Category: Banking

Mahonia Ltd v JP Morgan Chase Bank: ComC 30 Jul 2003

Enforceability of documentary credits – strike out of defence refused.

Judges:

Colman J

Citations:

[2003] EWHC 1927 (Comm), [2003] 2 Lloyds Rep 911

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

See also – Mahonia Limited v JP Morgan Chase Bankwest Lb Ag QBD 3-Aug-2004
The Claimant claimed on a letter of credit issued by the Defendant on behalf of Enron Ltd, who asserted it was not liable to pay there having been unlawful behaviour by Enron Ltd. Swap agreements had been entered into, and the defendant said the . .
Cited – Pearce v Brooks 1866
The contract was for the hire of an ornamental brougham to a prostitute which was supplied with knowledge that it would be used ‘as part of her display’. She returned it in a damaged condition, and refused to make any payments under the contract as . .

Cited by:

See also – Mahonia Limited v JP Morgan Chase Bankwest Lb Ag QBD 3-Aug-2004
The Claimant claimed on a letter of credit issued by the Defendant on behalf of Enron Ltd, who asserted it was not liable to pay there having been unlawful behaviour by Enron Ltd. Swap agreements had been entered into, and the defendant said the . .
Lists of cited by and citing cases may be incomplete.

Banking

Updated: 07 June 2022; Ref: scu.185385

Linklaters (A Firm) v HSBC Bank Plc and and Banco Popular Espanol: ComC 22 May 2003

A stolen cheque was endorsed in blank, and paid through an account opened for that purpose. It had been crossed ‘A/C PAYEE ONLY’ The cheques was paid in, and the money authorised for payment by HSBC. The banks had to apportion responsibility. The paying bank (HSBC) sought to apply Middle Temple, making the collecting bank (BPE) entirely responsible.
Held: HSBC was entitled to the indemnity sought from the collecting bank. HSBC was entitled to an indemnity or damages for breach of warranty as a matter of law, irrespective of whether either HSBC or BPE acted ‘without negligence’ for the purpose of s.4 of the 1957 Act or s.80 of 1882 Act.

Judges:

The Honourable Mr Justice Gross

Citations:

[2003] ESHC 1113 (Comm), Gazette 03-Jul-2003

Links:

Bailii

Statutes:

Bills of Exchange Act 1882 80, Cheques Act 1957 4

Jurisdiction:

England and Wales

Citing:

Approved – The Honourable Society of the Middle Temple v Lloyds Bank plc and Another QBD 8-Feb-1999
Where a cheque marked ‘a/c payee only’ had been stolen, and an English clearing bank collected it as agent for a foreign bank not acting for the payee, that bank was liable for the misrepresentation involved in the presentation. Where a bank asks . .
Lists of cited by and citing cases may be incomplete.

Banking

Updated: 07 June 2022; Ref: scu.182609

Kensington International Ltd v Republic of the Congo: CA 13 May 2003

The claimant had obtained judgment against the defendant for US$60m, and had sought a Mareva injunction against the defendant republic’s assets and against the assets of companies through which it operated in the UK. The claimant now appealed against the refusal of the court to hear their application ex parte.
Held: The appeal failed: ‘This is not the original creditor pursuing his debtor immediately on the failure to pay. This is an old debt assigned, where difficulties with enforcement were well understood and had been well understood for many years and where, as the history demonstrated, the Congo had been taking the steps which I have previously described; in some cases, as I understand the judgment of Tomlinson J, with the approval of certain of the bank creditors who were parties to the original loan agreements’, and as an appellate court it could not fault the decision of the judge on the material before him.

Judges:

Waller LJ, Kay LJ

Citations:

[2003] EWCA Civ 709

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

Appeal from – Kensington International Ltd v Republic of The Congo ComC 16-Apr-2003
. .

Cited by:

See Also – Kensington International Ltd v Republic of the Congo; Glencore Energy UK Limited, Sphynx UK Limited, Sphynx (BDA) Limited, Africa Oil and Gas Corporation, Cotrade SA (Third Parties) ComC 28-Nov-2005
The claimant had taken an assignment of debts owed by the defendant, and obtained judgment in US$121m. They sought to enforce the judgment and obtained third party debt orders against the parties listed.
Held: Officers in the third party . .
See Also – Kensington International Ltd and Another v Republic Of the Congo ComC 26-May-2006
. .
See Also – Kensington International Ltd v Republic of Congo and Another ComC 20-Jul-2006
The claimant sought leave to cross examine an officer of the defendant in connection with his affidavit sworn in search order proceedings. The case had a history of deceit and dishonest oral evidence.
Held: Though such an order would be . .
See Also – Kensington International Ltd v Republic of the Congo ComC 13-Jul-2007
. .
See Also – Kensington International Ltd v Republic of Congo CA 7-Nov-2007
The defendants appealed against orders requiring them to disclose documents in an action regarding the payment of bribes, saying that the requirement effectively required them to incriminate themselves.
Held: The appeal failed. The public . .
Lists of cited by and citing cases may be incomplete.

