The following Banking & Finance practice note provides comprehensive and up to date legal information covering:
The nature of the asset covered by security often dictates the manner in which it will be realised to produce value for the security holder upon enforcement. In the case of goods and chattels the security holder will have a suite of remedies available to it that are in legal terms similar to those available where security has been taken over land, see Practice Note: Enforcement—security over land.
There are two important exceptions to this general rule. First, foreclosure is not available where a charge or pledge is taken over goods or chattels. Secondly, where the security over goods or chattels is documented and given by an individual it may be a bill of sale and there are statutory restrictions upon the exercise of the remedies available to the security holder. These are contained in the Bills of Sale Act 1878 (BSA 1878) and the Bills of Sale Act (1878) Amendment Act 1882 (BSA(1878)AA 1882).
Although the remedies may be technically similar to those available where security is taken over land the implementation of those remedies in relation to goods and chattels differs in important ways in practice.
Goods and chattels are terms often used interchangeably—to describe tangible assets. Goods are usually moveable. Some chattels are not moveable—at least not easily—and may become affixed to land.
In this Practice Note we use the term ‘chattels’ to
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
The Standard Conditions of Sale (SCS), currently in their 5th edition (2018 revision), are a set of standard conditions which are commonly incorporated into contracts for the sale of residential property. The Standard Commercial Property Conditions (Third Edition—2018 Revision) (SCPC) are used for
Elements of the offence of perverting the course of justicePerverting the course of justice is a common law offence which can only be tried on indictment in the Crown Court. The elements of the offence are:•a person acts or embarks on a course of conduct•which has a tendency to•and is intended to
What is QOCS?Qualified one-way costs shifting (QOCS) was introduced on 1 April 2013 as part of the Jackson costs reforms following the removal of a claimant’s right to recover additional liabilities from the defendant, ie success fees and after the event (ATE) insurance premiums. The relevant CPR
Every contract of employment is treated as containing an imposed term of trust and confidence. This requires employers and employees not to conduct themselves, without reasonable and proper cause, in a manner calculated or likely to destroy or seriously damage the relationship of confidence and
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.