Charges Over Bank Accounts in English Law

Abstract

In this article, the author examines the English rules on charges over bank accounts. This article finds that: (i) under English law there were certain conceptual difficulties with regard to charges over bank accounts; (ii) it is unclear whether bank accounts are treated as book debts; (iii) a fixed charge over bank accounts constitutes a security financial collateral arrangement and exempts from registration; and (iv) a fixed charge over future book debts requires control over the proceeds deposited in the bank account and over the uncollected book debts.