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Combination of accounts: Difference between revisions
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===Multiple currencies=== | ===Multiple 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> In the same vein but — we are obliged to note, with about as much credibility — the editor of ''Ellinger’s Modern Banking Law'' muses: | 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> In the same vein but — we are obliged to note, with about as much credibility — the editor of ''Ellinger’s Modern Banking Law'' muses: | ||
{{quote|“There is some uncertainty whether a bank may combine accounts held | {{quote|“There is some uncertainty whether a bank may combine accounts held within the same jurisdiction but in different currencies, or accounts held at branches in different jurisdictions. There seems no reason why accounts held 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.”<ref>''Ellinger’s Modern Banking Law'' 5th ed., OUP, 1 Jun. 2010.</ref>}} | ||
This strikes us as rather a weak appeal to common sense, especially if one regards combination of accounts as at least ''analogous'' to [[common law]] [[set-off]] — even if not actually an ''application'' of it — since set-off generally ''does'' require mutuality of currency. But anyway. | This strikes us as rather a weak appeal to common sense, especially if one regards combination of accounts as at least ''analogous'' to [[common law]] [[set-off]] — even if not actually an ''application'' of it — since set-off generally ''does'' require mutuality of currency. But anyway. | ||