Template:Combination of accounts capsule: Difference between revisions
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:“Nor is it a [[set-off]] situation, which postulates mutual but independent obligations between the two parties. It is an ''accounting'' situation, in which the existence and amount of one party’s liability to the other can only be ascertained by discovering the ultimate balance of their mutual dealing.” | :“Nor is it a [[set-off]] situation, which postulates mutual but independent obligations between the two parties. It is an ''accounting'' situation, in which the existence and amount of one party’s liability to the other can only be ascertained by discovering the ultimate balance of their mutual dealing.” | ||
Combination of accounts is arguably available in any situation where one party has multiple accounts with another in one currency. Some questions arise when they are in different currencies | Combination of accounts is arguably available in any situation where one party has multiple accounts with another in one currency. Some questions arise when they are in different currencies<ref>See also {{cite|Fearns|Anglo-Dutch Paint and Chemical Company Limited|2010|EWHC|2366}}.</ref> though the Judicial Committee of the Wikipedia Division of the High Court feels confident you can combine accounts across currencies, even if there isn’t any actual authority for the proposition.<ref>quoth Wikieditor J: “Although it has not been finally determined by case law, most commentators accept that accounts in different currencies may be combined, as may accounts in different countries (so long as the governing law in each country permits such combination).”<ref>Ellinger’s Modern Banking Law muses, “There is some uncertainty whether a bank may combine accounts heldf wiin the same jurisdiction but in different currencies, or accounts held at branches in different jurisdictions. There seems no reason why accounts heldf in different currencies should not be combined. The mere fact that the customer has elected to hold accounts in different currencies does not evidence an implied intention to keep those accounts separate and immune from combination.” This strikes us as rather a weak appeal to common sense, especially if one regards combination of accounts as analogous to common law [[set-off]], which generally ''does'' require mutuality of currency. But anyway. </ref> | ||