Banking

Updated: 07 June 2022; Ref: scu.182589

Chater v Mortgage Agency Services Number Two Ltd: CA 3 Apr 2003

The plaintiff mortgagee had had his warrant for possession executed. He now appealed against an order re-instating the mortgagor to possession.
Held: The wife had been unaware of the charge, and had not been made party to the proceedings. Nevertheless, the judgment was properly obtained, and the judge had no power to re-instate the claimant. Appeal allowed.

Citations:

[2003] EWCA Civ 490

Links:

Bailii

Statutes:

Administration of Justice Act 1970 36(2)

Jurisdiction:

England and Wales

Citing:

Cited – Cheltenham and Gloucester Building Society v Obi 1996
Once a warrant for possession has been executed, the statutory jurisdiction to re-instate a mortgagor is no longer exercisable. The court’s own inherent jurisdiction is exercisable only if either the judgment on which the warrant is based is set . .
Cited – Peabody Donation Fund v Hay CA 1986
After a warrant for possession has been executed, the court’s inherent jurisdiction to re-instate a tenant is available only where the original judgment is set aside or there is shown to have been some abuse of process in the obtaining of the . .
Cited – Hammersmith and Fulham London Borough Council v Hill CA 25-Apr-1994
A possession warrant issued under a secure tenancy of a dwelling-house may not be set aside after its execution, unless the possession order itself was set aside for example as having been obtained by fraud. If a possession order has been made, . .

Cited by:

Cited – Cheltenham and Gloucester Building Society v Obi 1996
Once a warrant for possession has been executed, the statutory jurisdiction to re-instate a mortgagor is no longer exercisable. The court’s own inherent jurisdiction is exercisable only if either the judgment on which the warrant is based is set . .
Lists of cited by and citing cases may be incomplete.

Land, Banking

Updated: 07 June 2022; Ref: scu.181165

Commission v Germany C-209/00: ECJ 12 Dec 2002

ECJ Judgment – Failure by a Member State to fulfil its obligations – Measure implemented by the Federal Republic of Germany for the bank Westdeutsche Landesbank Girozentrale (WestLB) – Merger of the Wohnungsbauforderungsanstalt des Landes Nordrhein-Westfalen (WfA) with WestLB – Resulting increase in own funds of WestLB – Remuneration of the Land as sole shareholder in WfA – Commission Decision 2000/392/EC – Obligation to recover the illegal State aid – Failure to implement

Citations:

[2002] EUECJ C-209/00

Links:

Bailii

Jurisdiction:

European

Banking

Updated: 06 June 2022; Ref: scu.178715

Lloyds TSB Bank Plc v Hayward: CA 12 Dec 2002

The parties disputed, inter alia, what had been agreed at a meeting. A note, prepared after the meeting, was claimed to record it. The judge had declined to make a finding in relation to the date when a note had been written, saying only that, since he regarded the date when, and the circumstances in which, it came to be made as wholly uncertain, the note was of no help to him in deciding what had been agreed at the meeting.
Held: The court remitted the case for rehearing. The judge was in error. He should have made a finding. Jonathan Parker LJ: the judge should have tackled the issue of the note ‘head on’ and have made a finding about it.

Judges:

Lord Justice Jonathan Parker The President Lord Justice Thorpe

Citations:

[2002] EWCA Civ 1813

Links:

Bailii

Jurisdiction:

England and Wales

Cited by:

Cited – Stephens and Another v Cannon and Another CA 14-Mar-2005
The claimants had purchased land from the defendants. The contract was conditional on a development which did not take place. The master had been presented with very different valuations of the property.
Held: The master was not entitled to . .
See Also – Lloyds TSB Bank Plc v Hayward CA 27-Apr-2005
Validity of guarantee and effectiveness of release. . .
Lists of cited by and citing cases may be incomplete.

Banking

Updated: 06 June 2022; Ref: scu.178561

Household Mortgage Corporation plc v Whitehead and Another: CA 14 Nov 2002

The mortgage lender had proved in the voluntary arrangement as an unsecured creditor. It had valued the security as less than the debt, and accepted a dividend on the portion remaining unsecured. It now sought to enforce the security. It was argued that it had compromised its entire claim.
Held: The lender had compromised its claim for that part of the debt which was unsecured, but that did not affect its ability to claim the rest under the security. The rules made provision for this, for bankruptcy but did not apply directly to a voluntary arrangement. However the court should be slow to create different conditions for arrangements. Absent an express term in an IVA, the court should be slow to imply a term that, by participating in and accepting payment of a dividend, a secured creditor had agreed to treat part of his debt as unsecured.

