Can somebody please confirm that I understand the legal mumbo jumbo below correctly to be translated to:
"If you owe me money, at the same time as when John owns you money - I have first dibs on that money when it comes in, if you have not paid me"
or does it basically put all fixed assets up as collateral too? so-
"if you don't pay, I can come fetch your totally unrelated car, or put a chain on your front door"
Here goes, all one sentence, so read carefully...
"The APPLICANT does hereby irrevocably and in rem suam cede, pledge, assign, transfer and make over unto and in favour of XXX all and howsoever its rights, title, interest, claim and demand in and to all claims, debts, book debts of whatsoever nature and description arising which the APPLICANT may now or at any time hereafter have against all and any persons, companies, firms, partnerships, associations, syndicates and other legal personae whomsoever (the APPLICANT?s) without exception as a continuing covering security for the due payment of every sum of money, which may now or at any time hereafter be or become owing by the APPLICANT to XXX from whatsoever cause or obligation howsoever arising which the APPLICANT may be or become bound to perform in favour of XXX"
"If you owe me money, at the same time as when John owns you money - I have first dibs on that money when it comes in, if you have not paid me"
or does it basically put all fixed assets up as collateral too? so-
"if you don't pay, I can come fetch your totally unrelated car, or put a chain on your front door"
Here goes, all one sentence, so read carefully...
"The APPLICANT does hereby irrevocably and in rem suam cede, pledge, assign, transfer and make over unto and in favour of XXX all and howsoever its rights, title, interest, claim and demand in and to all claims, debts, book debts of whatsoever nature and description arising which the APPLICANT may now or at any time hereafter have against all and any persons, companies, firms, partnerships, associations, syndicates and other legal personae whomsoever (the APPLICANT?s) without exception as a continuing covering security for the due payment of every sum of money, which may now or at any time hereafter be or become owing by the APPLICANT to XXX from whatsoever cause or obligation howsoever arising which the APPLICANT may be or become bound to perform in favour of XXX"
