Vesting Rights on Change of Security Agent

Maples and Calder represented both parties to a successful application brought by a retiring security agent and trustee, under an English law governed facility agreement, for an order under section 52 (1) (a) of the BVI Trustee Act vesting in the incoming security agent and trustee, all right to sue for and recover any thing in action existing under or governed by the laws of the BVI and vested in the retiring security agent and trustee including, without limitation, the things in action comprising its purely legal rights as security agent and trustee arising under equitable mortgages and debentures granted by several debtor entities.¹ 

The need for such order arose principally because it has not since 1967 been possible to assign legal title to things in action under BVI law other than at common law and that requires, other than in cases of assignment to or by the Crown, debtor consent.  In this case, it was not appropriate for debtor consent to be sought since, if