Judges:

Chadwick, Sedley, Scott-Baker LJJ

Citations:

Times 29-Nov-2002, Gazette 30-Jan-2003, [2002] EWCA Civ 1657, [2003] 1 WLR 1173, [2003] 2 FCR 369, [2003] 1 All ER 319, [2003] 6 BPIR 1482, [2003] 1 All ER (Comm) 263

Links:

Bailii

Statutes:

Insolvency Rules 1986 (1986 No 1925) Part 6 Chapter 9

Jurisdiction:

England and Wales

Citing:

Application for leave – Whitehead and Another v Household Mortgage Corporation Plc CA 27-May-2002
Renewed application for leave to appeal. . .

Cited by:

Cited – Webb v Macdonald and Another ChD 29-Jan-2010
Defendant barrister and solicitors applied to have the claims against them for professional negligence struck out. They had advised on a settlement of a dispute, which settlement the claimant now said was negligently wrong.
Held: The advice . .
Lists of cited by and citing cases may be incomplete.

Insolvency, Banking

Updated: 06 June 2022; Ref: scu.178269

John v Lewellin: 1811

Though an instrument comes out of the possession of the adverse party in consequence of a notice to produce it, if it has been executed in the presence of a subscribing witness, he must be called to prove the execution of it

Citations:

[1811] EngR 46, (1806, 1807, 1811) 6 Esp 101, (1811) 170 ER 843 (A)

Links:

Commonlii

Jurisdiction:

England and Wales

Banking

Updated: 06 June 2022; Ref: scu.339130

Lloyds TSB Bank plc v Clarke (Liquidator of Socimer International Bank Limited) and Chase Manhattan Bank Luxembourg S A: PC 29 May 2002

PC (Bahamas) The Board was asked whether a sub-participation agreement, entered into between two banks in respect of part of a eurobond issue, conferred upon the sub-participating bank any proprietary interest in the underlying bonds or their proceeds.
PC Bahamas

Judges:

Lord Bingham of Cornhill, Lord Nicholls of Birkenhead, Lord Hoffmann, Lord Hobhouse of Woodborough, The Rt. Hon. Justice Tipping

Citations:

Appeal No 41 of 2001, [2002] UKPC 27, [2002] 2 All ER (Comm) 992

Links:

PC, Lloyds TSB Bank plc v.’ target=’_n’>PC, Bailii, PC

Commonwealth, Banking

Updated: 06 June 2022; Ref: scu.174486

Isabella Doris Briggs Or Broadway v Clydesdale Bank Plc: OHCS 26 May 2000

Where a guarantor sought to deny liability, asserting lack of good faith on the part of the bank, and the bank sought to explain away its failure to ensure that the guarantor was aware of the onerous nature of the guarantee by asserting that the guarantor had had independent advice, the bank could not rely upon dealings with solicitors where it was not explicit that the solicitors were giving such independent advice to the guarantors. What was good faith must depend upon the facts of each case, but in this case the situation was sufficiently unclear to have placed on the bank a duty to enquire.

Judges:

Lord Macfadyen

Citations:

Times 12-Sep-2000, [2000] ScotCS 138

Links:

Bailii, ScotC

Banking, Undue Influence, Scotland

Updated: 06 June 2022; Ref: scu.170384

Watt or Forsyth (Assisted Person) v the Royal Bank of Scotland Plc: SCS 26 Jul 1999

It appeared to the creditor that the wife had already had the benefit of professional legal advice, and it did not recommend that she should seek independent legal advice.

Judges:

Lord Macfadyen

Citations:

[1999] ScotCS 181, 2000 SLT 1295

Links:

Bailii, ScotC

Cited by:

Cited – Royal Bank of Scotland v Etridge (No 2); Barclays Bank plc v Harris; Midland Bank plc v Wallace, etc HL 11-Oct-2001
Wives had charged the family homes to secure their husband’s business borrowings, and now resisted possession orders, claiming undue influence.
Held: Undue influence is an equitable protection created to undo the effect of excess influence of . .
Lists of cited by and citing cases may be incomplete.

Scotland, Banking

Updated: 06 June 2022; Ref: scu.170422

National Westminster Bank Plc v Amin and Another: HL 28 Feb 2002

The respondents resisted an application for possession of their property by the bank. They claimed undue influence, and that because of an inability to speak English, the charge should be avoided. They appealed an order striking out their defence including inter alia that the solicitor had not been acting for them, and that accordingly they had not had independent advice.
Held: The issue as to whether the solicitor was acting for the appellants was a proper issue requiring decision by the courts. The bank knew, or should have known of the potential language difficulties, and ensured that appropriate arrangements were made. The matter should be remitted for trial.

