Security

This subtopic provides guidance on assignments by way of security, priority between security interests and releasing security. It also explains the nature and key features of debentures in Ireland. It includes a precedent on bilateral debentures which can be used to create security over all of the assets of a limited company incorporated in Ireland. It also includes a precedent letter of non-crystalisation of a floating charge under a security agreement.

This subtopic contains the following guidance:

1. •

   Practice Note: Ireland—Assignments by way of security explains the nature of assignments by way of security (which are a type of mortgage) and the kinds of assets they are used to secure. It explains the difference between statutory assignments by way of security (also referred to sometimes as legal assignments) and equitable assignments by way of security. It also considers the circumstances in which notice of an assignment by way of security is required for the assignment to be effective