The Security Interests (Jersey) Law 2012 (the New Law) came
fully into force on 2 January 2014, changing the way in which
security is created over Jersey intangible movables. This
briefing note is one of a series relating to the New Law, dealing
with enforcement of security interests on an event of default.
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.
