The following Banking & Finance Q&A Produced in partnership with Richard Hanke of 3 Verulam Buildings (3VB) provides comprehensive and up to date legal information covering:
The banker’s right of set-off refers to the right of a bank to combine two or more of a customer’s accounts held with that bank, where one account has a credit balance and the other has a debit balance, in order to give a net position. There is a debate as to whether the right is a standalone legal principle, or a reflection of the accounting reality of the net liabilities between the customer and their bank. Notwithstanding this debate, the right is subject to a number of well-established limitations.
First, although the right is applicable to accounts held at different branches of the same bank, the customer must hold both accounts in the same capacity. Thus, a bank cannot set-off a debt owed by the customer personally against a credit balance if the bank is aware that the customer holds the account in credit as a trustee. The opposite side
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This Practice Note considers the nature and scope of arbitration agreements with a particular focus on arbitration agreements pursuant to the law of England and Wales, although it also discusses the concept from an international perspective and includes some comparative examples from other
Broadly, the doctrine of overreaching enables purchasers (which includes tenants and mortgagees) in good faith for money or money’s worth to rely solely on the legal title. In the case of registered land, this means the entries entered on the register of title, as it records ownership of the legal
Millett LJ subdivided types of constructive trust into two categories, distinguishing between:•the constructive trust proper, where equity intervenes to prevent the legal owner from unconscionably denying the beneficial interest of another (known as the institutional constructive trust)•the
An intention to create legal relations is requiredThere are various situations in which a court will hold that an agreement is not binding because, though supported by consideration, it was made without any intention of creating legal relations (see, eg, Blue v Ashley).Did the parties intend to
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