An overview of the new Security Interests (Jersey) Law
Taking security over shares, bank accounts, rights under contracts and other types of intangible property in Jersey is governed by the Security Interests (Jersey) Law 1983 (the 1983 Law). The 1983 Law is set to be replaced in 2013 by the Security Interests (Jersey) Law 2012 (the new Law). The new Law provides Jersey with a modern, efficient regime for the creation and enforcement of security interests in intangible property.
- The principal changes introduced by the new Law are that it provides for:
- hypothecation as a new method of taking security;
- taking security in present and afteracquired intangible property, proceeds and book debts;
- securing obligations as to future advances;
- third party security;
- a grantor to be able to retain power to deal with collateral without prejudicing the security interest;
- registration of security interests; and
- wider enforcement powers.
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