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Charge: Difference between revisions
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Spoddy pointy headed law-nerd point: a [[charge]] is an equitable proprietary interest. It is a [[creature of equity]]. Not a pantomime dromedary, an intellectual construct dreamed up by those woundrous Courts of Chancery. | Spoddy pointy headed law-nerd point: a [[charge]] is an equitable proprietary interest. It is a [[creature of equity]]. Not a pantomime dromedary, but an intellectual construct dreamed up by those woundrous Courts of Chancery. | ||
A charge is the sort of security you take over a real thing that you can move about - legal speak: what we used to call [[chattel|chattels]] and one now calls “[[tangible movable property]]”. Good, old fashioned, real stuff. Rolling stock. Raw materials. Ships. Aeroplanes. [[Negotiable instrument |Negotiable financial instruments]]. You can take a charge — probably a [[Floating charge|''floating'' one]] — over the stock in trade in a factory. A fixed charge requires quite a lot of control. | |||
You ''cannot'' — well, if logic were your constant and only companion, you should not be able to — take a charge over your rights under a contract. For that, conventionally, you would need an [[assignment by way of security]]. | |||
What about book debts? Or the balance in a bank account? Here we get into the realms of the hard cases which make bad law. | |||
{{Seealso}} | {{Seealso}} | ||