This book provides an extensive analysis of the equitable doctrine of marshalling as it applies to secured debt. There is detailed and systematic reference to the application of marshalling in the United Kingdom, in particular the conditions that must be satisfied before marshalling will assist a secured creditor and the limitations imposed on its effective operation. There is also substantial comparative material, with extensive analysis of Commonwealth law and
selected US authorities. This book will appeal equally to those specialists working in equity, finance and insolvency law and to commercial lawyers more generally.
`A well-researched monograph, which covers its subject comprehensively and written in a style which is both scholarly and readable... illustrates admirably the kind of topic which postgraduate students should be encouraged to choose for a doctoral thesis.'
L.S. Sealy, Civil Justice Quarterly
Table of Cases
Table of Legislation
PART 1. INTRODUCTION
PART II. GENERAL PRINCIPLES: HISTORY AND OPERATION OF MARSHALLING OF SECURITIES
The History of the Equitable Doctrine of Marshalling of Securities
How does Marshalling work?
PART III. GENERAL PRINCIPLES: JURIDICAL NATURE OF MARSHALLING OF SECURITIES
Marshalling of Securities and the Law of Subrogation
Marshalling of Securities and other Equitable Doctrines and Remedies
The Rationale for Marshalling of Securities
PART IV. PRE-REQUISITES OF MARSHALLING OF SECURITIES
Marshalling of Securities and the Common Debtor Rule
Exception to the Common Debtor Rule
Marshalling of Securities and the Requirement of Proprietary Securities
PART V. LIMITATIONS ON MARSHALLING OF SECURITIES
Marshalling of Securities and the Rights of Unsecured Creditors
Marshalling of Securities and Third Parties
Covenants Against Marshalling and Other Contractual Constraints