caa a22 4500 388045957 CHVBK 20180307125038.0 cr unu---uuuuu 161130e199810 xx s 000 0 eng 10.1017/S0020589300062606 doi S0020589300062606 pii (NATIONALLICENCE)cambridge-10.1017/S0020589300062606 Benjamin Joanna Determining the Situs of Interests in Immobilised Securities [Elektronische Daten] [Joanna Benjamin] In the wholesale financial markets, enormous exposures are collateralised by interests in immobilised securities. Such collateral may be provided under a security interest, or by way of outright transfer.1 The collateral taker is always concerned to ensure that its interest in the collateral assets will be enforceable, not just against the collateral giver but also against third parties such as other creditors of the collateral giver. This is particularly important in the insolvency of the collateral giver, in order to ensure that the collateral taker ranks above ordinary creditors. Rights in assets which bind third parties are generally characterised as property rights, and the general approach in conflict of laws is to refer questions concerning the acquisition of property rights to the law of the place where the asset in question is located, or lex situs. In relation to interests in immobilised securities, this simple rule presents a challenge in practice, as the location of interests in immobilised securities may not be immediately obvious. This article suggests that the legal location of such interests is the office of the clearing system where the account recording such interests is maintained. This accords with the provisions of Article 9(2) of the Finality Directive, which has yet to be implemented in the United Kingdom. Copyright © British Institute of International and Comparative Law 1998 International and Comparative Law Quarterly Cambridge University Press 47/4(1998-10), 923-934 0020-5893 47:4<923 1998 47 ILQ https://doi.org/10.1017/S0020589300062606 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1017/S0020589300062606 text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Benjamin Joanna NATIONALLICENCE 773 0- International and Comparative Law Quarterly Cambridge University Press 47/4(1998-10), 923-934 0020-5893 47:4<923 1998 47 ILQ CC0 http://creativecommons.org/publicdomain/zero/1.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-cambridge