It has been held that it is only charges to secure money that are registrable, so a charge which, if granted by an individual, would require registration under the Bills of Sale Act, 1882, will not necessarily be registrable if granted by a company. See Stoneleigh Finance Ltd. v. Phillips (1965) 2 QB 537. And only a charge created by a company requires registration not one, which arises by operation of law such as an unpaid vendor’s lien. See London and Cheshire Insurance Co. Ltd. v. Laplagrene Property Co. Ltd. (1971) Ch. 499.
– Augie JSC. Bank v. TEE (2003)