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Banker Beware - Joint Operating Agreements And Trust Funds.

Publication: Mondaq Business Briefing
Publication Date: 04-OCT-07 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Bankers to the oil and gas industry should be wary of applying customer's funds held in accounts with the bank against obligations owed to the bank where the customer is known to be an "Operator" under a Joint Operating Agreement and where the possibility exists that those funds are impressed with a trust in favour of non-operators.

Funds Held By An Operator Are Trust Funds

In Bank of Nova Scotia v. Societe General (Canada) (1988) 87 A.R. 133, the Court of Appeal of Alberta considered the nature of the relationship between an operator of certain oil and gas properties and...

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