The following Banking & Finance guidance note provides comprehensive and up to date legal information covering:
Registration can have an important effect on the priority of competing security interests.
Broadly speaking, there are two different systems for registration of security interests:
registration against the asset which has been secured, and
registration against the entity providing the security
This Practice Note is concerned with the first system of registration, where the asset which is the subject of the security is an aircraft which is registered in the UK.
For information about how registration against other assets affects priority of security interests, see Practice Notes:
Effect of registering security at HM Land Registry/Land Charges Department on priority of security interests
Effect of registering security on the UK Ship Register on priority of security interests, and
Effect of registering security at IP registries on priority of security interests
In respect of the second system of registration, if the entity providing the security is a company which is formed and registered under the Companies Act 2006, then registration against it is effected at Companies House. For information about how such registration affects priority of security interests, see Practice Note: Effect of registering security at Companies House on priority of security interests.
The rules governing priority of security interests generally are discussed in Practice Note: Priority between security interests.
Competing security interests arise when
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