Mourant Ozannes produces market-standard security agreement for JBA

Mourant Ozannes has produced the market-standard security agreement for the Jersey Bankers Association (JBA) on a pro-bono basis.

Local banks can use the new JBA documentation to save time and expense when lending to clients on a secured basis from 2 January 2014, the date Jersey’s new security regime comes into force.

Richard Ingle, president of the Jersey Bankers Association said: ‘The JBA precedent will help to provide a much greater uniformity of approach than would have otherwise been the case.’

He added: ‘We can now expect a more common market practice with much less incidence of error as result of the precedent.’