Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Standard security definition

What does Standard security mean? In Scottish conveyancing, a standard security is the statutory form of mortgage over heritable property (land and buildings), used to secure payment or performance of obligations. It is created by a deed in the form prescribed by the Conveyancing and Feudal Reform (Scotland) Act 1970 and is the principal type of heritable security in Scotland. The deed must be registered in the Land Register of Scotland (or recorded in the Register of Sasines) to be effective against third parties, with priority (ranking) determined chiefly by the order of registration, subject to ranking/postponement agreements. Standard conditions implied by the 1970 Act...

Ship finance: English law security over insurances, earnings and requisition compensation—assignment, notice, priority, and practical issues (including bareboat charters and newbuildings)

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Practice notes

Introduction

In ship finance, the typical security package comprises a mortgage over the vessel—supplemented, in jurisdictions that rely on a short form statutory mortgage such as the UK, by a separate deed of covenant—and an assignment (often termed a 'general assignment') of the vessel’s insurances, earnings and any requisition compensation (for further details on the forms of security commonly used in shipping finance transactions, see Practice Note: Shipping finance—security and Precedent: Deed of covenant: for a ship mortgage). Taking discrete security over insurances and earnings is especially important in shipping finance because the borrower is commonly a single ship-owning company that generally has no material assets other than the vessel together with its insurances and income. In most jurisdictions, including the UK, a mortgagee of a vessel does not automatically obtain any security interest in the ship’s insurances...

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Web page updated on 21/05/2026

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