Standard Mortgage Of Certificated Shares And Securities (Changing Mortgage Of Shares)
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Genie AISource file
standard_mortgage_of_certificated_shares_and_securities_(changing_mortgage_of_shares)_template.docxJurisdiction
England and WalesCost
Free to useRelevant sectors
Type of legal document
💴 Mortgage of sharesBusiness activity
Mortgage shares and securitiesA mortgage of shares is a type of security interest in which the shares of a company are used as collateral for a loan. The shares can be mortgaged to a lender in order to secure the loan and the borrower is then obligated to make monthly payments to the lender. If the borrower defaults on the loan, the lender can foreclose on the shares and sell them in order to recoup the loan amount.
In the context of this template, a mortgage refers to the transfer of legal ownership of shares or securities to a lender (mortgagee) as security for a loan or debt. The certificated nature of these shares and securities implies that they are represented by physical certificates, rather than being held in electronic or dematerialized form.
The template sets out the various clauses and provisions necessary to document the changing of an existing mortgage of shares. This could occur for a variety of reasons, such as the borrower (mortgagor) refinancing the loan with a new lender or paying off the debt completely.
The document likely includes sections on the rights and obligations of both the lender and borrower, the procedure to be followed when transferring the mortgage, the release and discharge of the original mortgage, and the registration of the new mortgage on the relevant share register.
The template would also likely address issues such as the preservation of any rights or remedies available to the lender, the potential involvement of any third parties (such as shareholders or co-mortgagors), and the governing law and jurisdiction for any disputes that may arise.
Overall, this legal template provides a comprehensive framework for facilitating the changing of a mortgage of certificated shares and securities, ensuring compliance with relevant UK laws and protecting the interests of all parties involved.
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