Collas Crill Explains…Taking Security Over A Guernsey Bank Account

This is part of a series of guides in which we examine areas of Guernsey law that frequently arise in practice. Further guides will be released weekly; click here to subscribe to receive these by email.

Where a company borrows money or participates in a group financing, the lender's security package will frequently involve taking security over such company's Guernsey bank account.

This guide outlines the key things you need to know about giving and taking security over a Guernsey bank account.

Words in bold text are defined at the end of this guide.

Preliminary steps

A security taker should take the following preliminary steps before taking security over a secured account: