Personal bond meaning

In this issue: Property (Digital Assets etc) Act 2025 Lending Aviation finance Shipping finance Real estate property Sustainable finance Derivatives Regulation for derivatives Regulation for banking lawyers New and updated content Useful information Property (Digital Assets etc) Act 2025 Property (Digital Assets etc) Act 2025 comes into force The Act clarifies which things can be recognised as objects of personal property rights, ensuring they are not excluded from such treatment. It took effect on 2 December 2025. Source: Property (Digital Assets etc) Act 2025. Lending LMA publishes note clarifying deed requirements and intercreditor documentation The Loan Market Association (LMA) has assessed the impact of obiter observations in Macdonald Hotels v Bank of Scotland [2025] EWHC 32 (Comm), which raised doubt over whether a particular testimonium clause—akin to those in the LMA’s recommended intercreditor agreements—sufficiently demonstrates, on the face of the document, an intention for it to take effect as...

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In this issue: Lending Sustainable finance Debt capital markets Derivatives Regulation for derivatives lawyers Daily and weekly news alerts New and updated content Useful information Lending Email correspondence can give rise to waiver of facility agreement (Little v Olympian Homes Ltd) This matter concerned two bids to set aside statutory demands that arose from personal guarantees linked to a facility agreement. The principal sum was settled late, prompting the lender to issue statutory demands for default interest due under that agreement. The applicants maintained that the lender had surrendered its right to contractual interest via email correspondence (contractual waiver) or, in the alternative, through its conduct (waiver estoppel). The court made it plain that the applicants could not rely on any suggestion of an oral waiver of the facility agreement’s terms, because the agreement expressly stipulated that any contractual waiver must be in writing...

A glossary of frequently used terms and phrases in Scottish Private Client law, with the closest England and Wales equivalents (where applicable) and links to helpful websites Ab intestato Meaning From someone who dies without a will; describes property taken under the laws of intestate succession. Nearest English equivalent None Action of specific implement Meaning A court action seeking an order compelling a party to carry out a particular act. In Scotland there is no division between equitable and legal remedies, unlike England and Wales. Nearest English equivalent Specific performance (an equitable remedy for breach of contract that can be ordered alongside, or in place of, damages) Advance notice Meaning An entry in the relevant property register that protects the grantee of a deed intended for registration in the Land Register of Scotland. The protected period of 35 days begins on the day after registration....

The Offshore bonds and other foreign policies Practice Note sets out what constitutes an offshore bond and a foreign policy, and outlines the potential tax liabilities. It also focuses on several niche topics: cluster policies (also called segmented policies), personal portfolio bonds (PPBs), the treatment of certain legacy policies, and how the foreign policy regime dovetails with the remittance basis and temporary non-residence provisions... Cluster (or segmented) policies In place of one insurance contract, certain providers supply a bundle of policies to a holder—commonly called a ‘cluster’ or ‘umbrella’ of smaller segments. Each policy, or segment, stands as a separate insurance contract. At inception every segment is the same. They may carry an identical base number with a suffix; for example, XP234567/1–100, where 1–100 denote the discrete segments. A single policy document may cover the whole cluster. UK insurers generally can offer clustered arrangements, and offshore bonds are often marketed in this way, though not every product has this feature...

Traditionally, parties have tended to pursue litigation instead of opting for the less adversarial avenues of alternative dispute resolution (ADR). A trust, which imposes binding equitable duties on trustees that beneficiaries can enforce, is founded upon a fundamentally personal connection. When conflict arises, that personal bond can come under scrutiny for multiple reasons, including arguments over the trust’s validity or allegations of poor administration by the trustees. Clashes between trustees and beneficiaries can be distressing and often cast a shadow over any prospect of a constructive relationship going forward. While some matters can only be settled through the courts, judges generally anticipate that the parties will first attempt to settle their differences by alternative methods. In contentious estate issues, as with many trust quarrels, there is commonly a personal link between the individuals and psychological elements at play, such as the impact of the grieving process on decision-making. The Civil Procedure Rules 1998 (CPR), together with their Practice Directions, set out a framework encouraging the parties to behave reasonably when...