de second rang

English translation: a second-priority (UK) charge (US) lien over company shares

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
French term or phrase:nantissement de parts sociales de second rang
English translation:a second-priority (UK) charge (US) lien over company shares
Entered by: Adrian MM.

12:21 Nov 18, 2019
French to English translations [PRO]
Bus/Financial - Finance (general)
French term or phrase: de second rang
XXX was a company in difficulties at the time of these events, trying to drum up cash to meet its obligations.

"une convention de nantissement de parts sociales de second rang relative aux parts sociales de XXX, conclue le 14 novembre 2007 entre les mêmes parties ;"

"En garantie de ce prêt, la société XXX a consenti à YYY un gage de meubles corporels de second rang portant sur ses stocks."

"nantissement", "gage", etc. "de premier rang" translates as "senior pledge". So I'm assuming this is simple: "junior pledge". However I went googling on that, as you do, and found very little to go on, so little that I thought it might be an idea to ask a question here...
Mpoma
United Kingdom
Local time: 00:39
a second-priority (UK) charge (US) lien agreement
Explanation:
I've just picked up on this question and have long felt that a second (priority) charge of co. shares - pledge is a rather overworked cart horse of translatorese - works well in actiual practic/se.

It is indeed possible in E&W to have third and fourth charges of chattels (movables) by bill of sale (conditional by way of mortgage) and which I have regd. myself at the Royal Courts of Justice on the Strand in London.

Again, in the USA for those unfamiliar with conveyancing practc/se, a land lien would equate with a land charge in the UK where liens can be taken over docs., deed, co. shares, cash or movables only..

Selected response from:

Adrian MM.
United Kingdom
Grading comment
Thanks
3 KudoZ points were awarded for this answer



Summary of answers provided
4 +1second-class [shares]; second-rank [shares]
Eliza Hall
4a second-priority (UK) charge (US) lien agreement
Adrian MM.


Discussion entries: 3





  

Answers


9 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
une convention de nantissement de parts sociales de second rangde second rang
a second-priority (UK) charge (US) lien agreement


Explanation:
I've just picked up on this question and have long felt that a second (priority) charge of co. shares - pledge is a rather overworked cart horse of translatorese - works well in actiual practic/se.

It is indeed possible in E&W to have third and fourth charges of chattels (movables) by bill of sale (conditional by way of mortgage) and which I have regd. myself at the Royal Courts of Justice on the Strand in London.

Again, in the USA for those unfamiliar with conveyancing practc/se, a land lien would equate with a land charge in the UK where liens can be taken over docs., deed, co. shares, cash or movables only..



Example sentence(s):
  • UK: A Second Charge loan can be used for almost any legal purpose so it is important that customers are given the choice.
  • US: Second Priority Liens means the Liens on and security interests in the Collateral created in favor of the Collateral Agent for its benefit and the benefit of the Trustee and the Holders of the Notes, subject solely to Permitted Liens and Liens.

    Reference: http://www.proz.com/kudoz/french-to-english/law-contracts/58...
    Reference: http://www.moneyadviceservice.org.uk/en/articles/second-char...
Adrian MM.
United Kingdom
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 46
Grading comment
Thanks
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1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
second-class [shares]; second-rank [shares]


Explanation:
I don't think this is a junior pledge, because it's not the pledge itself that's junior to anything. The issue here is that the shares being pledged are in a class of shares that is junior to another class of shares.

https://www.upcounsel.com/dual-class-stock-structure

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Note added at 1 day 1 hr (2019-11-19 13:44:55 GMT)
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PS the two instances of "de second rang" do not have to be translated by the same English term.

Basic principle: unless you're translating a defined term in a legal contract, or some similarly precisely chosen word, a single term in language A can be translated by two or more different terms in language B (example from your own text: the English term "pledge" becomes "nantissement" in FR when applied to intangible property, and "gage" when applied to tangible property -- https://www.l-expert-comptable.com/a/532049-gage-et-nantisse...

Eliza Hall
United States
Local time: 19:39
Works in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 8
Notes to answerer
Asker: Thanks... I considered this but rejected it. This hypothesis obviously can't apply to the second phrase here. It would make a nonsense of the sub-phrase in the first, to wit "parts sociales de second rang relative aux parts sociales... ". I conclude you're making a parsing error...


Peer comments on this answer (and responses from the answerer)
agree  AllegroTrans: second ranking
6 hrs
  -> Thanks.
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