crystallization

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See: congealment

crystallization

the fixing of a floating charge on assets. Where money borrowed by a company is secured by a floating charge over the company's assets and undertaking, the company may continue trading and dispose of any assets in the course of that business. If the company defaults on its obligations under the terms of the loan agreement, the charge will crystallize, that is, immediately attach to the assets owned by the company at that time. Crystallization is therefore the process by which a floating charge becomes fixed on to particular assets.