About the Book
Borrowing and lending across borders involves difficult legal issues. The relevant law and practice varies from one country to another. Advising clients, instructing correspondent lawyers and drafting agreements is therefore a complex matter.Covering selected, major jurisdictions on a country-by-country basis, this title gives an overview of the forms of security available, the procedures to be followed in completing such security arrangements, the enforcement of the security, and the pitfalls to look out for. This is an invaluable guide in helping practitioners to anticipate problems from an early stage in a transaction and assists the reader in instructing correspondent lawyers in the relevant country.Each country chapter adopts a similar format for ease of reference and covers in detail the following major areas: guarantees and indemnities, types of security, formalities, priorities, remedies and enforcement, vitiating factors, and enforcement of foreign guarantees and security.
With contributions as follows:*Australia: Andrew Jinks, Allen Allen & Helmsley*Canada: Jean Farley, Stikeman Elliott, London*England & Wales: Charles Proctor, Norton Rose, London*France: Martin Gdanski, Norton Rose, Paris*Germany: Florian Wolff, Rossbach & Fischer, Frankfurt*India: Shardul Thacker, Mulla & Mulla & Craigie, Blunt & Caroe*Italy: Roberta Cornetta, Norton Rose, Milan*Japan: Masaru Ono and Daniel C Hounslow, Nishimura & Partners, Tokyo*The Netherlands: Roel Botter and Bas Boris Visser, Trenite Van Doorne, London*Spain: Francisco G Prol, Prol & Asociados*Sweden: Bengt Karde, Hammarskiold & Co*England: Charles Proctor, Norton Rose, London*USA: Warren F Cooke, Milbank, Tweed, Hadley & McCloy LLP
Table of Contents:
"Guarantees and Indemnities - nature of guarantees and indemnities, joint and several obligations, subrogation and contribution, defences, letters of credit, amount; Types of security - floating charges, charges over land, charges over shares, charges over insurance policies, charges over cash, charges over book debts, charges over goods, charges over ships and aircraft;Formalities - board resolutions, execution/sealing, registration, contents (S 482 landlord/government consents), stamp duty;Priorities - priority as between competing charges, priority as against unsecured creditors, preferential debts, subordination;Remedies and enforcement - powers of sale, appointment of receiver, appointment of administrative receiver and court supervision, rights and powers of unsecured creditors, procedures which can restrict/prohibit enforcement;Vitiating factors - security intrinsically invalid, illegality, security created at point of insolvency, borrowing limits, commercial benefit, undue influence, duress, fraud;Enforcement of foreign guarantees and security - basis of recognition, public policy, jurisdiction, competing receiverships (overlapping security - priority)"
