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Taking security in relation to e-money and e-money accounts

October 2023

This article first appeared in Thomson Reuters Practical Law, Oct 2023 

Key takeaways:

  • security can be taken over e-money and e-money accounts
  • e-money accounts cannot be blocked in the same way that traditional bank accounts can 
  • it is not possible to take security over an EMIs safeguarding account/s
  • it is possible to take a floating charge over the proceeds of the e-money
  • it is theoretically possibly to take a fixed charge over the proceeds of the e-money, but the requirements are untested
  • “traditional” security documents and notices require some tailoring 
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Taking security in relation to e-money and e-money accounts
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Authors

Portrait ofFiona Henderson
Fiona Henderson
Partner
Aberdeen
Portrait ofKerry Langton
Kerry Langton
Partner
London
Portrait ofJulian Turner
Julian Turner
Consultant
London
Portrait ofJames Dickie
James Dickie
Partner
London
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