updated by HALSBURY'S LAWS OF ENGLAND EDITORIAL TEAM
Personal property or personalty may be described as comprising all forms of property, movable or immovable, corporeal or incorporeal, other than freehold estates and interests in land (which may include chattels affixed to land1) and its appurtenances2. Moreover, by the equitable doctrine of conversion, equitable interests in freehold property are sometimes treated as personal property, as, for example, where the freehold is held by trustees upon trust for sale3, where there is an agreement for the sale of land4, or on the exercise of an option to purchase5. The distinction in English
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This Practice Note examines:•why negative pledge clauses are used in commercial transactions •the consequences of breaching negative pledge provisions•how negative pledges are viewed in the context of security and quasi-security, and•key considerations when drafting a negative pledge clauseWhere
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