Draft Common Frame of Reference:IX. — 1:201 Definitions

Draft Common Frame of Reference

IX. — 1:201 Definitions

Geldend

Deze functie is alleen te gebruiken als je bent ingelogd.Deze functie is alleen te gebruiken als je bent ingelogd.Deze functie is alleen te gebruiken als je bent ingelogd.Deze functie is alleen te gebruiken als je bent ingelogd.Deze functie is alleen te gebruiken als je bent ingelogd.

(1)

For the purposes of this Book the following definitions apply.

(2)

An ‘accessory’ is a corporeal asset that is or becomes closely connected with or part of a movable or an immovable, provided it is possible and economically reasonable to separate the accessory without damage from the movable or immovable.

(3)

‘Acquisition finance devices’ cover:

(a)

retention of ownership devices;

(b)

where ownership of the sold assets has been transferred to the buyer, those security rights in the sold asset which secure the right:

(i)

of the seller to payment of the purchase price for the encumbered asset under a contract of sale;

(ii)

of a lender to repayment of a loan granted to the buyer for payment of the purchase price for the encumbered asset, if and in so far as this payment is actually made to the seller; and

(c)

rights of third persons to whom any of the rights under sub-paragraph (a) or (b) has been transferred as security for a credit covered by sub-paragraphs (a) or (b).

(4)

A ‘contract for proprietary security’ is a contract under which:

(a)

a security provider undertakes to grant a security right to the secured creditor;

(b)

a secured creditor is entitled to retain a security right when transferring ownership to the transferee who is regarded as security provider; or

(c)

a seller, lessor or other supplier of assets is entitled to retain ownership of the supplied assets in order to secure its rights to performance.

(5)

‘Default’ means:

(a)

any non-performance by the debtor of the obligation covered by the security; and

(b)

any other event or set of circumstances agreed by the secured creditor and the security provider as entitling the secured creditor to have recourse to the security.

(6)

‘Financial assets’ are financial instruments and rights to the payment of money.

(7)

‘Financial instruments’ are:

(a)

share certificates and equivalent securities as well as bonds and equivalent debt instruments, if these are negotiable;

(b)

any other securities which are dealt in and which give the right to acquire any such financial instruments or which give rise to cash settlements, except instruments of payment;

(c)

share rights in collective investment undertakings;

(d)

money market instruments; and

(e)

rights in or relating to the instruments covered by sub-paragraphs (a) to (d).

(8)

‘Intangibles’ means incorporeal assets and includes uncertificated and indirectly held securities and the undivided share of a co-owner in corporeal assets or in a bulk or a fund.

(9)

‘Ownership’ for the purposes of these rules covers ownership of movable corporeal assets and of intangible assets.

(10)

A ‘possessory security right’ is a security right that requires possession of the encumbered corporeal asset by the secured creditor or another person (except the debtor) holding for the secured creditor.

(11)

‘Proceeds’ is every value derived from an encumbered asset, such as:

(a)

value realised by sale or other disposition or by collection;

(b)

damages or insurance payments in respect of defects, damage or loss;

(c)

civil and natural fruits, including distributions; and

(d)

proceeds of proceeds.

(12)

The ‘secured creditor’ may be the creditor of the secured right or a third person who may hold the security right in that person's own name for the creditor, especially as a trustee.

(13)

The ‘security provider’ may be the debtor of the obligation to be covered by the security right or a third person.

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