Security_interests_in_personal_property文献.pdfVIP

Personal Property Law Michael Bridge Print publication date: 1996 Print ISBN-13: 9781854315816 Published to Oxford Scholarship Online: Mar-12 DOI: 10.1093/acprof:oso/9781854315816.001.0001 Security interests in personal property M G Bridge DOI: 10.1093/acprof:oso/9781854315816.003.0007 Abstract and Keywords This chapter looks at the use of property concepts to perform a security function. The security function exists to reinforce the performance of a personal obligation, typically the payment of a sum of money. Security in the case of chattels may take one of four different forms. It may take the possessory from of a lien or a pledge (or pawn). In addition to lien and pledge, there are the non-possessory securities of mortgage and charge, the latter of which may exist in either a fixed or a floating form. Keywords:   security function, possessory security, chattels, lien, pledge, pawn, non- possessory security, mortgage 7.1 Introduction In this chapter we shall be looking at the use of property concepts, discussed in earlier chapters, to perform a security function. The security function will exist to reinforce the performance of a personal obligation, typically but not invariably the payment of a sum of money. If A owes B £500 and A defaults, B has a personal action on the debt but may also have recourse to any property that secures payment of the debt. When A gives security in this way, As incentive to repay is heightened, especially if the property secured is worth more than the amount of the debt, or has a value to A in excess of its market value or would, if disposed of by B, seriously inconvenience the conduct of As affairs. Besides the incentive given to A to perform, B has a further advantage whose importance can scarcely be overestimated in Page 1 of 24 Security interests in personal property PRINTED FROM OXFORD SCHOLARSHIP ONLINE (). (c) Copyright Oxford Univer