Jersey Law 9/1985

SECURITY INTERESTS (AMENDMENT) (JERSEY) LAW, 1985

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A LAW     to amend the Security Interests (Jersey) Law, 1983, sanctioned by Order of Her Majesty in Council of the

13th day of FEBRUARY, 1985

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(Registered on the 1st day of March, 1985).

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STATES OF JERSEY

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The 26th day of June, 1984.

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THE STATES, subject to the sanction of Her Most Excellent Majesty in Council, have adopted the following Law:  -

ARTICLE 1

Article 1 of the Security Interests (Jersey) Law, 19831 (hereinafter referred to as “the principal Law”) shall be amended in paragraph (1) by inserting at the end of the definition of “collateral” the words “and includes initial, substituted and additional property which is so subject from time to time”.

ARTICLE 2

Article 3 of the principal Law2 shall be amended in paragraph (1) by deleting sub-paragraphs (b) and (c) and substituting the following sub-paragraphs –

“(b)   be dated;

(c)     identify and be signed by the debtor;

(d)     identify the secured party;

(e)     contain provisions regarding the collateral sufficient to enable it to be identified;

(f)      specify the events which are to constitute events of default; and

(g)     contain provisions regarding the obligation payment or performance of which is to be secured sufficient to enable it to be identified.”

ARTICLE 3

Article 6 of the principal Law3 shall be amended –

(a)     by deleting paragraph (1);

(b)     in paragraph (2) by deleting the words “Subject to the provisions of paragraph (1), upon” and substituting the word “Upon”.

ARTICLE 4

Article 11 of the principal Law4 shall be amended in paragraph (2) by inserting at the end thereof the words “or a right of set-off”.

ARTICLE 5

The principal Law shall be amended by deleting Article 12⁴ and substituting the following Article –

“ARTICLE 12

Security given under foreign Law

(1)          In this Article –

(a)     ‘foreign law’ means any law other than the law of the Island;

(b)     ‘person’ means a person having the capacity to create a security interest under this Law;

(c)     ‘property’ means all property, whether tangible or intangible, vested, contingent or future whether or not regarded by the law of the Island as “immeubles” and includes choses in action.

(2)          If after the commencement of this Law a person incorporated, resident or domiciled in the Island gives security governed by foreign law over property situated outside the Island the person giving the security shall (without prejudice to his existing capacity, if any) be deemed to have had capacity to give it under the law of the Island.”.

ARTICLE 6

This Law may be cited as the Security Interests (Amendment) (Jersey) Law, 1985 and shall come into operation forthwith on registration.

R.S. GRAY

Deputy Greffier of the States.