Seizure makes the warranty enforceable against the grantor, while perfection makes the warranty enforceable against third parties/during insolvency and ensures priority. 2. However, paragraph 1 shall not apply if, at the time of consent to the acquisition of the security interest, the person knows that his assignment to the person who created the security right would constitute a breach of the securities arrangement. (c) the secured party has given the grantor possession or control of the negotiable instrument or securities as security for the sale, exchange, presentation, collection, renewal or registration of a transfer. According to the transitional provisions of the new law, all are subject to 2. As of January 2014, security arrangements under the Jersey Act generally continued to comply with the 1983 Act (as long as no new security is added to the security agreement and the secured obligations are not substantially increased or substantially modified). This ensures the protection of the security interests of the 1983 Act. Therefore, the application of security arrangements under the Jersey Act will continue to be subject to the 1983 Act before 2014, and there is no need for security rights to be further developed before 2014 by being registered in the Jersey Security Rights Registry (which applies only to security rights under the new Act). „assignment“ means the sale (or other transfer of value) by any means other than security; The applicant for registration of a statement of financing or a statement of change in funding shall, no later than 30 days after the date on which the confirmation statement was notified to the applicant, send a copy of the confirmation statement to the person identified in the registry as the grantor of the relevant security right or to the person identified in the registry as the assignor of the relevant receivable; unless that person has waived the right to receive them in writing or is the applicant. Unless otherwise agreed, the grantor is not entitled to reinstate a contract of guarantee – (c) the security right described in the registration includes an object or type of asset that is not secured under the relevant contract of security; 13 Capacity to provide security under foreign law. 17 (a) all obligations under the relevant security agreement have been fulfilled; If the guarantor of a security right goes bankrupt or if the grantor or the grantor`s assets, whether in Jersey or elsewhere, are subject to another court arrangement or proceeding as a result of insolvency, this shall not affect the power of a secured party to obtain or sell security under this Part or to otherwise act in connection with the security.
(5) A secured party has control of a security interest (i.e., a security interest, which is represented by a certificate and is not a bearer guarantee), if it is registered with the issuer of the security as the holder of the security or if it is in possession of the certificate. Where securities are assigned or sold in accordance with this Part, all security rights in the security and its proceeds that are subordinated to the security right of the secured party that appropriated or sold the security shall lapse upon appropriation or sale of the security. (a) adopt a decision declaring that the security right to which the requirement relates is to be treated as not being infected or discharged and instruct the Registrar to remove any registration of the precautionary interest from the registry; or (c) the amount of any other reasonable cost incurred by the secured party in enforcing the security agreement after the default; (a) payment of any amount actually outstanding in connection with the provision of security rights; The recording perfects the security created by the description. If such a security right is not registered: (1) Subsections (2) and (4) apply at any time before a secured party has granted the relevant security under this Part under a security agreement, entered into an agreement to sell the security under this Part, or acted irrevocably with respect to the security right after an event of default has occurred. the person takes the investment title free of any security in the investment security for the benefit of another party, even if he is aware of such a security. (b) all interests subordinated to those of the grantor; 54 Beneficiaries may repurchase securities; The grantor may reinstate the agreement. 33 The Security Rights Act 1983 (Jersey) (`the 1983 Act`), which provides for a guarantee for intangible movable property situated in Jersey (e.B. Shares, shares, accounts and contractual rights) generally worked well, but were increasingly outdated in the context of modern banking and financial transactions. The 1983 Act was replaced by the Securities (Jersey) Act 2012 (the „New Act“), which came into force on 2 January 2014 following a lengthy consultation and drafting process. 3.
Paragraph 1 shall not apply where, upon receipt of the payments referred to in this paragraph, the creditor acts in consultation with the debtor in order to have the rights of the person having the security right referred to in this paragraph nullified. `debtor` means a person who is liable for payment or performance of an obligation secured by a security right, whether or not he or she is the guarantor of the security right; The effect of seizing a security right in a security right is to make the security right enforceable against the grantor and against the security right. 4. Registration shall supplement a security right in any type of security, with the exception of securities to which a security right is linked in accordance with Article 20. The Security (Jersey) Act 2012 (the new Act) came into force on 2 January 2014 and changed the way security is provided on intangible personal property in Jersey. This information note is one of many pieces of information on the new law dealing with the new registration regime. 59 Limited challenge to security rights or assignment in the event of bankruptcy. . .
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