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- Title
Trust of a Non-Assignable Contractual Benefit: Barbados Trust Company v Bank of Zambia.
- Authors
Trukhtanov, Alexander
- Abstract
The article focuses on the decision of the Court of Appeal regarding the case Barbados Trust Co. (BTC) v. Bank of Zambia. It states that the case arose in the context of distressed debt trading in which a borrower defaulted under the terms of a syndicated facility agreement. It likewise mentions that the agreement has a provision which allows any lending banks to assign the owed debt to any banks if they have a written consent from the borrower. Further, it highlights the initiative of the Bank of America Corp. to acknowledged the debt and take a chain of assignments of that debt in favor of BTC. Meanwhile, reactions of the assignees including BTC as well as the decision of the court on the case and the declaration of trust in favor of the appellant are discussed.
- Subjects
LEGAL judgments; ACTIONS &; defenses (Law); BARBADOS Trust Co.; BANK of Zambia; DEBT laws; TRUSTS &; trustees; CONSENT (Law); BANK of America Corp.; TRUST companies
- Publication
Modern Law Review, 2007, Vol 70, Issue 5, p848
- ISSN
0026-7961
- Publication type
Article
- DOI
10.1111/j.1468-2230.2007.00665_1.x