48 Power to protect certain interests
Banking Act 2009 (2009 c 1) | Legislation

48  Power to protect certain interests

(1)     In this section—

(a)     “security interests” means arrangements under which one person acquires, by way of security, an actual or contingent interest in the property of another,

(b)     “title transfer collateral arrangements” are arrangements under which Person 1 transfers assets to Person 2 on terms providing for Person 2 to transfer assets if specified obligations are discharged,

(c)     “set-off” arrangements are arrangements under which two or more debts, claims or obligations can be set off against each other,

(d)     “netting arrangements” are arrangements under which a number of claims or obligations can be converted into a net claim or obligation and include, in particular, “close-out” netting

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