Overview

The Security Interests (Jersey) Law 1983 governed taking security over shares, bank accounts, rights under contracts and other types of intangible property in Jersey. This law is set to be replaced in the late 2011 or early 2012 by the Security Interests (Jersey) Law 201-(the new Law).

The new Law provides Jersey with a modern, efficient regime for the creation and enforcement of security interests in intangible property.

The principal changes introduced by the new Law are that it provides for:

• New methods of taking security;

• Taking security in present and after-acquired intangible property, proceeds and book debts;

• Securing obligations as to future advances;

• Third party security;

• A grantor to be able to retain power to deal with collateral without prejudicing the security interest;

• Registration of security interests; and

• Wider enforcement powers

Mourant Ozannes discusses the details.

To read more click ‘view briefing’.