Template:Csa title transfer vs pledge: Difference between revisions

Template:Csa title transfer vs pledge (view source)

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 ==={{tag|Title transfer}} vs. {{tag|Pledge}}===
 This feels as good a time as any to raise the great subject of [[title transfer]] and [[pledge]]. In a {{nutshell}}:
-*'''Title Transfer''': The {{tag|English law CSA}} – outside the US, by far the most common type – is a [[title transfer]] document:
+*'''Title Transfer''': The {{tag|English Law CSA}} – outside the US, by far the most common type – is a [[title transfer]] document:
 **when securities delivered to a party they become the recipient's property absolutely
 **recipient does not hold them in custody for the transferor;
 **recipient has only an obligation to redeliver an equivalent security.
 **Therefore no {{tag|CASS}} question arises at any point.
-*'''Pledge''': The English Law CSD and New York Law CSA are “pledge” documents:
+*'''Pledge''': The [[English law CSD]] and [[New York Law CSA]] are “pledge” documents:
 **The transferor delivers the securities to the receipient to hold for the transferor – the transferor retains title
 **Recipient holds securities as transferor's custodian subject to a {{tag|security interest}} securing their obligation under the swap.
 **The custody arrangement only exists while recipient holds the security, not before.