The Law and practice of True Sales

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Description
A while ago, we happened to get around to discussing the law relating to true sales and its application to different areas of finance law, from our differing perspectives. Given that there was significant common ground but also significant divergence of approach across practice areas, why was there no work focusing on this strand of law, with reference to the practical aspects of transactions in the financial markets and the questions frequently raised by finance professionals? That conversation has led to this work. The law relating to true sales is fascinating and touches on a number of legal concepts that arise in financial transactions. It sometimes seems to have an element of mystery that we do not believe is justified, maybe because it has arisen from many different sources (landlord and tenant and tax law to name but two) and touches very different transactions. Perhaps this explains why references to true sales and in particular recharacterisation are so frequently used in day-to-day practice, appearing sometimes to be based simply on a fear of the unknown.
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Contents
Part I - General principles
1.    Introduction
2.    summary of true sales Return
3.    Legal Concepts Relevant to true Sales and recharacherisation
4.    Meaning of true Sale
5.    Does the Character of Transaction matter?
6.    English law relating to true sales and their recharacherisation
7.    Fixed and Floating charges
8.    'Substance over form'
9.    Cross-broder transactions
10.  The operation of the agreement and subsequent behaviour of
        the parties  
11.   Policy factors
12.   The meaning of a sham
13.   The effect of pricing by reference to financing returns
14.   Back-up  security
15.   Law reform - past and present
16.   Unwinding of transactions, in particular on insolvency
17.   Regulatory and accounting matters and potential liability
        for wrongful accounting
18.   Taxation
Part II - Specific Transactions
19.   Receivables purchase transactions
20.   Securitisation
21.   Participation transactions
22.   Repurchase transactions involving goods
23.   Repurchase transactions involving securities
24.   Securities lending transactions
25.   1995 ISDA Credit Support Annex (Bilateral Form - Transfer)
26.    Leasing transactions
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