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Tribunals, Courts and Enforcement Act 2007

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Changes over time for: Cross Heading: Holding and disposal of securities

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Tribunals, Courts and Enforcement Act 2007, Cross Heading: Holding and disposal of securities is up to date with all changes known to be in force on or before 05 December 2016. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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Holding and disposal of securitiesE+W

47Paragraphs 48 and 49 apply to securities as controlled goods.E+W

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Modifications etc. (not altering text)

C1Sch. 12 applied (6.4.2014) by Finance Act 2008 (c. 9), ss. 127(2), 129(4); S.I. 2014/906, arts. 2, 3

Commencement Information

I1Sch. 12 para. 47 in force at 6.4.2014 by S.I. 2014/768, art. 2(1)(b)

48(1)Regulations may make provision about how securities are to be held and disposed of.E+W

(2)In this Schedule, references to disposal include, in relation to securities, realising the sums secured or made payable by them, suing for the recovery of those sums or assigning the right to sue for their recovery.

(3)Regulations may in particular make provision for purposes corresponding to those for which provision is made in this Schedule in relation to the disposal of other controlled goods.

(4)The power to make regulations under this paragraph is subject to paragraph 49.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Modifications etc. (not altering text)

C1Sch. 12 applied (6.4.2014) by Finance Act 2008 (c. 9), ss. 127(2), 129(4); S.I. 2014/906, arts. 2, 3

Commencement Information

I2Sch. 12 para. 48 in force at 15.7.2013 for specified purposes by S.I. 2013/1739, art. 3(g)(xxiv)

I3Sch. 12 para. 48 in force at 6.4.2014 in so far as not already in force by S.I. 2014/768, art. 2(1)(b)

49(1)The creditor may sue in the name of the debtor, or in the name of any person in whose name the debtor might have sued, for the recovery of any sum secured or made payable by securities, when the time of payment arrives.E+W

(2)Before any proceedings under sub-paragraph (1) are commenced or the securities are otherwise disposed of, the enforcement agent must give notice of the disposal to the debtor and any co-owner.

(3)Regulations must state—

(a)the minimum period of notice;

(b)the form of the notice;

(c)what it must contain;

(d)how it must be given.

(4)The enforcement agent may replace a notice with a new notice, subject to any restriction in regulations.

(5)Any notice must be given within the permitted period.

(6)Unless extended the permitted period is 12 months beginning with the time of payment.

(7)Any extension must be by agreement in writing between the creditor and debtor before the end of the period.

(8)They may extend the period more than once.

Annotations: Help about Annotation
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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I5Sch. 12 para. 49(3)(4) in force at 15.7.2013 for specified purposes by S.I. 2013/1739, art. 3(g)(xxv)

I6Sch. 12 para. 49(3)(4) in force at 6.4.2014 in so far as not already in force by S.I. 2014/768, art. 2(1)(b)

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