stop notice

stop notice
1. a remedy available to a person claiming to be beneficially entitled to securities enabling him to be notified of any proposed transfer of those securities.
2. an order preventing development issued by a planning authority: Town and Country Planning Act 1990.

Collins dictionary of law. . 2001.


stop notice
England, United Kingdom, Wales
This term has different meanings depending on the context in which it is used:
• In the context of subordination and intercreditor agreements, notice may be served by a creditor on the borrower and junior and subordinated creditors to prevent payments being made until the stop notice has been withdrawn, usually upon satisfaction of the relevant payment conditions. The rights of a creditor to serve a stop notice and the extent of the respective creditors' powers after serving a stop notice will be determined by the terms of the relevant intercreditor or subordination arrangements.
• In the context of security interests, the holder of an equitable interest in securities of the kinds set out in section 2(2)(b) of the Charging Orders Act 1979 may file a stop notice as a limited means of protecting its equitable interest. A stop notice gives notice to the company issuing the securities that the person serving the notice regards himself as the holder of an equitable interest in the securities and has the effect of preventing the securities being dealt with before that person has an opportunity to assert his claim. A stop notice is issued by the High Court (or a District Registry) upon the filing of written evidence setting out the nature of the interest. A copy of the notice and the written evidence is then served on the company which issued the securities. The Civil Procedure Rules Part 73 (www.practicallaw.com/0-205-5302) provide more detail about stop notices in this context.
• In the context of planning control, a notice served by a local planning authority to deal with a breach of planning control.
For further details in this context, see Practice note, Breach of planning control: stop notices (www.practicallaw.com/4-385-4975).

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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