Charge

See also:

• Security interest
• Assignment by way of security

Registration of charges

Ireland

Insofar as Collateral Regulations Collateral are "in the possession or under the control of" the chargee, no registration or other formalities are required for the security interest created by the Agreement to be recognised by the Irish courts.

The definition of Collateral Regulations Collateral is: (i) cash credited to an account (as opposed to physical notes and coins) with the UBS Entity that enters into that Agreement; and (ii) securities held by that UBS Entity, either directly or indirectly, through an intermediary outside Ireland.

There is an exception for collateral that consists of receivables consisting of obligations of the chargee to the chargor under contracts between the chargor and the chargee for the trading of over-the-counter or exchange-traded derivatives, repos and/or stock loans. This requires registration pursuant to s. 99 of the Companies Act 1963.

But, you know, why would you be taking security over your own obligations? you could, and should, achieve the same thing by application of set-off.