equitable proprietary interest
- equitable proprietary interest
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An equitable proprietary interest arises when a debtor undertakes to transfer asset to a creditor by way of security, even if the formalities for transfer of legal title have not been completed. So, if the debtor becomes insolvent before the formalities are completed, the creditor will still have a proprietary interest over the asset, and therefore, an effective security in the debtor's insolvency.
Practical Law Dictionary. Glossary of UK, US and international legal terms.
www.practicallaw.com.
2010.
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