Perfection
Perfection of security interests means different things to lawyers in different jurisdictions.
- in English law, perfection has no defined statutory or judicial meaning, but academics have pressed the view that it refers to the attachment of the security interest to the underlying asset. Others have argued cogently that attachment is a separate legal concept, and that perfection refers to any steps required to ensure that the security interest is enforceable against third parties.
- in American law, perfection is generally taken to refer to any steps required to ensure that the security interest remains enforceable on the debtor's bankruptcy.
With the Americanization of the world's legal profession, the second definition is becoming more frequently used commercially, and arguably is to be preferred, as the traditional English legal usage has little purpose except in relation to the comparatively rare true legal mortgage (very few other security interests require additional steps to attach to the asset, but security interests frequently require some form of registration to be enforceable on the chargor's insolvency).
Read more about this topic: Security Interest
Famous quotes containing the word perfection:
“Our children do not want models of perfection, neither do they want us to be buddies, friends, or confidants who never rise above their own levels of maturity and experience. We need to walk that middle ground between perfection and peerage, between intense meddling and apathy—the middle ground where our values, standards, and expectations can be shared with our children.”
—Neil Kurshan (20th century)
““The work is done,” grown old he thought,
“According to my boyish plan;
Let the fools rage, I swerved in nought,
Something to perfection brought;”
But louder sang that ghost “What then?””
—William Butler Yeats (1865–1939)
“It is nor hand, nor foot,
Nor arm, nor face, nor any other part
Belonging to a man. O, be some other name!
What’s in a name? That which we call a rose
By any other word would smell as sweet;
So Romeo would, were he not Romeo called,
Retain that dear perfection which he owes
Without that title. Romeo, doff thy name,
And for thy name, which is no part of thee,
Take all myself.”
—William Shakespeare (1564–1616)