Floating Security - Law Dictionary Search Results
Home Dictionary Name: floating securityfloating lien
floating lien see lien ...
Floating security
Floating security, in an equitable charge on the assets for the time being of a going concern. If attaches to the subject charged in the varying condition in which it happens to be from time to time. It is of the essence of such a charge that it remains dormant unit the undertaking charged ceases to be a going concern, or unit the undertaking charged cases to be a going concern, or until the person in whose favour the charge is created intervenes, Governments Stock and other Securities Investment Co. Ltd. v. Manila Railway Co. Ltd., (1897) AC 81....
lien
lien [Anglo-French, bond, obligation, literally, tie, band, from Old French, from Latin ligamen, from ligare to bind] : a charge or encumbrance upon property for the satisfaction of a debt or other duty that is created by agreement of the parties or esp. by operation of law ;specif : a security interest created esp. by a mortgage assessment lien : a lien that is on property benefiting from an improvement made by a municipality and that secures payment of the taxes assessed to pay for the improvement attachment lien : a lien acquired on property by a creditor upon levy of an attachment car·ri·er's lien : a lien against freight conferring on the carrier the right to retain the property until the amount due is paid charging lien : a lien attaching to a judgment or recovery awarded to a plaintiff and securing payment of the plaintiff's attorney's fees and expenses called also special lien choate lien : a lien that requires no further action to be made enforceable and th...
Floating charge
Floating charge. This term is not a legal term, but it is well understood and is used in Acts of Parliament, e.g., the (English) Finance Act, 1915, s. 27, and may be said to denote a security which is an equitable charge on the assets for the time being of a going concern. It allows of the business being carried on and the property comprised in it being dealt with in the ordinary course of business, until the undertaking charged ceases to be a going concern, or until the creditor in some way or other intervenes, See Government Stock, etc., Co. v. Manila Ry. Co., 1897 AC 86, per Lord Macnaghten.The charge becomes fixed and enforceable by the charges as soon as the company goes into liquidation, even for the purpose of reconstruction [Crompton & Co., 1914, 1 Ch 954]. Under the (English) Companies Act, 1929, s. 88, all floating charges must be registered in the Register of Charges.The subsidiary shares, rather than circulating in the ordinary course of the claimant's business, are part of...
float
float 1 : an amount of money represented by checks outstanding and in process of collection 2 : the time between a transaction (as the writing of a check or a purchase on credit) and the actual withdrawal of funds to cover it vi of a currency : to find a level in the international exchange market in response to the law of supply and demand and without any restrictive effect of artificial support or control vt 1 : to place (an issue of securities) on the market 2 : to obtain money for the establishment or development of (an enterprise) by issuing and selling securities 3 : negotiate [ a loan] ...
Floating charge
A charge lien etc that successively attaches to such assets as a person may have from time to time leaving him more or less free to dispose of or encumber them as if no such charge or lien existed...
Floating
Buoyed upon or in a fluid a the floating timbers of a wreck floating motes in the air...
Floating assets
Floating assets, where there is a fixed charge over assets, such as the subsidiary shares, the fact that the charger is entitled to enjoy the fruits of the asset, such as the distribution rights, should not lead to the charge as it covers those assets being characterized as floating, Atlantic Computer System Plc (in re:), (1992) Ch 505. See also Arthur D Little Ltd. (in administration) v. Ableco Finance LLC, (2003) LR 217 (Ch): (2002) EWHC 701 (Ch)....
security
security pl: -ties 1 a : something (as a mortgage or collateral) that is provided to make certain the fulfillment of an obligation [used his property as for a loan] b : surety see also security for costs 2 : evidence of indebtedness, ownership, or the right to ownership ;specif : evidence of investment in a common enterprise (as a corporation or partnership) made with the expectation of deriving a profit solely from the efforts of others who acquire control over the funds invested [a involves some form of investment contract] see also due diligence asset-backed security : a security (as a bond) that represents ownership in or is secured by a pool of assets (as loans or receivables) that have been securitized bearer security : a security (as a bearer bond) that is not registered and is payable to anyone in possession of it cer·tif·i·cat·ed security [sər-ti-fə-kā-təd-] : a security that belongs to or is divisible into a class or series o...
Lien
Lien [answering to the tacita hypotheca of the Civil Law], a right in one man to retain that which is in his possession belonging to another, until certain demands of the person in possession are satisfied. It is neither a jus in re, nor a jus ad rem--i.e., it is not a right of property in the thing itself, or right of action to the thing itself.It is either particular, as a right to retain a thing for some charge or claim growing out of, or connected with, the identical thing; or general, as a right to retain a thing not only for such charges or claims, but also for a general balance of accounts between the parties in respect to other dealings of the like nature.General and particular liens may arise: (1) by an express contract; (2) by an implied contract, resulting from the usage of trade, or the manner of dealing between parties. General lines are not favoured in law, but some judicially recognized general lines are bankers', solicitors', factors', stockbrokers'. See Halsb. L.E., ti...
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