Stuff you should know: Difference between revisions
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Amwelladmin (talk | contribs) m Amwelladmin moved page Legal concepts all bankers should know to Stuff you should know |
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Revision as of 10:09, 29 September 2020
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In a desperate attempt to stop salespeople going, “hey legal eagles, can you read this email for me”, and to counterpoint lackadaisical credit officers saying, “the question of whether we have credit risk to that bank account is a legal question on which I can’t opine”[1] we are running a snagging list of legal concepts no banker in her right mind should be able to plead ignorance.
Stuff you should know, banker’s edition, then:
- How agency works and why you can’t be agent for yourself
- The nature of cash and indebtedness
- Offer, acceptance and consideration
- How set-off works, and more particularly, when it doesn’t. Why you can’t set off debts owed by different counterparties.
- The difference between title transfer and pledge.
See also
Derivatives as explained to my neighbour Phil
References
- ↑ Real-life quote, by the way, from a managing director in a global investment bank, to which the retort should have been, but I regret to say was not, “pal, if you are really saying you don’t know that, you need to get your coat”