Re Spectrum Plus: Difference between revisions
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===Ruling=== | ===Ruling=== | ||
“The correct conclusion, in my opinion, is that the debenture, although expressed to grant the bank a {{tag|fixed charge}} over Spectrum's [[book debts]], in law granted only a {{tag|floating charge}}. | “The correct conclusion, in my opinion, is that the debenture, although expressed to grant the bank a {{tag|fixed charge}} over Spectrum's [[book debts]], in law granted only a {{tag|floating charge}}. | ||
==Relevance to [[stock lending]]== | |||
Can a [[Borrower]] create a fixed charge over collateral you have pledged to a [[Lender]] under a [[Pledge GMSLA]], if the Borrower retains a right to substitute and replace collateral it has posted with other collateral. Conservative souls suggest {{casenote1|Re Spectrum Plus}} calls this into question. | Can a [[Borrower]] create a fixed charge over collateral you have pledged to a [[Lender]] under a [[Pledge GMSLA]], if the Borrower retains a right to substitute and replace collateral it has posted with other collateral. Conservative souls suggest {{casenote1|Re Spectrum Plus}} calls this into question. | ||
[[Your humble correspondent]] suggests the cases are not exactly on all fours: | [[Your humble correspondent]] suggests the cases are not exactly on all fours: | ||