Security Interests
(Amendment of Law) (No. 2) (Jersey)
Regulations 2013
Made 25th September 2013
Coming into force 1st
October 2013
THE STATES, in pursuance of Articles 93 and 95 of the Security Interests
(Jersey) Law 2012[1], have made the following
Regulations –
1 Interpretation
In these Regulations, the “Law”
means the Security Interests (Jersey) Law 2012[2].
2 Article 1
of Law amended
In Article 1 of the Law, for the definition “continuing
security interest” there shall be substituted the following
definition –
“ ‘continuing security interest’ means a
security interest that –
(a) exists consequent to a security agreement
entered into before the coming into force of Part 3 of this Law which is
still in force when Part 3 of this Law comes into force; and
(b) is created in accordance with the Security
Interests (Jersey) Law 1983[3] at any time on or after 5th April 1983;”.
3 Article
33 of Law amended
In Article 33(4) of the Law for the definition “further
advance” there shall be substituted the following definition –
“ ‘further
advance’ means an advance that is –
(a) secured by a security agreement; and
(b) made after the initial advance secured by
the security agreement.”.
4 Schedule 1
to Law amended
In paragraph 1 of Schedule 1 to the Law, in inserted Article 1A(2)
of the Security Interests (Jersey) Law 1983[4], for the word
“Schedule” there shall be substituted the word “Law”.
5 Schedule 2
to Law amended
In Schedule 2 to the Law, in paragraph 3(1)(c) for the words
“extension of the continuing security interest to” there shall be
substituted the words “continuing security interest to include”.
6 Citation
and commencement
These Regulations may be cited as the Security Interests (Amendment
of Law) (No. 2) (Jersey) Regulations 2013 and shall come into force
on the same day as Article 93 of the Law.
l.-m. hart
Assistant Greffier of the States