Bearer meaning

What this checklist covers This checklist sets out the principal matters a solicitor guiding a first time issuer must verify and, where appropriate, propose changes to, when reviewing English law terms and conditions governing an issue of debt securities...

This checklist outlines the points to consider when a company plans to grant a pledge. It assumes a company incorporated in England or Wales is granting a pledge to a lender located in England or Wales. In this checklist: the company giving the pledge is the ‘pledgor’ the party in whose favour the pledge is given is the ‘pledgee’ the document setting out the pledge is the ‘security document’ Preliminary questions before taking security by way of a pledge Is a pledge the appropriate method of taking security? Is the asset of a type that can be pledged? Assets capable of being pledged include: goods (that is, tangible, moveable items such as precious metals or other commodities) documents of title to goods or intangible assets where title can pass by delivery of a document (for example, bills of lading and sea waybills, or bearer securities—the latter now rare in practice), so...

FORTHCOMING CHANGE relating to the modernisation of stamp taxes on shares framework: In 2027, stamp duty and SDRT are set to be replaced by a single, self-assessed charge on securities—the securities transfer charge (STC)—to be paid and reported via a new online portal. The STC’s core features are expected to broadly align with the proposals consulted on in 2023. Finance Bill 2026 (FB 2026) provides a power, effective from Royal Assent, to introduce secondary legislation so taxpayers can test the digital service by self-assessing their stamp taxes on securities obligations and reporting transactions electronically through that service. For more on the modernisation of stamp taxes on securities, see: News Analyses: Budget 2025—Tax analysis—Stamp and transfer taxes Tax update spring 2025—Stamp taxes on shares modernisation Tax update spring 2025—Tax analysis—Stamp and transfer taxes TAMD 2023—Stamp taxes on shares modernisation TAMD 2023—consultation—stamp taxes on shares Tax Administration and Maintenance Day—27 April 2023—Stamp and transfer taxes...

Crypto wallets are digital instruments for holding and deploying digital assets. UK law enforcement have received enhanced, targeted powers to seize and access such wallets under the Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023). Authorities may freeze, manage, and ultimately forfeit cryptoassets in seized wallets where the funds represent the proceeds of unlawful conduct. Entry to a crypto wallet can be achieved in two principal ways—by possessing the private key that unlocks the wallet (non-custodial wallets), or through a centralised crypto exchange or other third-party hosting service providers (custodial wallets). In this piece, we set out how UK agencies can identify and take control of wallets for investigation and later forfeiture, and explore the limits of compulsory powers, particularly where the cryptoassets sit in non-custodial wallets. Custodial and non-custodial crypto wallets Grasping the distinction between these two wallet types will determine how effective particular criminal investigation powers are to obtain and use cryptoassets. This is because cryptoassets held in a non-custodial wallet operate as bearer instruments,...

This Practice Note sets out your responsibilities for enhanced due diligence (EDD) and how to apply them in everyday professional practice. It aligns with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended. The guidance provided is of general application. You should determine whether the MLR 2017 impose additional or varied requirements for your sector, and whether your regulatory body sets any extra, sector-specific obligations relating to EDD...

This Practice Note outlines the purpose and functions of sea carriage documents in relation to the delivery of cargo, with particular attention to bills of lading and sea waybills. It explains that a bill of lading may be issued as a charterers’ bill or an owner’s bill, and that such documents operate both as evidence of the contract of carriage and as security for finance. Sea carriage documents A sea carriage document is produced to obtain release of goods, either at the port of discharge or at the nominated place of delivery, depending on the form issued by the carrier to the shipper. That document will be either: a bill of lading a sea waybill For more detail on bills of lading and sea waybills, see the Practice Note: Bills of lading and sea waybills. Bill of lading A bill of lading may be: bearer bill of lading: goods covered...

This Practice Note outlines: the various forms of share security the principal enforcement options available to security holders practical factors for security holders when choosing appropriate enforcement mechanics further considerations for security holders depending on the context Forms of share security There are three primary categories of security that can be created over shares: (a) a charge, (b) a legal mortgage and (c) an equitable mortgage, each considered below. Historically, a pledge over shares was also possible. A pledge involves delivering possession of an asset as security for the repayment of a monetary debt. This was feasible where bearer shares existed. However, from 26 May 2015, under section 779 of the Companies Act 2006, companies have been prohibited from issuing bearer shares. Holders of bearer shares were granted until 26 February 2016 to surrender them and convert into registered shares (for further information, see News Analysis: Bearer shares—how to avoid a grizzly ending). Charge A charge arises from...

PROMISSORY NOTE Principal sum: £[ insert amount in numerals ] ([ insert amount in words ]) [ insert date ] [ I (the ‘Promisor’), OR We (the ‘Promisors’) jointly, OR We (the ‘Promisors’) jointly and severally ] undertake to pay [ insert name of payee ] of [ insert address of payee ] (the ‘Payee’) [ or to the Payee’s order OR to bearer ] [ on demand OR [ insert number of months ] months after date OR [ insert number of days ] days after sight ], at [ insert address at which this promissory note may be presented ]...

PROMISSORY NOTE Principal sum: £[ enter amount in figures ] ([ enter amount in words ]) [ enter date ] [ enter name of company ], a company registered in England and Wales with registration number [ enter company number ], whose registered office is at [ enter address ], together with [ enter name of company ], a company registered in England and Wales with registration number [ enter company number ], whose registered office is at [ enter address ], (the ‘Promisor [ s ]’), [ jointly and severally ] hereby undertakes [ s ] to pay [ enter name and address of payee ] (the ‘Payee’) [ or to the order of the Payee OR to bearer ] [ on demand OR [ enter number of months ] months after date OR [ enter number of days ] days after sight ], at [ enter address where the promissory note may be presented for sight or payment ]...