Commentary

45 Receipts and discharges in connection with company securities

COMPANIES vol 10(2) borrowing and debentures
| Commentary

45 Receipts and discharges in connection with company securities

| Commentary

2: DISCHARGE

45 Receipts and discharges in connection with company securities

A simple receipt, given by the debenture holder and indorsed upon or annexed to a debenture, is a sufficient discharge of a floating charge.

Where the debenture creates a fixed charge on unregistered land1, the receipt should recite that the payment has been made by the company and that the payment is intended to discharge the charge2. There is a statutory form for the receipt3 that may be used in relation to unregistered land with such variations and additions, if any, as may be

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to LexisLibrary or register for a free trial