Handbook 1996 : Faculty of Law (Volume 3 page 223)
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Optional Law subject.
Availability: Not offered in 1996.
Prerequisite: Torts and the Process of Law; History and Philosophy of Law.
Contact: 2 hours per week
Objectives:
Students completing this subject should be able to: understand and distinguish the different types of security available in Australian law, their origins and the factors which govern the form and substance of such securities; analyse the nature of given security arrangements or transactions, appreciate the legal consequences thereof, understand the nature and extent of the rights and obligations of the parties, and identify appropriate securities for particular transactions; and understand and explain the interrelationship between common law, equity and legislation governing securities and secured transactions, and identify social, economic and political and philosophical influences on the development of this law.
Content:
Introduction: The purpose of security. Personal and real security. Basic forms of security in Roman law and early English law. Real securities. Legal and equitable mortgages of old title land and Torrens title land. The creation of legal and equitable mortgages. The nature and characteristics of such mortgages. The powers and duties of the parties during the mortgage. Rights in relation to third parties. Contractual and equitable redemption. Clogging the equity of redemption. Enforcement of a mortgage by the mortgagee. Foreclosure; the power of sale; appointment of a receiver. Second and sub mortgages. Equitable doctrines. Priorities. Non-mortgage securities in land: charges, hypothecations and liens. Creation, rights and duties, enforcement. Conditional reservation of title in sales of land as a security. Chattel Securities. Possessory securities over corporeal chattels. The pledge. Possessory liens. Non Possessory hypothecations of chattels. Legal and equitable mortgages of chattels. The Chattel Securities Act 1987. Reservation of title in chattels sold as security: Romalpa clauses. The objectives and structure of such clauses. Legal difficulties. Security transactions involving choses in action. Legal and equitable mortgages of legal choses in action. Mortgages of equitable choses. Hypothecations. Special types of chose in action. Securities given by companies. Charges. Registration requirements. The floating charge. Crystallisation and priorities. The effect of insolvency on securities. The validity and enforcement of securities in situations of bankruptcy. Relation back. Avoidance of antecedent transactions. Voluntary settlements. Voidable preferences. Fraudulent dispositions. Guarantees and personal securities. Suretyship. Formalities, rights and duties; enforcement. Consumer protection legislation: the Credit Act. Regulated mortgages, guarantees and contracts involving third party credit.
Assessment:
Either Research Assignment 3,000 words (33 per cent) and Final Exam 2 hours (67 per cent) or Final Exam 3 hours (100 per cent).
Prescribed texts:
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Handbook 1996 : Faculty of Law (Volume 3 page 223)
Status: Official 1996 Date created: Oct 9 1995 Last modified: Oct 9 1995 Authorised by: Academic Registrar Email enquiries: Course_Information@registrar.unimelb.edu.au
Maintained by: Faculty of Law.
Copyright © University of Melbourne 1995,1996.