Perfection: Difference between revisions

1.  ''In the lore of security-taking'': The juridical art of making a [[security interest]] “work”. Formal security interests — things like charges, debentures, mortgages and pledges — live in a kind of purgatorial mid-sphere between the human and the divine, and this means their earthly form, to have any causal effect, must be “perfect”: tickety-boo, compliant with all local legal [[formalities]] so that when things in the material realm have gone ''[[seins en l’air]]'' and the poor terrestrial securityholder looks beyond the surly horizon and prays aid of the estimable gods of enforcement, things actually work as billed. What counts as perfection is, literally, a lore unto itself, and dependong on the jurisdiction in which you are seekeing celestial aid might be simple registration, within a prescribed deadline, of your interest at companies registry, notification to the chargor, a sacred incantation, or standing on one leg at the crest of [[Kilimanjaro]] gravely reciting a Rudyard Kipling poem. Who knows? [[Fear]] of what may come from neglecting, or jsust not knowing, the necessary [[magic words]], [[horcrux]]es and amulets that will vouchsafe one’s semi-divine state of [[suretyship]] keep many a legal eagle business. But as a people, we have lost our passion for the ineffable. A few years ago, those dour [[Reductionist|rationalists]] from the [[European Union]] enacted the [[Financial Collateral Directive]], which has taken much of the fun, and terror, out of security creation by rendering it basically unnecessary: if a [[security interest]] counts as a “[[financial collateral arrangement]]”, the formal registration and perfection requirements which would otherwise apply (eg notification; registering the [[security interest]] with the registrar of companies, the hilarious pantomime of the [[Slavenburg]] filings) are not required. ''Enlightenment Now'', friends.