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ARTICLE · 03 NOVEMBER 2010

The New Security Interests (Jersey) Law - Overview

Ogier
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The creation of security over intangible movables under Jersey law is currently governed by the Security Interests (Jersey) Law 1983. After a period of consultation, the new Security Interests (Jersey) Law is in a close-to-final form.

JerseyFinance and Banking
Kate Kirk
Kate Kirk
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Introduction

The creation of security over intangible movables under Jersey law is currently governed by the Security Interests (Jersey) Law 1983. After a period of consultation, the new Security Interests (Jersey) Law is in a close-to-final form. The new Law will add certainty and flexibility at a time when economic conditions have led to a greater focus on protection of collateral.

When Will the New Law Come into Force?

The most likely position is that it will come into force during the first half of 2011.

What are the Main Changes?

  • More Flexible Methods of Creation

    The existing Law allows a security interest to be created by possession of the certificates of title (where relevant) and/or assignment of title with giving of notice. The new Law provides for creation of security by:

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