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Law of Property Act 1925: Difference between revisions
→Section 93
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===Section 93=== | ===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 a client in resisting it, so if one should try to, '' | 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=== | ===Section 103=== | ||