Judges:

Lord Nicholls of Birkenhead Lord Hoffmann Lord Hope of Craighead Lord Scott of Foscote Lord Rodger of Earlsferry

Citations:

[2002] UKHL 9, [2002] 1 FLR 735, [2002] NPC 33, [2002] 2 P and CR DG3

Links:

House of Lords, Bailii

Jurisdiction:

England and Wales

Citing:

Cited – Royal Bank of Scotland v Etridge (No 2); Barclays Bank plc v Harris; Midland Bank plc v Wallace, etc HL 11-Oct-2001
Wives had charged the family homes to secure their husband’s business borrowings, and now resisted possession orders, claiming undue influence.
Held: Undue influence is an equitable protection created to undo the effect of excess influence of . .
Lists of cited by and citing cases may be incomplete.

Banking, Land

Updated: 05 June 2022; Ref: scu.167980

Morgan Grenfell and Co Ltd v Sace – Istituto Per i Servizi Assicurativi Del Commercio: CA 19 Dec 2001

The claimants sought to recover under guarantees, issued by the respondent banks, underwriting export credit guarantees. Though described as guarantees, the agreements were in law and substance, contracts of insurance governed by Italian law. The respondents refused to pay alleging failure to disclose the absence of investigation of the financial viability of the payer.
Held: The judge had had to find against a background of differing expert opinions on Italian Law and banking practice. These were for an English court, questions of fact, even though of a special nature. On an appeal against findings on such issues the Court of Appeal should be reluctant to reverse findings of fact. Italian insurance law differs from English law with respect to avoidance of liability of the insurer. In this case though the court differed from the judge as to its conclusions on Italian insurance and banking law, greater disclosure by the insured would not have affected the bankers minds, and the finding was upheld.

Judges:

Clarke, Mance, Dyson LJJ

Citations:

[2001] EWCA Civ 1932

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

Cited – Parkasho v Singh PC 1968
. .
Cited – Macmillan, Inc (Incorporated Under the Laws of the State of Delaware, Usa) MCC Proceeds Inc v Bishopsgate Investment Trust Plc (No 4) CA 4-Nov-1998
When a court came to be obliged to decide issues of foreign law which were in substance issues of fact, and experts disagreed, it had to do so, and the Court of Appeal had to come to its own conclusions respecting the circumstances in first instance . .
Cited – Benmax v Austin Motor Co Ltd HL 1955
Except for cases which are expressly limited to questions of law, an appellant is entitled to appeal from the Court of Session to the House against any finding, whether it be a finding of law, a finding of fact or a finding involving both law and . .
Lists of cited by and citing cases may be incomplete.

Banking, Insurance, Litigation Practice

Updated: 05 June 2022; Ref: scu.167862

Genira Trade and Finance Inc v CS First Boston and Standard Bank (London) Limited: CA 21 Nov 2001

The court considered the circumstances under which it could be called upon to assist a foreign court.
Held: It is the duty and pleasure of the court to give all such assistance as it can to the requesting court within the limits imposed by the 1975 Act from which the jurisdiction to make orders of this kind is derived.

Citations:

[2001] EWCA Civ 1733

Links:

Bailii

Statutes:

Evidence (Proceedings in other Jurisdictions) Act 1975

Jurisdiction:

England and Wales

Cited by:

Cited – United States of America v Philip Morris Inc and others QBD 10-Dec-2003
Witness orders were sought in respect of professionals resident in England to support litigation in the US. They objected on the ground that the terms of the order sought suggested improper behaviour, and that an order would anticipate breach of . .
Cited – United States of America v Philip Morris Inc and Others and British American Tobacco (Investments) Ltd CA 23-Mar-2004
The defendants appealed orders requiring them to produce evidence for use in the courts in the US.
Held: It was the pleasure and duty of British courts to respond positively to a letter of request. Public interest required that a court should . .
Lists of cited by and citing cases may be incomplete.

Banking, Litigation Practice

Updated: 05 June 2022; Ref: scu.167824

Gold Coast Ltd v Caja De Ahorros Del Mediterraneo and others: CA 6 Dec 2001

The banks appealed findings as to their liability to pay out under on-demand guarantees they had given in respect of stage payments for the construction of a ship. It was claimed that the delivery times had not been met, and the builder was in default. The demand was certified by the buyer’s bankers who had funded the purchase. The banks said that payment was only demandable after the result of an arbitration was received.
Held: ‘On demand’ guarantees, where the demand was supported by a bona fide certificate, should be given effect on their terms. There was nothing in the agreement to support any requirement to delay satisfaction of the guarantee pending the result of the arbitration, and: ‘where in international transactions a bond or guarantee is expressed to be payable upon demand, in the absence of clear words indicating that liability under it is conditional upon the existence of liability or the part of the account party in connection with the underlying transaction, the guarantee is intended and should be construed as an independent guarantee entitling the beneficiary to payment simply against an appropriately worded demand accompanied by such other documents (if any) as the guarantee may require.’

