Enforcement Under The Security Interests (Jersey) Law 2012

The Security Interests (Jersey) Law 2012 (the SIJL) came into force on 2 January 2014, changing the way in which security is created, perfected and enforced over Jersey intangible movable property. This briefing note is one of a series relating to the SIJL, dealing with enforcement of security interests.

Enforcement under the 1983 Law

Under the Security Interests (Jersey) Law 1983 (the 1983 Law), the powers of a secured party on enforcement were limited to a power of sale, although a power of appropriation was available where the collateral was money or represented by a negotiable instrument or moneys held in a bank account. In addition, the 1983 Law required a 14 day statutory grace period before exercise of the power of sale where the event of default complained of was capable of remedy.