Floating charge: Difference between revisions
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[[File:Everybody floats.jpg|thumb|right|Well - we ''all'' do, now and then, when spring is upon us.]] | [[File:Everybody floats.jpg|thumb|right|Well - we ''all'' do, now and then, when spring is upon us.]] | ||
A "floating" charge — fondly known by legal witterati as a “[[floater]]”, is a [[security interest]], which hovers in the æther, allowing the assets to move in and out of the custody account unhindered, but upon an [[enforcement event]] suddenly clamps down on whatever is in the account and becomes a [[fixed charge|“fixed” charge]]. | A "floating" charge — fondly known by legal witterati as a “[[floater]]”, is a [[security interest]], which hovers in the æther, allowing the assets to move in and out of the custody account unhindered, but upon an [[enforcement event]] suddenly clamps down — the technical term is that it “crystallises” — on whatever is in the account and becomes a [[fixed charge|“fixed” charge]]. | ||
{{seealso}} | {{seealso}} | ||
Revision as of 14:57, 25 January 2019
A "floating" charge — fondly known by legal witterati as a “floater”, is a security interest, which hovers in the æther, allowing the assets to move in and out of the custody account unhindered, but upon an enforcement event suddenly clamps down — the technical term is that it “crystallises” — on whatever is in the account and becomes a “fixed” charge.