Judges:

Lord Justice Simon Brown Lord Justice Tuckey And Lady Justice Hale

Citations:

[2001] EWCA Civ 1806, [2003] 1 All ER (Comm) 142, [2002] 1 Lloyd’s Rep 617, [2002] 1 LLR 617, [2002] CLC 397

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

Cited – Trafalgar House Construction (Regions) Ltd v General Surety and Guarantee Co Ltd HL 4-Jul-1995
The main contractors for the construction of a new leisure complex for a borough council entered into a subcontract for the groundworks. The subcontractor and the appellants provided a Bond for 10 percent of the value of the subcontract on condition . .
Appeal from – Gold Coast Ltd v Caja De Ahorros Del Mediterraneo and others ComC 2-May-2001
. .
Cited – Esal Commodities v Oriental Credit Ltd CA 1985
The parties disputed whether a letter was a performance bond or a guarantee. The words of the instrument were: ‘We undertake to pay the said amount on your written demand in the event that the supplier fails to execute the contract in perfect . .
Approved – IE Contractors v Lloyd’s Bank CA 1990
Documents were issued by a bank and described as ‘performance bonds’ for damages up to specified amounts. The difficulty arose from the unusual form and language of the documents. The wording of the operative clause: ‘We undertake to pay you, . .

Cited by:

Cited – Marubeni Hong Kong and South China Ltd v Ministry of Finance of Mongolia CA 13-Apr-2005
A letter was written by the Mongolian Ministry of Finance guaranteeing payment for textile plant and machinery to be supplied to a Mongolian company. A letter from the justice minister confirmed the authority of the finance minister to sign the . .
Cited – Van Der Merwe and Another v IIG Capital Llc ChD 13-Nov-2007
The parties had entered into a debt factoring agreement, under which repayment was sought of some $30m, and the claimants were said to have guaranteed the loan by the factor to their company. The court was asked whether the guarantors had the same . .
Cited – Rainy Sky SA and Others v Kookmin Bank ComC 29-Oct-2009
The claimants sought summary judgment under an advance payment bond issued by the defendants in connection with certain shipbuilding contracts. . .
Lists of cited by and citing cases may be incomplete.

Banking, Arbitration

Updated: 05 June 2022; Ref: scu.167839

Mortgage Corporation Ltd v Shaire and Another: ChD 25 Feb 2000

The claimant had an equitable charge over the property, and sought a possession order after failures to keep up repayments. The order was sought under the Act, and the claimants asserted that the conditions for the grant of possession were unchanged.
Held: Parliament had clearly intended a change. The interests of a chargee ranked alongside those of, for example, children living in the house. This might act to the detriment of banks, and the old authorities, whilst not entirely irrelevant, should be viewed with caution. Where the parties have reached a consensus on the beneficial interests in the property, the court will give effect to it, unless there is very good reason for not doing so, such as a subsequent renegotiation.

Judges:

Neuberger J

Citations:

Gazette 16-Mar-2000, Times 21-Mar-2000, [2000] 1 FLR 973, [2001] Ch 743, [2000] EWHC Ch 452

Links:

Bailii

Statutes:

Trusts of Land and Appointment of Trustees Act 1996 14 15, Law of Property Act 1925 30

Jurisdiction:

England and Wales

Cited by:

Cited – Stack v Dowden CA 13-Jul-2005
The parties purchased a property together. The transfer contained a survivorship restriction but no declaration of the beneficial interests. The judge had held the property to be held as tenants in commn on equal shares.
Held: In a case where . .
Cited – Stack v Dowden HL 25-Apr-2007
The parties had cohabited for a long time, in a home bought by Ms Dowden. After the breakdown of the relationship, Mr Stack claimed an equal interest in the second family home, which they had bought in joint names. The House was asked whether, when . .
Lists of cited by and citing cases may be incomplete.

Land, Banking, Trusts

Updated: 05 June 2022; Ref: scu.83867

Morris v Banque Arab et Internationale D’Investissment SA (No 2): ChD 26 Oct 2000

For an order to be made under the section, and a contribution to the shortfall on insolvency made, it was necessary to show that the person against whom the order was sought had in some way participated in the fraudulent activity. It was not necessary to show that there had been any direct involvement in the management or carrying on of the business.

Citations:

Times 26-Oct-2000, Gazette 02-Nov-2000

Statutes:

Insolvency Act 1986 213 (2)

Jurisdiction:

England and Wales

Citing:

See Also – Morris v Banque Arab et Internationale d’Investissement ChD 2000
The parties had exchanged lists of documents but one side objected to inspection of a number of them on the ground that it would put them in breach of French law.
Held: There was discretion to be exercised. Neuberger J ordered inspection . .
Lists of cited by and citing cases may be incomplete.

