Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Money definition

What does Money mean? In legal practice, money refers to the generally accepted means of payment used to discharge monetary obligations, pay for goods and services, and satisfy judgments. It ordinarily includes cash (banknotes and coins, typically sterling in the UK and euro in Ireland) and sums standing to the credit of a bank account transferable by cheque or electronic transfer; it can also include foreign currency if agreed. The term is descriptive rather than strictly defined, though related concepts are defined in legislation. 'Legal tender' identifies what must be accepted in settlement of a debt: in England and Wales, Bank of England notes...

Marshalling between secured creditors: principles, requirements, limits and insolvency applications, including guarantor exception, agricultural charges and subrogation-based relief

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes

What is marshalling?

In Re Bank of Credit and Commerce International SA (No 8) (at [231]–[232]), Lord Hoffman characterised marshalling as an equitable device for resolving competing claims between two or more creditors of the same debtor. Where one creditor can resort to more than one security or fund, and another has access to only a single security, the latter gains an Equity to insist that the former looks, as far as practicable, to the security or fund that is not available to the latter, or is treated as having done so...

By way of illustration, suppose C1 and C2 are each owed £1m by a common debtor, D. To secure C1’s £1m, D grants C1 charges over two assets—Blackacre and Whiteacre—each worth £1m. C2’s protection, however, is limited to a charge over Whiteacre alone. If C1 satisfies its claim out of Blackacre, C2 can then take the benefit of its charge over Whiteacre...

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Web page updated on 21/05/2026

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