https://www.taxtmi.com/caselaws?id=98333 The Chancery Division considered whether a letter of authority over export credit guarantee rights created a registrable charge on book-debts under the Companies Act, 1948. It held that the relevant inquiry is the character of the property at the date the security is created; a contract that merely may later give rise to a book-debt does not fall within the provision. On the evidence, the rights were not treated as book-debts when the instrument was executed, so no charge on book-debts arose. The instrument was nevertheless treated as an assignment by way of charge rather than an absolute assignment. en-us Tue, 17 May 1966 00:00:00 +0530 Fri, 20 Jan 2012 11:53:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98333 The Chancery Division considered whether a letter of authority over export credit guarantee rights created a registrable charge on book-debts under the Companies Act, 1948. It held that the relevant inquiry is the character of the property at the date the security is created; a contract that merely may later give rise to a book-debt does not fall within the provision. On the evidence, the rights were not treated as book-debts when the instrument was executed, so no charge on book-debts arose. The instrument was nevertheless treated as an assignment by way of charge rather than an absolute assignment. Case-Laws Companies Law Tue, 17 May 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98333