Insolvency, Banking

Updated: 05 June 2022; Ref: scu.83853

National Westminster Bank plc v Jones and Others: CA 24 Oct 2001

The respondent farmers charged the farm by way of an agricultural floating charge to the claimants. On coming into difficulties, they set up a limited company and granted a tenancy in its favour and transferred assets to it. The bank obtained declarations that the charges remained valid and that the new tenancies and assignments should be set aside. The tenants appealed, but failed. The admitted purpose of the transactions was to put the assets beyond the reach of the bank, and that they were at an undervalue. The Agricultural Credits Act operated therefore to crystallise the charge. As to s423, it: ‘requires a comparison to be made between two figures. For that purpose the court must arrive at a conclusion based on actual values. The evidence may, of course, disclose a range of suggested figures. But the court must ascertain from the evidence the actual value against which the consideration for the transaction must be measured. That was the approach adopted by the judge. It is correct.’

Judges:

Judge LJ, Mummery LJ, Sir Martin Nourse

Citations:

Gazette 15-Nov-2001, Times 19-Nov-2001, [2001] EWCA Civ 1541, [2002] 1 BCLC 55

Links:

Bailii

Statutes:

Insolvency Act 1986 423, Agricultural Credits Act 1928 7

Jurisdiction:

England and Wales

Citing:

Appeal from – National Westminster Bank Plc v Jones and Others ChD 7-Jul-2000
A transaction could be deemed to be at an undervalue and caught by the section even though it made no difference to the overall assets and even though only one rather than the generality of creditors was prejudiced by the transaction. Here, by . .

Cited by:

Cited – Re Thoars (Dec’d); Reid v Ramlort Ltd ChD 2003
The company claimed the benefit of an insurance policy. They had paid certain premiums and the trustee had made a declaration that it was held on trust for the company. The insured died in Scotland, intestate and insolvent.
Held: The . .
Cited – Ramlort Ltd v Michael James Meston Reid CA 8-Jul-2004
The company sought to claim under a life policy. The deceased had died in Scotland insolvent. The trustee of the policy had declared that he held it on trust for the claimant, but the defendant, the judicial factor of the estate, said the . .
Cited – Feakins and Another v Department for Environment Food and Rural Affairs (Civ 1513) CA 9-Dec-2005
The department complained that the defendants had entered into a transaction with their farm at an undervalue so as to defeat its claim for recovery of sums due. The transaction used the grant of a tenancy by the first chargee.
Held: The . .
Lists of cited by and citing cases may be incomplete.

Banking, Agriculture, Insolvency

Updated: 04 June 2022; Ref: scu.166777

Matthew v T M Sutton Ltd: ChD 23 Jun 1994

A pawnbroker was liable to pay interest on excess funds recovered in its capacity as trustee. The court ordered an enquiry: ‘. . . as to what use was made by the defendant of the proceeds of sale and what return was obtained by him on those monies in order to determine the rate of interest to be applied.’

Judges:

Chadwick J

Citations:

Independent 23-Jun-1994, Times 22-Jun-1994

Jurisdiction:

England and Wales

Cited by:

Cited – Penelope Wilson v Howard (Pawnbrokers) Ltd CA 4-Feb-2005
The customer challenged a series of pawn agreements. The broker appealed the finding that the contracts were invalid, on the basis that the judgment had created an unjust enrichment.
Held: The appeal failed: ‘in pawn transactions the debtor is . .
Lists of cited by and citing cases may be incomplete.

Consumer, Banking

Updated: 04 June 2022; Ref: scu.83479

Bayerische Hypotheken- und Wechselbank v Dietzinger: ECJ 17 Mar 1998

The court was asked whether the Directive applied to a bank guarantee given by a natural person who was not acting in the course of a trade or business to secure the overdraft of a third party.
Held: The scope of the Directive is not limited according to the nature of the goods or services to be supplied under a contract; the only requirement is that the goods or services must be intended for private consumption. The grant of a credit facility is indeed the provision of a service, the contract of guarantee being merely ancillary to the principal contract, of which in practice it is usually a precondition. However, a contract of guarantee concluded by a natural person who is not acting in the course of his trade or profession does not come within the scope of the Directive where it guarantees repayment of a debt contracted by another person who, for his part, is active within the course of his trade or profession.

Citations:

[1998] 1 WLR 1035, [1998] EUECJ C-45/96

Links:

Bailii

Statutes:

Council Directive 85/557/EEC

Jurisdiction:

European

Cited by:

Cited – Barclays Bank Plc v Kufner ComC 10-Oct-2008
barclays_kufnerComC2008
The bank sought summary judgment under a guarantee to secure a loan to purchase a luxury yacht which was to be hired out in business. The loan had been charged against the yacht, but when the yacht was re-registered, the bank failed to re-establish . .
Lists of cited by and citing cases may be incomplete.

