Sherman Law Liberia

Contact Information

Liberia Address

R. Fole Sherman Law Building
17th Street & Chessman Avenue
PO Box 10-3218
1000 Monrovia 10
Sinkor, Monrovia, Liberia

Communicating with Sherman & Sherman
Website: www.shermalawliberia.com
Telephones
+231 777-552-946 – Roberta Parker
+231 886-552-946 – Roberta Parker
+231 5-552-946 -      Roberta Parker
+231 886-514-581 -  Samuel Brown
+231 777-514-581 – Samuel Brown
+231 5-514-581 -      Samuel Brown

Telefax
+ 231 77-059-632

Email Addresses
shermlawrl2@yahoo.com
shermanlawliberia@gmail.com
shermanlaw@shermanlawliberia.com
Note: The Yahoo! and Gmail addresses are preferred.


US Contact Address
11803 Backus Drive
Bowie, MD 20720-4464

US Telephones and Fax
+1 301-352-5476 (Phone)
+1 301- 412-4104 (Mobile)
+1 301-352-9657 (Fax)

 

Firm's News & Events

Banking Law Practice Area

After its establishment in 1989, Sherman & Sherman had one bank, Citibank, N.A., as a retained client; but before founding Sherman & Sherman, Counselor H. Varney G. Sherman had served as retained legal counsel for Chase Manhattan Bank, Bank of Credit & Commercial International, the Liberian Trading and Development Bank and the National Bank of Liberia (now Central Bank of Liberia). In the third year of its existence, Sherman & Sherman was retained counsel for the Liberian Trading and Development Bank and Meridien Bank Liberia Limited; and in the seventh year of its existence, Sherman & Sherman became retained counsel for the International Trust Company of Liberia (now International Bank Liberia Limited). 

Of all of the banks named above, only the International Bank Liberia Limited is still doing business in Liberia; but of significance is that Sherman & Sherman managed the cessation of the business of Citibank, N.A. in Liberia by obtaining the approval of the National Bank of Liberia (now Central Bank of Liberia) and managing the claims against Citibank by its depositors and other creditors. Counselor Sherman also personally served as Citibank's General Agent for three years (1992 - 1995) to orderly liquidate its affairs in Liberia, particularly disposing of Citibank's assets and recovering it's financial facilities it granted to customers. 

In December, 2005 Global Bank Liberia Limited retained the services of Sherman & Sherman under a multi-year retainer agreement; since then Sherman & Sherman has managed the acquisition of Global Bank Liberia Limited by Bank PHB of Nigeria. Also, Ecobank Liberia Limited and Guaranty Trust Bank Liberia Limited have also retained Sherman & Sherman on multii-year retainers. This brings to 3 of the 7 commercial banks in Liberia, which are clients of Sherman & Sherman. 

Two bodies of law (the Financial Institutions Act and the Central Bank of Liberia Act) govern financial institutions in Liberia. Sherman & Sherman has extensive knowledge of these laws and experience with implementing these laws in terms of the regulatory framework and requirements for establishment of a financial institution in Liberia and managing a financial institution in Liberia. Sherman & Sherman also has extensive experience in preparing and drafting credit documentation, especially principal loan agreements and collateral security agreements; and Sherman & Sherman often times finds itself in courts enforcing the terms of credit documentations against defaulters.

Over the years, for its bank clients, Sherman & Sherman developed a process for the periodic legal audit of credit documentation and presentation of a report to the client. Credit documentation review, as this process is called, entails the review of principal loan and collateral security agreements to ensure compliance with requirements of law and regulations of the Central Bank of Liberia and to determine the sufficiency of the collateral as security for the loan. The binding effect and enforceability of the documents are also investigated. And when necessary, the client is advised to have the borrower execute new agreement or the client should call on the loan.

Sherman & Sherman's experience in the field of banking law has also involved drafting of bridge financing agreements, usually used in transactions where the borrower, e.g. the Liberian Government or a non-governmental organization, is expecting a grant, but has immediate use for the proceeds of the grant before it is disbursed by the grantor. Under such agreements, the grantor then disburses directly to the bank, not the borrower. 

Sherman & Sherman has also had experience in reviewing and certifying compliance with Liberian law, binding effect and enforceability under Liberian law of financing agreements, under which a consortium of banks provide credit facilities to a group or family of companies, one or more of which are organized under Liberian law but do business outside of Liberia. These financiers are usually concerned that the financing agreements are binding under Liberian law and that foreign judgments obtained under the terms of these agreements will be honored by Liberian courts and/or otherwise enforced under Liberian law. 

Sherman & Sherman also normally makes representations to the Central Bank of Liberia on claims made by the Central Bank of Liberia in respect of alleged violation of its regulations or any statutory provision by any of Sherman & Sherman bank clients. So Sherman & Sherman has experience dealing with the Central Bank of Liberia on behalf of bank clients.

Of course, these services in the field of banking law to its bank clients are in addition to other consultancy and representation services Sherman & Sherman provides to these clients.
 

20th Anniversary of Sherman & Sherman 2009

Attorney-Client Relationship 20th Anniversary 2009

Attorney-Client Relationship 20th Anniversary 2011 and Paegar as Managing Director 10th Anniversary 2011

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