Charge: Difference between revisions

Charge (view source)

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 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]].
+You can also take a charge over book debts and the balance in a bank account.
-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}}