Clarifications on Loan Agreements
Dear Bank of England,
1. Is it true that a BGC once endorsed is a valid negotiable instrument and therefore valid payment method to discharge an alleged debt?
2. When an 'agreement’ is accepted by a borrower and it is accepted by a bank, does that create a trust?
3. If a trust has been created by an autograph/agreement to contract, what are the roles (fiduciary duties) of the ‘the bank’ and the borrower within this trust? i.e. Trustee/Settlor/Beneficiary
4. In transactions, is it not the case that the bank is acting in the capacity of a “Trustee”?
5. Does the bank hold legal title? If not, who does?
6. Who holds "Equitable" title?
7. Is an agreement when signed or agreed to by a borrower, a financial instrument?
8. Can a financial instrument be securitized?
9. What creates the "source" of the funds the bank claims it lends?
10. When the bank accepts a contract/agreement, does the bank monetise this instrument, creating a credit on account which it then uses to fund the credit/loan to the applicant?
Yours faithfully,
Gary
Dear Gary
We acknowledge receipt of your email dated 9 September below (our ref: CAS-50756-Q2B8Z1).
We will reply in due course.
Yours sincerely
Information Access Team
Bank of England
Threadneedle Street, London EC2R 8AH
+44 20 3461 4878
Dear Gary
Please find attached response to your email dated 9 September below.
Yours sincerely
Information Access Team
Bank of England
Threadneedle Street, London EC2R 8AH
+44 20 3461 4878
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