Law of Property Act 1925: Difference between revisions

Law of Property Act 1925 (view source)

16 bytes added , 14 October 2016

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 ===Section 93===
-By contracting out of section 93 of the Act we can consolidate all [[security]] granted by a counterparty into a single [[security interest]]. Relevant if you have multiple [[charge]]s, [[mortgage]]s and security interests. You might not intend to - but you never know how a relationship can develop. If you don't disapply it, you could be left with parallel security interests - so you may lose out if there is an excess under one and a shortfall under the other (in that you may wind up as an unsecured creditor for that rump). There is no particular benefit to the client in resisting it, so HOLD THE LINE, TOTO.
+By contracting out of section 93 of the Act we can consolidate all [[security]] granted by a counterparty into a single [[security interest]]. Relevant if you have multiple [[charge]]s, [[mortgage]]s and security interests. You might not intend to, but you never know how a relationship can develop. If you don't disapply it, you could be left with parallel security interests, so you may lose out if there is an excess under one and a shortfall under the other (in that you may wind up as an unsecured creditor for that rump). There is no particular benefit to a client in resisting it, so if one should try to, HOLD THE LINE, TOTO.
 ===Section 103===