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22 Oct 2019

Who is the Noteholder? Confusion between the law and practice

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“Who is a noteholder?” should be, but is not always, an easy question to answer and can cause complications for a note trustee with fiduciary duties to perform.

In this article we discuss recent case law which has applied the “no look through principle” to the definition of Noteholder, as well as discussing the recent Law Commission’s call to evidence which invites the views of individual investors, institutions and experts on how well the system of intermediated securities works and what can be done to improve it.

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