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: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]], the unguarded thoughts of the judiciary expressed during {{casenote|Re Spectrum Plus}} and {{casenote|Re Lehman Brothers International}} — the famous “[[extended liens]]” case, and a few unsolicited and mostly uninformed home truths from yours truly.