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A charging order, in English law, is an order obtained from a court or judge by a judgment creditor, by which the property of the judgment debtor in any stocks or funds or shares in a limited liability company or land stands charged with the payment of the amount for which judgment shall have been recovered, with interest and costs.
Charging Orders Act 1979 Description English: An Act to make provision for imposing charges to secure payment of money due, or to become due, under judgments or orders of court; to provide for restraining and prohibiting dealings with, and the making of payments in respect of, certain securities j and for connected purposes.
All transfers of property ownership in Scotland are recorded in the Register of Sasines or the Scottish Land Registry. [5] Domestic rates were a more stable income source for local government as they are based entirely on property values which provide greater financial certainty to councils - reducing their cost of borrowing.
Land law, or the law of "real" property, is the most significant area of property law that is typically compulsory on university courses. Although capital, often held in corporations and trusts, has displaced land as the dominant repository of social wealth, land law still determines the quality and cost of people's home life, where businesses and industry can be run, and where agriculture ...
Third, English property law recognises the ability to charge or mortgage assets to a lender with a loan contract. This means that if the owner defaults on repayments, the lender has the security of being permitted to take possession of and to sell the property.
A court, on the production of certain evidence, will make a charging order nisi and a hearing date is set. If the court is satisfied at the hearing that the creditor is entitled to have a charge on the debtor's property, it will grant a charging order absolute.
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Charging orders could not be made unless the debtor was in arrears with payments against the debt. This situation was perceived as offering opportunities for the debtor to dispose of valuable property while making modest instalments in the short term. Information hearings under Part 71 of the Civil Procedure Rules were widely perceived as ...