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The Law of Security and Title-Based Financing, 3rd Edition by Beale, Hugh; Bridge, Michael; Gullifer, Louise; Lomnicka, Eva (8th March 2018)

Part III Registration and Other Perfection Requirements, 9 Registration and Other Perfection Requirements

From: The Law of Security and Title-Based Financing (3rd Edition)

Hugh Beale, Michael Bridge, Louise Gullifer, Eva Lomnicka

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2015. All Rights Reserved.date: 22 November 2019

Subject(s):
Lending and credit — Guarantees and security

This chapter looks at how the expression ‘perfection’ is a useful way to describe steps that a secured creditor has to take in order to be able to make the security effective against other secured creditors, trustees in bankruptcy, and company liquidators or administrators. The methods of perfection set out in Revised Article 9 of the Uniform Commercial Code consist of possession, control, and registration. Care must be taken, however, in applying the concept of perfection to English law. First, Article 9 requires that every security interest be perfected, although for some types of security interest no extra step is needed beyond the security being agreed and attaching to the collateral. Second, the steps needed to be taken to register, as well as those needed to obtain control, are different to those required in English law.

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