Loan Security – Knowsia

BL – Nov 2014 – L1 – SB – Q1b – Company Law

Explain two differences between fixed charge and floating charge on company properties.

Question

One of the conditions attached to loans obtained by a registered company is the creation of a charge on the properties of the company.
You are required to explain briefly any TWO differences between fixed charge and floating charge.
(Total 5 Marks)

Answer

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Tags: Company Law, Fixed Charge, Floating Charge, Loan Security
Level: Level 1

Topic: Company Law
Series: NOV 2014

BL – May 2023 – L1 – SB – Q2c – Contract Law

Advise Mr. Agbons on his legal rights regarding the sale of his pledged tricycle.

Question

Mr. Agbons pledged his tricycle to secure a loan of N200,000 from Chief Osas, a moneylender. Mr. Agbons promised to repay the loan on December 31 and recover his tricycle from Chief Osas. However, Chief Osas sold the tricycle on December 28 when he learned that Mr. Agbons had relocated to his village to be a farmer and might not return again. On the morning of December 31, Mr. Agbons came to meet Chief Osas to repay the N200,000, only to learn that the tricycle had been sold by Chief Osas. Mr. Agbons is aggrieved and intends to sue Chief Osas for the replacement of his tricycle.

Required:
Advise Mr. Agbons, stating the legal principle involved.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contract Law, Legal Rights, Loan Security, Pledge
Level: Level 1

Topic: Contract Law
Series: MAY 2023

BL – Nov 2014 – L1 – SB – Q1b – Company Law

Explain two differences between fixed charge and floating charge on company properties.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Law, Fixed Charge, Floating Charge, Loan Security
Level: Level 1

Topic: Company Law
Series: NOV 2014

BL – May 2023 – L1 – SB – Q2c – Contract Law

Advise Mr. Agbons on his legal rights regarding the sale of his pledged tricycle.

Question

Required:
Advise Mr. Agbons, stating the legal principle involved.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contract Law, Legal Rights, Loan Security, Pledge
Level: Level 1

Topic: Contract Law
Series: MAY 2023

Question Tag: Loan Security

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BL – Nov 2014 – L1 – SB – Q1b – Company Law

Explain two differences between fixed charge and floating charge on company properties.

BL – May 2023 – L1 – SB – Q2c – Contract Law

Advise Mr. Agbons on his legal rights regarding the sale of his pledged tricycle.

BL – Nov 2014 – L1 – SB – Q1b – Company Law

Explain two differences between fixed charge and floating charge on company properties.

BL – May 2023 – L1 – SB – Q2c – Contract Law

Advise Mr. Agbons on his legal rights regarding the sale of his pledged tricycle.

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