Hugh Beale, Michael Bridge, Louise Gullifer and Eva Lomnicka, THE LAW OF SECURITY AND TITLE-BASED FINANCING Oxford: Oxford University Press (www.oup.com), 2nd edn, 2012. lxiv+821 pp. ISBN 9780199608720. £245.
| DOI | 10.3366/elr.2015.0316 |
| Pages | 443-445 |
| Published date | 01 September 2015 |
| Date | 01 September 2015 |
| Author |
This large book aims to be a comprehensive statement on law of security and quasi-security (i.e. title-based financing) in England. It attempts to cover all forms of property other than land. Its unstated ambition is to become a primary source of reference in this important field of law. The extent to which the authors succeed in their aims will now be considered.
The book deals with the standard issues that one would expect to see in an authoritative text on the law of security. The rationales of security interests are considered and the main issues in relation to security are covered in detail. These issues include the form that a security may take (e.g. pledge, mortgage, or charge over the debtor's property); the scope of the assets which may be offered as security; the rules on the perfection of the security; the nature and extent of the remedies available to the secured creditors; the priority rules where competing claims on the assets exist, and whether the security conflicts with any contractual provisions (such as a negative pledge clause).
Title-based financing is also given proper emphasis by the authors in recognition of its increasing commercial importance, particularly for small and medium-sized companies. Promoting this area of law has become a topical issue in recent years as small and medium-sized companies continue to struggle to raise finance from the banks (as noted in
The structure of the book has improved since the first edition of this work, which was published five years previously and was called
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