Consumer, Banking

Updated: 03 June 2022; Ref: scu.161782

Abanca Corporacion Bancaria SA v Alberto Garcia Salamanca Santos: ECJ 13 Sep 2018

(Opinion) Reference for a preliminary ruling – Directive 93/13 / EEC – Consumer protection – Unfair terms in consumer contracts – Early termination clause for a mortgage loan – Article 6 (1) – Article 7 (1) – Declaration of partial abuse – Powers of the national court – Application of a provision of national law of a suppletive nature ‘

Citations:

C-179/17, [2018] EUECJ C-179/17 – O

Links:

Bailii

Statutes:

Directive 93/13 /EEC

Jurisdiction:

European

Consumer, Banking

Updated: 02 June 2022; Ref: scu.622550

Fonu v Demirel and Another: ChD 21 Dec 2006

Judges:

Lawrence Collins J

Citations:

[2007] 2 All ER 815, [2006] EWHC 3354 (Ch)

Links:

Bailii

Jurisdiction:

England and Wales

Cited by:

Appeal from – Demirel v TMSF CA 26-Jul-2007
. .
Mentioned – Masri v Consolidated Contractors International Co Sal and Others HL 30-Jul-2009
The claimant sought to enforce a judgment debt against a foreign resident company, and for this purpose to examine or have examined a director who lived abroad. The defendant said that the rules gave no such power and they did, the power was outside . .
Lists of cited by and citing cases may be incomplete.

Banking, International

Updated: 02 June 2022; Ref: scu.263684

Neste Oy v Lloyd’s Bank Plc: ChD 1983

A shipping agent (PSL), a client of the defendant, had become insolvent. The defendant sought to combine the accounts. PSL settled on behalf of their shipowner clients bills payable to harbour authorities, pilots, fuel merchants, and other providers of goods and services. The shipowners sometimes put them in funds in advance and sometimes reimbursed them in arrears. The plaintiff shipowners claimed that the unspent balance of six payments made by them to a general account of PSL were held for them in trust. Their primary case was that the payments were subject to an implied trust to pay the money to the suppliers. This arose either by virtue of the agency relationship or as a special purpose (or Quistclose) trust.
Held: The argument was rejected. However, there was a constructive trust of the sixth payment, which had been received after the directors of PSL had concluded that their company was insolvent.
Bingham J approved as ‘in accord with the general principles of equity as applied in England’: ‘the receiving of money which consistently with conscience cannot be retained is, in equity, sufficient to raise a trust in favour of the party for whom or on whose account it was received. This is the governing principle in all such cases. And therefore, whenever any controversy arises, the true question is, not whether money has been received by a party of which he could not have compelled the payment, but whether he can now, with a safe conscience, ex aequo et bono, retain it.’ from Story’s Commentaries on Equity Jurisprudence, 2nd ed.
He applied this to the facts of the case saying: ‘Given the situation of PSL when the last payment was received, any reasonable and honest directors of that company (or the actual directors had they known of it) would, I feel sure, have arranged for the repayment of that sum to the plaintiff’s without hesitation or delay. It would have seemed little short of sharp practice for PSL to take any benefit from the payment, and it would have seemed contrary to any ordinary notion of fairness that the general body of creditors should profit from the accident of a payment made at a time when there was bound to be a total failure of consideration. Of course it is true that insolvency always causes loss and perfect fairness is unattainable. The bank, and other creditors, have their legitimate claims. It nonetheless seems to me that at the time of its receipt PSL could not in good conscience retain this payment and that accordingly a constructive trust is to be inferred.’

Judges:

Bingham J

Citations:

[1983] 2 Lloyds Rep 658

Jurisdiction:

England and Wales

Citing:

Cited – Barclays Bank Ltd v Quistclose Investments Ltd; etc HL 31-Oct-1968
R Ltd were in serious financial difficulties. The company’s overdraft with the appellant bank was almost twice its permitted limit. The company sought a loan of 1 million pounds from a financier, who was willing to lend the company that sum provided . .

Cited by:

Not justified – Bailey and Another v Angove’s Pty Ltd SC 27-Jul-2016
The defendant had agreed to act as the claimant’s agent and distributor of the claimant’s wines in the UK. It acted both as agent and also bought wines on its own account. When the defendant went into litigation the parties disputed the right of the . .
Lists of cited by and citing cases may be incomplete.

Insolvency, Agency, Banking

Updated: 02 June 2022; Ref: scu.568652

Pharaon and Others v Bank of Credit and Commerce International Sa, Price Waterhouse Intervening; Price Waterhouse v Bank of Credit and Commerce Etc: ChD 17 Aug 1998

A banker’s duty of confidentiality to its clients can be overridden where fraud is alleged and a document is required even to support private foreign litigation. Disclosure of fraud changed balance of the public interest.

