General principles

Question 1

Types of security [3]

Answer 1

1- personal (caution)
2- real (proprietary)
3- judicial (diligence)

Question 2

principles? [4]

Answer 2

1- nemo plus
2 - prior tempore potior jure
3 - publicity principle
4 - accessoriness

Question 3

prior tempore rule?

Answer 3

rights in security rank in order of date of creation

-but can be varied

Question 4

Accessoriness principle? case

Answer 4

Nisbet’s Creditors v Robertson - rights in security can’t be enforced if the debt isn’t enforceable