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:''Confusion in her eyes, it says it all | |||
:''She’s lost control again | |||
::—Ian Curtis, ''She’s Lost Control'' | |||
A reader writes in: | |||
:“Dear Mr. [[Jolly Contrarian|Contrarian]] | |||
:I have taken a [[fixed charge]] over {{tag|collateral}} delivered by my [[counterparty]] to a [[custodian]] - say a [[Tri-party collateral arrangement|triparty agent]] — subject to a security interest. My [[counterparty]], however, is entitled to substitute that collateral with something else more or less automatically, provided it maintains a minimum required collateral value. | |||
Herewith a disquisition on the modern law of security. This will canvass fixed and floating charges, the Financial Collateral Regulations, the priority of creditors on insolvency and a few home truths. | :Is my [[fixed charge]] good? | ||
:Yours, in a spirit of joyful contrarianism | |||
:Perennially Confused, | |||
:Wolverhampton” | |||
Herewith a disquisition on the modern law of security. This will canvass fixed and floating charges, the [[Financial Collateral Regulations]], the priority of creditors on [[insolvency]], the unguarded thoughts of the judiciary expressed during {{casenote1|Re Spectrum Plus}} and {{casenote1|Re Lehman Brothers International}} — the famous “[[extended liens]]” case, and a few unsolicited and mostly uninformed home truths from yours truly. | |||
Strap yourselves in, friends. | |||
{{sa}} | |||
*[[control function]] | |||
{{draft}} | |||