Jersey security — revolution not evolution
By James Gaudin
The new Security Interests (Jersey) Law 2012 (the New Law) has been a long time coming. The draft of the New Law received the approval of the States of Jersey as early as July 2011, and privy council approval on 10 July 2012 but implementation has been delayed by important debate concerning the scope of the New Law and, in particular, the mechanism for registration of security interests. That debate culminated with subordinate legislation amending the New Law in the shape of the Security Interests (Amendment of Law) (Jersey) Regulations 2013. Still, good things come to those who wait.
The New Law is set to see a phased implementation and promises to revolutionise the methods for taking and enforcing security in Jersey.
Phase 1 begins on 1 October 2013 and permits registration of existing outright assignments of receivables for a period of three months until Phase 2 is implemented. Phase 2 begins on 2 January 2014 and brings into force the remaining provisions of the New Law related to security over intangible moveable property. Phase 3 relates to securities over the rest of tangible movable property, and these provisions are expected to be implemented in late 2014. The New Law also includes transitional provisions to deal with security interests created under the Security Interests (Jersey) Law 1983 (the 1983 Law), which the New Law replaces…
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