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 2012, which came into force on 2 January 2014. The 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 after-acquired intangible property, proceeds and book debts; securing obligations as to further 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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