Where a negotiable instrument has been given to secure the payment of any book debts of a company, the deposit of the instrument for the purpose of securing an advance to the company is not, for purposes of section 410, to be treated as a charge on those book debts.
Section 412: Negotiable instrument to secure book debts.
Companies Act 1985 · 1985 c. 6View on legislation.gov.uk
Part XII: Registration of Charges — Chapter II: Registration of Charges (Scotland)
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