Jersey - New Security Interests Law

As from 2 January 2014, Jersey has a new, modern, flexible regime for taking security over intangible property, such as shares, units, bank accounts and contractual rights.

This supersedes the Security Interests (Jersey) Law 1983 (the “1983 Law”) which previously governed such matters. The 1983 Law however continues to govern all existing security created prior to 2 January 2014, unless and until further collateral is added to an existing security agreement which was not originally envisaged when it was entered into. In such cases, the new law will govern the security interest created in such collateral. Alternatively, the parties may agree that the new law will apply generally.

 

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