730-347 Law of Security and Secured Transactions

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Subject Description:

The purpose of securities. Personal and real security. Basic forms of security. 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. 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. Security transactions involving choses in action. Legal and equitable mortgages of legal choses in action. Mortgages of equitable choses. Hypothecations. Charges. Registration requirements. The floating charge. Crystallisation and priorities. 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.

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Printed Materials will be issued by the Law School.

• Sykes & Walker, The Law of Securities, 5th ed. 1993.