Notes on Security Over Personal Property

Topics: Security interest, Bankruptcy, Debt Pages: 40 (12257 words) Published: April 18, 2013
Table of Contents
1.1The structure of security4
1.2Reasons for taking security4
Saloman v A Saloman & Co [1897] AC 22, per Lord Macnaghten4
Re Lind [1915] 2 Ch 3454
1.3What happens during insolvency?5
1.3.1Cases on PP Rule AD Rule6
Re Jeavons, ex p Mackay (1873) LR 8 Ch App 6436
*British Eagle v Cie Nationale Air France [1975] HL6
International Air Transport Association v Ansett Australia Holdings Ltd [2008] HCA 37
Belmont Park Investments Pty Ltd v BNY Corporate Trustee Services Ltd [2011] UKSC 387
2.Form vs Substance *8
2.1Artificial transactions8
Re George Inglefield Ltd [1933] Ch 18
Re Curtain Dream Plc [1990] BCC 3419
Welsh Development Agency v Exfinco [1990] BCC 3939
Thai Chee Ken v Banque Paribas [1993] SGCA10
2.2American legal realism and Article 910
3.Mortgages and Charges10
3.1Mortgages over personal property10
Pacrim Investments Pte Ltd v Tan Mui Keow [2005] 1 SLR(R) 14110
3.2Clogs on the equity of redemption11
3.2.1Length of mtgage11
Knightsbridge Estates Ltd v Byrne [1939] Ch 441 (ECA)11
Fiscal Consultants Pte Ltd v Asia Commercial Finance Ltd (1981)11
3.2.2Collateral advantages11
*Samuel v Jarrah Timber12
*Kreglinger v New Patagonia Meat (HL)12
* Citicorp Investment Bank (Singapore) Ltd v Wee Ah Kee [’97 SGCA]12
3.3Identifying a charge13
3.3.1Charge vs Mtgage13
**Swiss Bank Corporation v Lloyds Bank [1982] AC 58413
3.3.2Right to take possession =/= charge14
*Re Cosslett (Contractors) Ltd [1998] Ch 49514
3.3.3Charge must contain positive undertaking14
Flightline Ltd v Edwards [2003] CA14
3.3.4Direction to pay out of fund =/= charge14
*Palmer v Carey [1926] AC 703 (PC from Aus)14
3.3.5Equitable set-off vs charge15
3.4Capturing future assets15
**Tailby v Official Receiver (1888) 13 App Cas 523 Lord Macnaughten16
3.6Trust Receipts distinguished16
3.6.1How it works16
3.6.2Deemed continuing pledge16
3.6.3Deemed trust?17
*United Malayan Banking Corp Bhd v Lim Kang Seng [1994] SGHC17
3.6.4How is proceeds shared btw Bank and B?17
4.Fixed and Floating Charges18
4.1Definition of a floating charge18
Illingworth v Houldsworth [1904] HL (Lord Macnaghten)18
*Re Yorkshire Woolcombers Association Ltd [1904]:18
*Dresdner Bank v Ho Mun-Tuke [’92, SGCA]19
4.2“Dealing in the ordinary course of business” (OCOB)19
Re Borax [1901] 1 Ch 32719
Ashborder BV v Green Gas Power Ltd [2004] EWHC 151719
4.3Crystallisation of floating charges19
Re Brightlife [1987] Ch 20020
Re Woodroffes (Musical Instruments) Ltd [1986] Ch 36620
4.3.1Apparent agency20
4.3.2S 226(1A): a gloss to the automatic/ semi-automatic battle20
4.4Distinguishing fixed and floating charges20
4.5The insolvency battleground21
*Agnew v Commissioner of Inland Revenue [2001] 2 AC 71021
*Re Spectrum Plus Ltd [2005] 2 AC 68021
4.5.1Expenses of liquidator21
Buchler v Talbot [2004] AC 298 (HL)21
5.Quasi-Security: Title-based Devices22
5.1Reservation of title (‘Romalpa clauses’)22
Re Bond Worth Ltd [1980] Ch 22822
*Aluminiuim Industrie Vassen BV v Romalpa Aluminium Ltd [1976] 1 WLR 67622
5.1.1New goods clauses23
Clough Mill Ltd v Martin [1985] 1 WLR 11123
*Borden (UK) Ltd v Scottish Forest Timber Products Ltd [1981] Ch 2523
Re Bond Worth Ltd [1980] Ch 22823
5.1.2Money proceeds clauses23
*E Pfeiffer Weinkellerei Weinenkauf GmbH v Arbuthnot Factors Ltd [1988] 1 WLR 15023
Associated Alloys Pty Ltd v CAN 001 452 106 Pty Ltd [2000] HCA 2524
5.2Hire purchase24
5.3Discounting receivables24
6.registration of charges25
6.1Registrable charges25
6.1.1S 131 registration25
6.1.2When is a charge created?26
6.2Effect of registration and non-registration26
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