11.6.1 Personal property selected for action is intangible personal property that may be enforced in court. Examples of selections in action include commercial debt (accounts receivable), stocks and shares, bank deposits, insurance policy rights, and copyrights. 11.2.8 Unsecured sales credit may be provided by an entity other than the supplier of goods or services, usually by a credit or credit card organization. In this scenario, the Supplier would enter into a contract with the card issuing organization in which, among other things, it agrees to accept payment for its goods or services made using the cards issued by the Organization (the “Merchant Agreement”). The card issuer would enter into contracts with the persons to whom the cards are issued (the “Cardholder Agreement”). Here, too, the usual contractual principles apply to these contracts. 11.6.4 In general, such mortgages and charges are governed by customary law and normal contractual principles. Depending on the type of “chosen in action”, specific legal requirements apply. For example, mortgages or fees for scripless actions must comply with the procedure prescribed in section 130N of the Companies Act.

A legal hypothec on a life insurance policy granted by a legal assignment of the benefit of the policy to the hypothecary creditor must comply with the requirements of section 4(8) of the Civil Law Act (Cap 43, 1999 Rev Ed) or the provisions of the Insurance Policies Act (Cap 392, 1994 Rev Ed). 11.3.8 Mortgages on land under the deed system must comply with the formalities of the Property Act. The rules of the law, as well as the contractually agreed clauses in the mortgage contract, govern the rights and obligations between the mortgagee and the mortgagee. Certain rules apply unless they are expressly excluded or modified by the terms of the mortgage. 11.4.12 A lien arises when a debtor (“lien debtor”) transfers possession of the assets it owns to the creditor (“Secured creditor”) in order to use the assets as security for the amount due. A decisive prerequisite for the establishment of a lien is the transfer of ownership of the goods. This is done through an actual physical delivery or a fictitious or constructive delivery, for example by delivering ownership documents of the goods to the creditor. The rights and obligations between the pledge and the pledge under customary law apply with all other rights contractually agreed between them. This includes the situation in which a bank granted a borrower a facility agreement under the common understanding that the bank would be compensated by granting a fair mortgage on certain pledged shares if the bank had received share certificates as well as a blank signed share transfer form, the Court of Appeal concluded in rainforest Trading Ltd and another v.

State Bank of India Singapore [2012] SGCA 21 11.3.7 Traditional mortgage involves the transfer of ownership of land by the debtor or a third party (hereinafter “mortgagee”) to the creditor (hereinafter “mortgagee”), subject to the right of the debtor or third party to have the property transferred to him after full repayment of the amount due (this right is referred to as “repayment equity”). Although ownership is transferred, ownership of the property remains in the hands of the debtor or third parties. In general, the terms of the mortgage contract would give the creditor the right to sell the mortgaged property and use the proceeds to satisfy the amount owed to him. A hypothecary creditor would also have the right to seize, that is, to obtain a court order to terminate the mortgage and extinguish the mortgage debtor`s right to redeem the mortgaged property and any subsequent security created in the same property. Other remedies for the mortgagee may be contractually agreed between the parties. B, for example, the right of the hypothecary creditor to repossess the mortgaged property. The traditional mortgage, as described, can be legal (created by the transfer of legal title to the land) or fair (by an informal deposit of title deeds as part of the intention to create a mortgage on the property, or by transferring equitable ownership of the property). [1] The possession of share certificates must be accompanied by an equivalent power to transfer shares exercised by the borrower in order to achieve perfection through control. [2] Security of Personal Property Act, RSO 1990, c.

10 [Ontario BPA]. 11.1.15 Philip Woods` comparative law on securities and securities financing (Sweet-Maxwell, 2nd ed., 2007) has been cited with the consent of the courts of Singapore to confuse the situation in which an insured person has an interest in securities and commodities in which another party has a full security right. In such a case, art. 9 of the Uniform Commercial Code as a public authority argues that, if neither party prevails, “the proportion of the product or mass represented by the value of the safety of this insured in relation to the value of the guarantees of both parties at the time of the mixing of guarantees is attributed to each insured” (No. 16-041). The key point is that before mixing stocks into each category, lenders already had sophisticated collateral due to the underlying promise. A lender`s security right remains intact despite the combination of assets in which other lenders may hold collateral. [Pars Ram Brothers (Pte) Ltd (in voluntary liquidation of creditors) v. Australian – New Zealand Banking Group Ltd et al [2017] 4 SLR 264; [2017] SGHC 38]. (1) Unlike leases, the lender does not allow the tenant to purchase real estate 11.5.5 As a general rule, tenancy law protects tenants by regulating the form and content of leases to ensure that the prospective tenant fully and accurately discloses financial obligations before and after the lease is entered into and that the rights and obligations of the tenant and landlord are defined under the contract. Failure to comply may render the agreement itself unenforceable, any warranty of the tenant or the guarantor of the tenant and the owner, concessionaire or tenant criminally expropriated. 11.7.3 As mentioned above, § 13 of the Civil Law allows the establishment of a mortgage or tax in favour of a bank via the bank account of its existing customer.

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