Standard Mortgage Of Certificated Shares And Securities (Changing Mortgage Of Shares)

This legal template is designed to establish the terms and conditions for the standard mortgage of certificated shares and securities under UK law, specifically focusing on the process of changing the existing mortgage of shares.

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.