Glossary entry (derived from question below)
Spanish term or phrase:
derechos reales de prenda de primero, segundo y posteriores rangos
English translation:
fixed charges ranking in first, second and subsequent priorities
Spanish term
derechos reales de prenda de primero, segundo y posteriores rangos
Now it's the description of "prendas" that I'd like to have more information about.
Here's the context:
Otorgar, modificar, ampliar, sustituir o cancelar cualesquiera documentos de garantía en relación con la Financiación Adicional y/o la Cobertura Adicional (incluídos, sin limitación, derechos reales de prenda de primero, segundo y posteriores rangos sobre cuentas bancarias, derechos reales de prenda de primero, segundo y posteriores rangos sobre acciones de la sociedad XXXX...
Hopefully that's enough context. I'm proofreading a document, and I'm wondering if her/his option is legitimate: "first, second and subsequent ranges of pledge rights on bank accounts/share of the company..." Research is showing me phrases like "first priority pledge", "first priority ranking pledge".
Suggestions? As always, a thousand thanks!
Mar 3, 2020 10:01: Adrian MM. Created KOG entry
Mar 3, 2020 10:01: Adrian MM. changed "Edited KOG entry" from "<a href="/profile/2688125">Adrian MM.'s</a> old entry - "derechos reales de prenda de primero, segundo y posteriores rangos"" to ""fixed charges ranking in first, second and subsequent priority""
Proposed translations
(BrE fixed) charges (AmE) security interests ranking first, second and subsequently in priority
Pledges do not generally 'rank in priority')
No time to dwell on this one, but bank accounts can perfectly well be assigned = charged in E&W or 'liened' (?) in the USA.
I will leave others to work 'security interests' or liens into the equation.
The simplest way to answer these questions is to imagine creditor ranking as a ladder. Secured creditors have a legal right or charge over property.
lien rights of first, seciond and followíng line
first, second and subsequent ranks of lien rights
https://iedunote.com/bank-lien-pledge
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