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

 


 



[1]                                    L.24/2012

[2]                                    L.24/2012

[3]                                    chapter 13.775

[4]                                    chapter 13.775


Page Last Updated: 04 Jun 2015