Pledge Agreement English Law

The adoption of second commitments and subsequent commitments on business actions is not a legal practice in Cyprus. In the ancient medieval law, especially in Germanic law, there were two kinds of pledges, be possessed (see Altenglisch wed, Altfranie ernss, althochdeutsch wetti, Latin pignus depositum), i.e. supplied from the beginning, or not possessed (cf. OE b`d, OFr nam, nant, OHG pfant, L pignus oppositum), i.e. distracted at the due date, and essentially led to the principle of law. This distinction persists in some systems, for example. B in French pledge vs. collateral and Dutch vuistpand vs. stil pand. Reciprocal symbolic (symbolic) commitments have generally been included in official ceremonies to consolidate agreements and other transactions. An agreement is reached between the pawnbroker and the pawnbroker, which provides that certain documents are forwarded to the taker at the same time as the execution of the share pawning agreement. The pledgeee provides the pledgeee with the following documents: To ensure the applicability and legality of the guarantee created by the share guarantee contract, it may be necessary, in some legal systems, to register the security provided under the share guarantee agreement within a prescribed period after the creation of the security interest with the registrar of companies or equivalent securities.

Otherwise, the guarantee may be invalidated against a liquidator, director or creditor of the company. A share guarantee contract is signed by the recorder and the consignor and generally provides that, for the enhancement of the guarantee constituted by the mortgage, the documents are transmitted at the same time as the signing of the obligation to the payer: the taking of security in a company is governed by the law on the company (Cap 113) and by the law on contracts (Cap 149). A share bonding agreement is usually concluded between the registered owner of the mortgaged shares (the pledgeee) and the individual or legal person for whom the collateral is made (the taker). A collateral is a collateral that entrusts the creditor (the pawnbroker) with ownership of the property belonging to a creditor (the underwriter) to ensure the repayment of certain debts or obligations and in the mutual interest of both parties. [1] [2] The term is also used to refer to the property that constitutes security. [3] The directive is a kind of safety interest. In the event that the pawnbroker is late in accordance with the duration of the share guarantee agreement, the terms of this agreement generally provide that the pledge of interest will be ensured by the transfer of the shares as a pledge in his own name. This transfer is carried out by dating the transfer instrument initially filed with the pawnbroker and transfers the shares under pledges either on behalf of the pawnbroker or on behalf of a third party designated by the pledgeee. In these circumstances, a notice is sent to the company secretary, who registers this transfer in the list of company members, cancels previous share certificates and issues new share certificates in accordance with the instructions of the pawnbroker. The termination of a deposit of guarantees can be fixed and terminated in the contract of seizure of shares: a notification must also be sent to the secretary of company to cancel the declaration of pledge made in his register of members against the mortgaged actions.

In the event of the termination of the collateral, the taker returns the certificate of shares constituting the mortgaged shares and all other documents made available to the depositholder in accordance with the terms of the share guarantee agreement and executes documents or instruments (or the collection of documents or instruments necessary to terminate the security interest for the benefit of the pawnbroker who returns to the shares).