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Appropriation: Difference between revisions
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Appropriation is a remedy created by the [[Financial Collateral Regulations]] the right to take an asset against a debt, as opposed to selling it: | [[Appropriation]] is a remedy created by the [[Financial Collateral Regulations]] the right to take an asset against a debt, as opposed to selling it: | ||
:''“Where a legal or equitable mortgage is the [[security interest]] created or arising under a [[security financial collateral arrangement]] on terms that include a power for the collateral-taker to appropriate the collateral, the [[collateral-taker]] may exercise that power in accordance with the terms of the [[security financial collateral arrangement]], without any order for foreclosure from the courts.”'' | :''“Where a legal or equitable [[mortgage]] is the [[security interest]] created or arising under a [[security financial collateral arrangement]] on terms that include a power for the collateral-taker to appropriate the collateral, the [[collateral-taker]] may exercise that power in accordance with the terms of the [[security financial collateral arrangement]], without any order for [[foreclosure]] from the courts.”'' | ||
“[[Appropriation]]” is – helpfully, but typically – not defined, but the directive does require that the [[collateral taker]] has an agreed valuation method. | “[[Appropriation]]” is – helpfully, but typically – not defined, but the directive does require that the [[collateral taker]] has an agreed valuation method. | ||
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{{seealso}} | {{seealso}} | ||
*[[Financial Collateral Regulations]] | |||
*[[Financial Collateral Directive]] | *[[Financial Collateral Directive]] | ||
*[[Fixed charge]] | *[[Fixed charge]] | ||
*[[Floating charge]] | *[[Floating charge]] | ||
{{c2|Security|Collateral}} | |||