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Banker Beware - Joint Operating Agreements and Trust Funds
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Date: September 27 2007 |
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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.
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