
Eilís Ferran
et al.
Published online:
19 October 2023
Published in print:
27 September 2023
Online ISBN:
9780191897719
Print ISBN:
9780198854074
Contents
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Advantages of Being a Secured Creditor Advantages of Being a Secured Creditor
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Economic Perspectives on Secured Debt Economic Perspectives on Secured Debt
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Policy—Dominance of Freedom of Contract Policy—Dominance of Freedom of Contract
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Consensual Security Interests Consensual Security Interests
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Grant and reservation—fundamental legal distinctions Grant and reservation—fundamental legal distinctions
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Security interests are defeasible interests Security interests are defeasible interests
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A security interest is an interest in the chargor’s property to secure a debt A security interest is an interest in the chargor’s property to secure a debt
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Security on future property Security on future property
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The Subject Matter of a Security Interest—Forms of Property That Can Be Used as Security The Subject Matter of a Security Interest—Forms of Property That Can Be Used as Security
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Forms of Consensual Real Security Forms of Consensual Real Security
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Pledge and lien Pledge and lien
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Mortgage Mortgage
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Charges Charges
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Fixed and Floating Charges—A Comparison of Their Key Features Fixed and Floating Charges—A Comparison of Their Key Features
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Fixed charges Fixed charges
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Floating charges Floating charges
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The Nature of the Floating Charge The Nature of the Floating Charge
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Establishing Whether a Charge is Fixed or Floating Establishing Whether a Charge is Fixed or Floating
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Classification of a Charge as Fixed or Floating and the Nature of the Secured Property—Charges on Book Debts Classification of a Charge as Fixed or Floating and the Nature of the Secured Property—Charges on Book Debts
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Implications of Agnew and Spectrum for Other Asset Classes Implications of Agnew and Spectrum for Other Asset Classes
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Assessment of the Post-Spectrum Position Assessment of the Post-Spectrum Position
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Crystallization of a Floating Charge Crystallization of a Floating Charge
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Drafting of automatic crystallization clauses Drafting of automatic crystallization clauses
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Automatic crystallization and third parties Automatic crystallization and third parties
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Priority Rules for Competing Interests in the Same Property Priority Rules for Competing Interests in the Same Property
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Competing interests in tangible personal property Competing interests in tangible personal property
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Priority rules for competing interests in intangible property Priority rules for competing interests in intangible property
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Priority of purchase money security interests Priority of purchase money security interests
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Registration of Charges—Outline of Requirements Registration of Charges—Outline of Requirements
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Registration Requirements—Detailed Aspects Registration Requirements—Detailed Aspects
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Charges requiring registration Charges requiring registration
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The registration requirement The registration requirement
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The role of the registrar and the issue of the certificate of registration The role of the registrar and the issue of the certificate of registration
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Registration and notice Registration and notice
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Late registration Late registration
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Non-registration Non-registration
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Registration of enforcement, satisfaction, and release Registration of enforcement, satisfaction, and release
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Modification of registration requirements for financial collateral Modification of registration requirements for financial collateral
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Reform Reform
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Cite
Ferran, Eilís, Elizabeth Howell, and Felix Steffek, 'Secured Debt', Principles of Corporate Finance Law, 3rd edn (Oxford , 2023; online edn, Oxford Academic, 19 Oct. 2023), https://doi.org/10.1093/oso/9780198854074.003.0011, accessed 4 May 2025.
Abstract
This chapter discusses the forms of real security that companies can give to lenders. Topics covered include the advantages of being a secured creditor, economic perspectives on secured debt, freedom of contract, consensual security interests, forms of property that can be used as security, forms of consensual real security, comparison of fixed and floating charges, establishing whether a charge is fixed or floating, the implications of Agnew and Spectrum for other asset classes, the crystallization of a floating charge, priority rules for competing interests in the same property, the registration of company charges, and reforming the law on company charges.
Keywords:
company law, lenders, creditors, freedom of contract, real security, fixed charges, floating charges, company charges
Subject
Company and Commercial Law
Collection:
Oxford Scholarship Online
Principles of Corporate Finance Law. Third Edition. Eilís Ferran, Elizabeth Howell and Felix Steffek, Oxford University Press. © Eilís Ferran, Elizabeth Howell and Felix Steffek 2023. DOI: 10.1093/oso/9780198854074.003.0012
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