Barbados Trust Company Ltd v Bank of Zambia & Anor

Barbados Trust Company Ltd v Bank of Zambia & Anor

The assignment from Masstock to Bank of America N. A. was effective upon deemed consent by Bank of Zambia, but the Declaration of Trust in favour of the Claimant cannot override the express prohibition in Article 12.01(A) against assignment to non-banks or financial institutions; thus, the Claimant cannot claim the Asset directly from Bank of Zambia.

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 / Final Judgment
Outcome
Claim dismissed
Legal Topics
Assignment of Contractual Rights, Declarations of Trust, Non Assignment Clauses, Privity of Contract, Estoppel
Contract Law Trusts Law Banking Law Assignment of Contractual Rights Declarations of Trust Non Assignment Clauses Privity of Contract Estoppel

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 6 Authorities cited 16 Party arguments 2 Amounts and remedies 2
Sign in to unlock

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 / Final Judgment

Legal Issues

  1. 1 Whether the assignment from Masstock to Bank of America N. A. was effective to pass the legal and beneficial interest in the Asset under the Facility
  2. 2 Whether the Declaration of Trust by Bank of America N. A. in favour of the Claimant entitles the Claimant to claim the Asset from Bank of Zambia

Ratio Decidendi

The assignment from Masstock to Bank of America N. A. was effective upon deemed consent by Bank of Zambia, but the Declaration of Trust in favour of the Claimant cannot override the express prohibition in Article 12.01(A) against assignment to non-banks or financial institutions; thus, the Claimant cannot claim the Asset directly from Bank of Zambia.

Court Disposition

Claim dismissed

Orders

  • The claim by Barbados Trust Company Ltd is dismissed.