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Vol 25 No 2 Feb/March 2020

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This book is now Out of Print.
A new edition has been published, the details can be seen here:
Taking Security: Law and Practice 4th ed isbn 9781784734220

Taking Security: Law and Practice 3rd ed

ISBN13: 9781846617386
New Edition ISBN: 9781784734220
Previous Edition ISBN: 9781846612626
Published: November 2013
Publisher: LexisNexis Butterworths
Country of Publication: UK
Format: Hardback
Price: Out of print

Taking Security explains how security – the creation and enforcement of proprietary rights to secure the payment of a monetary liability – is taken under English law. It offers a detailed explanation of types of security, creation, priority and enforcement.

The book is mainly concerned with property and insolvency law, two areas where security is tested and enforced. Authoritative in approach, this highly respected book provides guidance on both the legal principles and practical issues involved in taking and challenging security.

The book is accordingly broken down into the following parts:-

  • Part A: Types of Security (Chapters 2–4): what types of security are available to a creditor, what are the differences between pledges, mortgages and fixed and floating charges, and what are their advantages and disadvantages?
  • Part B: Creating Security (Chapters 5 and 6): how is security created in practice and what requirements are there to register the security?
  • Part C: Priority of Security (Chapter 7): what are the priorities between the creditor and another person who obtains an interest in the secured asset?
  • Part D: Enforcing Security (Chapters 8 and 9): how is security enforced, what liabilities can be incurred as a result of enforcing security, and how can the onset of insolvency proceedings against the debtor affect the enforcement of security?
  • Part E: Security Arising by Operation of Law (Chapter 10): in what circumstances is security created without the necessity for an agreement between the debtor and the creditor?
  • Part F: Alternatives to Security (Chapters 11 and 12): to what extent can a creditor protect himself against the insolvency of the debtor in other ways, for instance, by taking a guarantee from a third party or by relying on a right of set-off?
  • Part G: International Security (Chapters 13 and 14): what issues arise where the transaction is of a cross-border nature?
The new edition includes changes arising from to the rules concerning the registration of charges created by companies and LLPs introduced in April 2013 which has necessitated the substantial re-writing of the chapter on registration and also a number of consequential changes to other chapters, particularly in relation to priorities.

Chapter 6 also contains a discussion of the conceptual distinction between secured and outright transactions as an introduction to the discussion of quasi security while in Chapter 7, the discussion of purchase money security interests has been reordered.

Insolvency Law, Commercial Law, Banking and Finance

Types of security
Mortgages and charges
Floating charges

Creating security

Priority of security

Enforcing security
The effect of insolvency

Security arising by operation of law

Alternatives to security
Guarantees and indemnities

International security
Cross-border security
Cross-border insolvency