788. Date of creation of charge
Past version: effective from 21/10/2015 - 20/10/2015
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(1) For the purposes of this Part, a charge of the type described in column 1 of the Table below is taken to be created on the date given in relation to it in column 2 of that Table.
|1. Type of charge||2. When charge created|
|Charge other than a standard security, where created or evidenced by an instrument||
Where the instrument is a deed that has been executed and has immediate effect on execution and delivery, the date of delivery
Where the instrument is a deed that has been executed and held in escrow, the date of delivery into escrow
Where the instrument is a deed that has been executed and held as undelivered, the date of delivery
Where the instrument is not a deed and has immediate effect on execution, the date of execution
Where the instrument is not a deed and does not have immediate effect on execution, the date on which the instrument takes effect
|Charge other than a standard security, where not created or evidenced by an instrument||The date on which the charge comes into effect.|
(2) Where a charge is created or evidenced by an instrument made between two or more parties, references in the Table in subsection (1) to execution are to execution by all the parties to the instrument whose execution is essential for the instrument to take effect as a charge.
(3) This section applies for the purposes of this Chapter even if further forms, notices, registrations or other actions or proceedings are necessary to make the charge valid or effectual for any other purposes.
(4) For the purposes of this Chapter, the Registrar is entitled without further enquiry to accept a charge as created on the date given as the date of creation of the charge in a charge filing statement.
(5) In this section "deed" means—
(a) a deed governed by the law of the Abu Dhabi Global Market, or
(b) an instrument governed by a law other than the law of the Abu Dhabi Global Market which requires delivery under that law in order to take effect.
(6) References in this section to delivery, in relation to a deed, include delivery as a deed where required.