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Law of Property Act 1925: Difference between revisions
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A {{tag|prime broker}} generally won't be able to enforce {{tag|security}} until there has been an [[Event of Default]]. It is key to be able to sell charged assets to a third party. Without this amendment selling the charged assets would be practically difficult as the purchaser would need to investigate whether an [[Event of Default]] had occurred. The effect of this clause is that the power of sale arises as soon as the agreement is signed. | A {{tag|prime broker}} generally won't be able to enforce {{tag|security}} until there has been an [[Event of Default]]. It is key to be able to sell charged assets to a third party. Without this amendment selling the charged assets would be practically difficult as the purchaser would need to investigate whether an [[Event of Default]] had occurred. The effect of this clause is that the power of sale arises as soon as the agreement is signed. | ||
===[http://www.legislation.gov.uk/ukpga/Geo5/15-16/20/section/136 Section 136]=== | |||
This sets out the formal requirements for an assignment to be a [[legal assignment]] and not merely an [[equitable assignment]]. Substantively, though, there's little difference between the two. | |||
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{{Seealso}} | |||
*[[Law of Property (Miscellaneous Provisions) Act 1994]] | *[[Law of Property (Miscellaneous Provisions) Act 1994]] | ||
*[[Legal assignment]] | |||
*[[Equitable assignment]] | |||
{{c|UK Legislation}} | {{c|UK Legislation}} | ||