Lex situs meaning

See Q&A: Where an individual dies with UK nationality, domiciled in Scotland, with assets in England and Scotland, would their Will executed in accordance with the law of any part of the UK be validly executed under section 1 of the Wills Act 1963? What is the position as regards conflicts of laws as between England and Scotland? Which laws would apply to the succession of their moveable and immoveable assets situated in England and Scotland? Section 1 of the Wills Act 1963 (WA 1963) sets out the overarching rule on the formal validity of a Will. In broad terms, a Will is regarded as validly executed if it accords with the internal law of any of the following: the country where it was executed; the country in which the testator was domiciled or habitually resident; or the country of which the testator was a national, either when the Will was executed or at the time of death...

This Practice Note has been prepared in collaboration with Anthony Partridge of Ogier, Cayman Islands, and Wisdom Hon of Ogier, Hong Kong. Introduction For individuals who are not domiciled in the Cayman Islands but personally hold assets located in the Cayman Islands, they may put in place a separate Will governed by Cayman Islands law to dispose of those assets and ease the subsequent probate process. Under Cayman Islands law, the governing law for both the formal validity and the essential/material validity of a Will made by a person domiciled abroad depends on the nature of the assets concerned. For immovable property situated in the Cayman Islands, the applicable law is the lex situs, namely the law of the Cayman Islands. For movable property, including cash held in bank accounts or shares in Cayman Islands companies (such as Cayman Islands exempted companies), the applicable law is the law of the deceased’s last domicile. It should be noted that not all shares connected with the...

Practice Note on governing law and jurisdiction in finance transactions This Practice Note examines governing law and jurisdiction within finance transactions. It covers: the meaning of governing law and jurisdiction governing law in depth, including how the chosen law is identified jurisdiction in depth, including rules used to decide jurisdiction governing law clauses in finance deals and instances where English law may not suit jurisdiction clauses in finance deals, and factors when choosing exclusive, non-exclusive or asymmetric jurisdiction service of process and process agents arbitration clauses Further guidance appears in these Practice Notes: Applicable law—a guide for dispute resolution practitioners Jurisdiction—a guide for dispute resolution practitioners What is meant by governing law and jurisdiction? Governing law and jurisdiction are distinct concepts. Governing law The governing law (also called the applicable law) is the body of law a court applies to resolve a dispute between the parties. Where...

In aircraft finance transactions, lenders take security as a means of credit enhancement to raise the likelihood that their loan will be repaid in full if the borrower becomes insolvent or falls into payment default. Important considerations for lenders taking security are: the validity and enforceability of the security in whichever jurisdiction the aircraft is situated at the relevant time the security ranking in priority ahead of the borrower’s other creditors, with the aircraft ring-fenced for the secured lender’s benefit the charged assets not being susceptible to claw-back in any insolvency proceedings of the borrower Another reason lenders take security over aircraft is the Basel framework (implemented by the EU Capital Requirements Regulation (Regulation (EU) 575/2013) (EU CRR)), which requires in-scope banks to have legally effective and enforceable security over the aircraft in all relevant jurisdictions if they wish to use that security to reduce the risk weighting of any loan (and so the capital adequacy costs of making the loan...