Law of Property Act 1925: Difference between revisions

Law of Property Act 1925 (view source)

Revision as of 15:38, 14 October 2016

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→‎Section 101

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 ===Section 101===
-The relevant paragraphs here are Sections 101(1) (i) and (iii): the powers to sell and appoint a receiver. These powers arise "when the mortgage money has become due". Generally under a [[Prime brokerage]] relationship liabilities become due immediately after execution of the agreement, so there is no need for due and unpaid money to acquire these two powers.
+The relevant paragraphs here are Sections 101(1) (i) and (iii): the powers to sell and appoint a receiver. These powers arise “when the mortgage money has become due”. Generally under a [[Prime brokerage]] relationship liabilities become due immediately after execution of the agreement, so there is no need for due and unpaid money to acquire these two powers.
-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.
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