Rights in security

Research output: Chapter in Book/Report/Conference proceedingChapter

Abstract

This chapter is concerned with rights in security for the repayment of debt. A right in security confers a legal right which a creditor may enforce should the debtor fail to pay the sum(s) owed. A right in security
exists in tandem with, but is distinct from, a creditor’s right of action against a debtor under any contractual obligation to repay the debt. Rights in security can be subdivided into personal rights, which are traditionally known as cautionary obligations and real rights. This chapter begins by outlining the key differences between the two types of right. It then explains how a cautionary obligation is constituted and how it operates. It details real rights in security over heritage (land and buildings) and moveable property. Moveable property may be either corporeal, something that has a physical existence and can be moved from one place to another, or incorporeal, for example shares in a company, the existence of which may be proved by the issue of a share certificate but otherwise has no tangible existence.
Original languageEnglish
Title of host publicationBusiness law in Scotland
EditorsGillian Black
Place of PublicationEdinburgh
PublisherW. Green
Chapter21
Pages577-594
Number of pages17
Edition4th edn
ISBN (Print)9780414070745
Publication statusPublished - 22 Jul 2019

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  • Cite this

    Grant, F. (2019). Rights in security. In G. Black (Ed.), Business law in Scotland (4th edn ed., pp. 577-594). W. Green.