Non-judicial real security

Question 1

Voluntary security types? [3]

Answer 1

1: pledge
2: standard security
3: floating charge

Question 2

Tacit rights [3]

Answer 2

1: lien
2: special lien
3: landlord’s hypothec

Question 3

Pledge

what is it?

Answer 3

possessory RiS over corp Ms

Question 4

Pledge

creation? [2]

Answer 4

• delivery to C

- agreement object to secure the debt

Question 5

Pledge

obligations of security holder? [3]

Answer 5

• Possession but can’t use
• Take ordinary care
• Entitled to payment of reasonable expenses

Question 6

Pledge

obligation of owner?

Answer 6

• Entitled to have object returned upon repayment

Question 7

Pledge

enforcement? common law

Answer 7

Authority to sell must b e obtained from sheriff before sale can be effected

Question 8

Pledge

Enforcement? Statute? [2s]

Answer 8

CCA 1974 if pawnbroker

• small debt rule s120(1)(a)
• other debt s10(1)(b)

Question 9

Standard security

Over what?

Answer 9

H property

Question 10

Standard security

Creation? [s]

Answer 10

o Real right in land: formal writing (s1(2)(b))

o Registration in LR

Question 11

Standard security

where are obligations of controlling owner found?

Answer 11

‘conditions’ of standard security (Default rules)

Question 12

Standard security

Enforcement statute?

Answer 12

Conveyancing & Feudal Reform (S) Act 1970

Question 13

Standard security

Enforcement - non residential

Answer 13

o calling-up notice s19
o RBS v Wilson rule
o Failure to do – can sell security subject s20(2)

Question 14

Standard security

Enforcement - residential

Answer 14

• Calling up notice (s19)
• Give notice to LA (s19A)
• Must obtain court order – need to comply with pre-action requirements
• Must give notice of application of warrant to D