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Account control agreement: Difference between revisions
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{{a|gmslaanat| | |||
[[File:Triparty Diagram.png|500px]] | |||
also known as a [[tri-party collateral arrangement]]; an arrangement wherein a debtor [[pledge]]s collateral to a [[custodian]] to hold it for that [[pledgor]], but subject to a security in favour of a [[pledgee]]. The agreement generally provides that neither party may instruct the custodian to do anything with the asset without the other's consent, except in the direst of circumstances. | also known as a [[tri-party collateral arrangement]]; an arrangement wherein a debtor [[pledge]]s collateral to a [[custodian]] to hold it for that [[pledgor]], but subject to a security in favour of a [[pledgee]]. The agreement generally provides that neither party may instruct the custodian to do anything with the asset without the other's consent, except in the direst of circumstances. | ||
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***[[Pledgee]] would have exactly the same liability if it held the [[collateral]] itself as [[Custodian]] and didn’t return it when [[Pledgor]] was entitled to it. | ***[[Pledgee]] would have exactly the same liability if it held the [[collateral]] itself as [[Custodian]] and didn’t return it when [[Pledgor]] was entitled to it. | ||
{{seealso}} | |||
*[[Custodian]] | *[[Custodian]] | ||
*[[Indemnity]] | *[[Indemnity]] | ||
*[[Pledge]] | *[[Pledge]] | ||
*[[Security]] | *[[Security]] | ||