Barbados Trust Company Ltd v Bank of Zambia & Anor [2006] EWHC 222 (Comm) (22 February 2006)

Barbados Trust Company Ltd v Bank of Zambia & Anor [2006] EWHC 222 (Comm) (22 February 2006)

The assignment from Masstock to Bank of America N. A. was effective upon deemed consent of Bank of Zambia, but the Declaration of Trust in favour of the Claimant could not override the Facility's non-assignment clause, and thus the Claimant could not claim the Asset directly from Bank of Zambia.

Citation
[2006] EWHC 222 (Comm)
Parties
Claimant: Barbados Trust Company Ltd (Formerly known as CI Trustees (Asia Pacific) Limited); First Defendant: Bank of Zambia; Second Defendant: Bank of America N. A.
Jurisdiction
England and Wales
Judgment Date
22 February 2006
Procedural Posture
Commercial Claim (debt Recovery) / High Court Judgment
Outcome
Claim dismissed
Legal Topics
Assignment of Contractual Rights, Declarations of Trust, Non Assignment Clauses, Privity of Contract, Banking Facility Agreements
Contract Law Banking and Finance Trusts and Equity Assignment of Contractual Rights Declarations of Trust Non Assignment Clauses Privity of Contract Banking Facility Agreements

Case Brief

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Parties

Barbados Trust Company Ltd (Formerly known as CI Trustees (Asia Pacific) Limited)

Claimant

Bank of Zambia

First Defendant

Bank of America N. A.

Second Defendant

Procedural Posture

Commercial Claim (debt Recovery) / High Court Judgment

Legal Issues

  1. 1 Whether the assignment from Masstock to Bank of America N. A. was effective to transfer the right to claim the Asset under the Facility.
  2. 2 Whether the Declaration of Trust by Bank of America N. A. in favour of the Claimant entitled the Claimant to claim the Asset from Bank of Zambia despite non-assignment provisions.

Ratio Decidendi

The assignment from Masstock to Bank of America N. A. was effective upon deemed consent of Bank of Zambia, but the Declaration of Trust in favour of the Claimant could not override the Facility's non-assignment clause, and thus the Claimant could not claim the Asset directly from Bank of Zambia.

Court Disposition

Claim dismissed

Orders

  • The claim is dismissed.