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Account control agreement: Difference between revisions
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{{a| | {{a|security | ||
===[[ | |[[File:Triparty Diagram.png|center|450px]]}}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. | ||
==[[Indemnity]] corner== | |||
===[[Joint and several]] [[indemnity]]=== | |||
{{joint and several indemnity capsule}} | |||
===Indemnity before action=== | |||
Even in those dark days the custodian will be reluctant to do anything and may ask for an {{tag|indemnity}}. Why would you indemnify the [[Custodian]] for actions it takes under an [[account control agreement]]? | Even in those dark days the custodian will be reluctant to do anything and may ask for an {{tag|indemnity}}. Why would you indemnify the [[Custodian]] for actions it takes under an [[account control agreement]]? | ||
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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. | ||
{{ | {{sa}} | ||
*[[Custodian]] | *[[Custodian]] | ||
*[[Indemnity]] | *[[Indemnity]] | ||
*[[Pledge]] | *[[Pledge]] | ||
*[[Security]] | *[[Security]] | ||