Subject-Matter Index

Accounts

assignment

competing equitable interests. See SECURITY INTERESTS (Priority—competing equitable interests)

funds in account are chose in action able to be assigned under Law of Property (Miscellaneous Provisions) (Guernsey) Law 1979, s.2 to another person, or to joint account with assignor: Shaham v. Lloyds TSB Offshore Treasury Ltd. (Royal Ct.), 2007–08 GLR 297

joint accounts

creation—bank’s standard documentation may create joint account by assignment of funds in existing account but must (a) explicitly confer joint ownership of those funds, and (b) provide that, on death of joint owner, survivor shall (not “may”) become owner of balance remaining—not sufficient merely to add further authorized signatory to account if that signatory not also successfully made joint owner: Shaham v. Lloyds TSB Offshore Treasury Ltd. (Royal Ct.), 2007–08 GLR 297

interests—law recognizes both legal and beneficial interests in joint accounts: Macaulay v. Grater (Royal Ct.), 2003–04 GLR 15

severance

if parties wish to end joint ownership but disagree how to proceed, court order necessary to effect severance—bank itself unable to sever without order or permission of both parties: Macaulay v. Grater (Royal Ct.), 2003–04 GLR 15

no severance of joint beneficial or legal interest by unilateral act without knowledge or consent of other—if funds deposited intended to be immediate and absolute gift to other account holder, severance to be in undivided equal shares unless different proportions clearly intended—if no clear intention evident, court to consider what may have been sole depositor’s intention and make order appropriately: Macaulay v. Grater (Royal Ct.), 2003–04 GLR 15

survivorship—clear evidence needed to rebut presumption under Husband and Wife (Joint Accounts) (Guernsey) Law 1966, s.1(1) that balance passes to survivor on death of one spouse—original intention of sole depositor to create immediate absolute gift to other not unilaterally revocable—lesser or different intention revocable after account opened, but if no interest to pass until death, revocation may be contested by other party and court to resolve disagreement: Macaulay v. Grater (Royal Ct.), 2003–04 GLR 15

security interests. See SECURITY INTERESTS (Priority—competing equitable interests)

unofficial freezing of accounts. See CRIMINAL PROCEDURE (Proceeds of criminal conduct—freezing of assets)

Assignment of funds. See Accounts—assignment

Banker and customer

confidential information

court’s discretion to order Norwich Pharmacal disclosure against bank to be exercised cautiously—bank frequently innocent third party being ordered to breach duty of strict confidentiality to customer by disclosure of information: Systems Design Ltd. v. Equatorial Guinea (President) (C.A.), 2005–06 GLR 65

improper for bank to respond to Norwich Pharmacal order by disclosing confidential information about customer’s dealings and contacts—may be obtained obliquely by order against customer (who may need to consult bank), with strict concealment of identity of contacts to prevent prejudice and possible victimization—distinct from obligation to report suspicions under Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law 1999: Garnet Invs. Ltd. v. BNP Paribas (Suisse) S.A. (Royal Ct.), 2007–08 GLR 73

Banker’s negligence

cause of action

availability in Guernsey of cause of action in either contract or tort for professional negligence, based on proximate relationship between parties, precludes reliance on French doctrine of non-cumul to bar action in tort arising out of contractual relationship: Yaddehige v. Credit Suisse Trust Ltd. (Royal Ct.), 2007–08 GLR N [4]

Confidential information. See Banker and customer—confidential information

Costs. See Interpleader relief—costs

Freezing of assets. See CRIMINAL PROCEDURE (Proceeds of criminal conduct—freezing of assets), (Proceeds of criminal conduct—money laundering)

Interpleader relief

costs

general rule that bank interpleading entitled to recover costs from disputed funds in account, but court has discretion to allow—may be allowed after interpleader commences, e.g. costs of making inquiries required by court or attending hearings—decision on costs before interpleader commences may be deferred until case resolved if then clear whether recoverable from disputed funds or bank’s own liability: Shaham v. Lloyds TSB Offshore Treasury Ltd. (Royal Ct.), 2005–06 GLR 285

Joint account authority. See Accounts—joint accounts

Law applicable

English banking principles

as Guernsey’s banking system developed on English banking principles, Guernsey courts to have regard to them in comparable matters: Macaulay v. Grater (Royal Ct.), 2003–04 GLR 15

Professional negligence. See Banker’s negligence

Severance. See Accounts—joint accounts

Signatories. See Accounts—joint accounts

Sole depositors. See Accounts—joint accounts

Survivorship. See Accounts—joint accounts