opes had no right to assign

  1. 1,018 Posts.
    This is all IMHO, only for discussion purposes.

    The assignment clause in the FSG says no once can assign their rights, etc under the agreement without prior written consent.

    Now, the question is, once title passed to opes (supposedly via the MSLA), it in turn assigned these to the banks to secure funding.

    If this is the case, Opes had to write to every single client to get their consent in order to arrange bank finance. Opes did not do that, hence it did not have the capacity to enter into a contract with its bankers by assigning the securities.

    This is my reading of the situation...any legal eagles care to comment?
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