Jersey Law 9/1985
SECURITY INTERESTS (AMENDMENT) (JERSEY) LAW, 1985
A LAW to
amend the Security Interests (Jersey) Law, 1983, sanctioned by Order of Her
Majesty in Council of the
13th day of
(Registered on the 1st
day of March, 1985).
STATES OF JERSEY
The 26th day of June,
STATES, subject to the sanction of Her Most Excellent Majesty in Council,
have adopted the following Law: -
Article 1 of the Security Interests (Jersey) Law, 1983 (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
Article 3 of the principal Law shall be
amended in paragraph (1) by deleting sub-paragraphs (b) and (c) and
substituting the following sub-paragraphs –
and be signed by the debtor;
the secured party;
provisions regarding the collateral sufficient to enable it to be identified;
the events which are to constitute events of default; and
provisions regarding the obligation payment or performance of which is to be
secured sufficient to enable it to be identified.”
Article 6 of the principal Law shall be
deleting paragraph (1);
paragraph (2) by deleting the words “Subject to the provisions of
paragraph (1), upon” and substituting the word “Upon”.
Article 11 of the principal Law shall be
amended in paragraph (2) by inserting at the end thereof the words “or a
right of set-off”.
The principal Law shall be amended by deleting Article 124 and substituting
the following Article –
Security given under foreign Law
this Article –
law’ means any law other than the law of the Island;
means a person having the capacity to create a security interest under this Law;
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.
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.”.
This Law may be cited as the Security Interests (Amendment)
(Jersey) Law, 1985 and shall come into operation forthwith on registration.
Deputy Greffier of the States.