New Security Interests Law For Jersey

The States of Jersey approved the Security Interests (Jersey) Law 201- (the 'New Law') on 19 July 2011. It is likely to come into force in the first half of next year. It changes the methods of taking and enforcing security over bank accounts, shares, securities and other intangible moveable assets situate in Jersey.

More Flexible Security

More flexibility will be given in creating security. Some collateral will be able to be secured with relative ease for the first time such as book debts, other receivables and after-acquired property. Whilst stopping short of introducing an English style floating charge, under the New Law it will be possible to secure all the intangible moveable assets of a borrower (both present and future), and permit the borrower to deal with those assets without jeopardising the security.