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A reader writes in: | A reader writes in: | ||
“Dear Mr. Contrarian | :“Dear Mr. [[Jolly Contrarian|Contrarian]] | ||
I have taken a [[fixed charge]] over {{tag|collateral}} delivered by my [[counterparty]] to a [[custodian]] - say a [[Tri-party collateral arrangement|triparty agent]] — subject to a security interest. My [[counterparty]], however, is entitled to substitute that collateral with something else more or less automatically, provided it maintains a minimum required collateral value. | :I have taken a [[fixed charge]] over {{tag|collateral}} delivered by my [[counterparty]] to a [[custodian]] - say a [[Tri-party collateral arrangement|triparty agent]] — subject to a security interest. My [[counterparty]], however, is entitled to substitute that collateral with something else more or less automatically, provided it maintains a minimum required collateral value. | ||
Is my [[fixed charge]] good? | :Is my [[fixed charge]] good? | ||
Herewith a disquisition on the modern law of security. This will canvass fixed and floating charges, the [[Financial Collateral Regulations]], the priority of creditors on [[insolvency]], the unguarded thoughts of the judiciary expressed during {{ | :Yours, in a spirit of joyful contrarianism | ||
:Perennially Confused, | |||
:Wolverhampton” | |||
Herewith a disquisition on the modern law of security. This will canvass fixed and floating charges, the [[Financial Collateral Regulations]], the priority of creditors on [[insolvency]], the unguarded thoughts of the judiciary expressed during {{casenote1|Re Spectrum Plus}} and {{casenote1|Re Lehman Brothers International}} — the famous “[[extended liens]]” case, and a few unsolicited and mostly uninformed home truths from yours truly. | |||
Strap yourselves in, friends. | Strap yourselves in, friends. | ||
{{sa}} | |||
*[[control function]] | |||
{{draft}} | {{draft}} |