifically the recognition that property is held on constructive trust, the equitable lien, and the remedy of subrogation.