4.01 Under current English law there is a major conceptual divide between security interests and absolute interests. In relation to personal property, absolute interests are either ownership or possession.1 These are both rights in rem: they are enforceable against the whole world, including the liquidator or trustee in bankruptcy of a person against whom the right is asserted.2 Security interests are also rights in rem, but because they are given as security for an obligation, they are limited by being defeasible upon performance of that obligation. It should be...
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