Memo On Taking And Enforcing Security In Cyprus

Introduction

The purpose of this memo is to describe the legal issues under Cyprus Law in connection with the taking and enforcement of security.

In recent times, the focus of attention with respect to security and secured transactions has been on the enforcement of security interests taken by banks and credit institutions as part of simple or complex financing transactions. However, a proper understanding of the legal issues on enforcement requires a thorough understanding of the issues associated with taking security.

The Cyprus law relating to the taking and enforcing of security is both statute and common law based. There is a dearth of Cyprus case law on the legal issues relating to the matters covered by this memo, so English case law which is either binding (pre-1960) or of persuasive authority (post- 1960) will be referenced throughout.