Citations:

Times 17-Aug-1998

Jurisdiction:

England and Wales

Banking

Updated: 02 June 2022; Ref: scu.84695

Lloyds TSB Bank Plc v Shorney and Another: CA 20 Jul 2001

The defendant had signed a guarantee and supporting charge to support her husband’s business debts. It has been expressly limited to andpound;150,000. Without prior notification, or seeking her consent, the bank extended the loan. When it later sought possession, they sought to rely upon a term of the guarantee which prevented her claiming against her husband in respect of the debt in competition with the bank. It was held that the bank could only rely upon such a clause if it had sought her consent to the extension of the debt. The bank could not rely upon such a general power in this situation.

Judges:

Mr Justice Astill, Lord Justice Waller, Lord Justice Latham

Citations:

Gazette 27-Sep-2001, Times 25-Oct-2001, [2001] EWCA Civ 1161

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

Helpful – Levett and Others v Barclays Bank Plc QBD 27-Jan-1995
A contract was set aside where the plaintiff who had put up treasury stock as security, was not told of arrangements between the debtor and the bank whereby the security would be used to repay the loan. A creditor must reveal the disadvantageous . .
Lists of cited by and citing cases may be incomplete.

Banking

Updated: 01 June 2022; Ref: scu.159932

Societe Eram Shipping Company Ltd v Compagnie International De Navigation and Others: CA 7 Aug 2001

Judgment creditors obtained a garnishee order nisi, but the bank objected to the order being made absolute. The account was in Hong Kong, where there was a real danger, that the law would not relieve them of their obligation to the account holders to pay the balance to them, after satisfaction of the garnishee debt.
Held: There is no longer reciprocal enforcement of judgment debts, between the UK and Hong Kong. The person garnisheed must be within the jurisdiction, but the debt need not be. The court should exercise its discretion not to make the order absolute unless the garnishee would be discharged from its own debt. That question was to be looked at according to the law of the jurisdiction in which that debt was due. In this case, because in part of the Bank’s own clear terms, and in part because of its right to restitutionary relief at common law, the risk of them failing to recover the debt from the debtor was not a real or substantial one.

Judges:

Mr Justice Keene, Lord Justice Mance, Lord Justice Schiemann

Citations:

Gazette 20-Sep-2001, [2001] EWCA Civ 1317, [2001] All ER (Comm) 721, [2001] 2 Lloyd’s Rep 627, [2002] CLC 60, [2001] 2 LLR 627, [2001] CP Rep 112

Links:

Bailii

Statutes:

Civil Procedure Rules 50.1

Jurisdiction:

England and Wales

Citing:

See Also – Societe Eram Shipping Co Ltd v Compagnie Internationale De Navigation and others CA 6-Apr-2001
. .
See Also – Societe Eram Shipping Company Ltd v Compagnie Internationale De Navigation and others ComC 23-Jan-2001
. .

Cited by:

Cited – Perry and Others v Serious Organised Crime Agency SC 25-Jul-2012
The first appellant had been convicted of substantial frauds in Israel. He appealed against world wide asset freezing (PFO) and disclosure (DO) orders made against him. Neither the appellant, nor his offences were connected with the UK. A bank . .
Lists of cited by and citing cases may be incomplete.

Banking, Civil Procedure Rules, Jurisdiction, Commercial

Updated: 01 June 2022; Ref: scu.159871

Agnew and Kevin James Bearsley v The Commissioner of Inland Revenue, and Official Assignee for the Estate In Bankruptcy of Bruce William Birtwhistle and Mark Leslie Birtwhistle: PC 5 Jun 2001

(New Zealand) A charge had been given by a company over its book debts. The charge was expressed to create a fixed charge over debts uncollected when a receiver was appointed, so that on collection they became payable to the bank. Until the receiver was appointed, the charge claimed to be a floating charge, and subject to some limitations, could deal with them freely. The essence of a floating charge is that it is a charge, not on any particular asset, but on a fluctuating body of assets which remain under the control of the chargor. The ability to control the receipt of the asset, and thus take it out of the charge was inconsistent with a fixed charge.
Lord Millett said: ‘Property and its proceeds are clearly different assets. On a sale of goods, the seller exchanges one asset for another.’

Citations:

[2001] 2 AC 710, [2001] UKPC 28, [2001] BCC 259, [2001] 2 BCLC 188, [2001] Lloyd’s Rep Bank 251, [2001] 3 WLR 454

Links:

Bailii, PC

Citing:

Applied – In re Brightlife Ltd ChD 1987
Parties contractual freedom to be respected
A clause in a debenture gave a charge which provided that the chargor should not: ‘deal with its book or other debts or securities for money otherwise than in the ordinary course of getting in and realising the same which expression shall not . .
Reversed – In Re New Bullas Trading Ltd CA 12-Jan-1994
A company debenture, which purported to create a fixed charge on book debts, and a second floating charge over the proceeds when paid, was valid and effective to create a fixed charge. The chargee was not a bank, and therefore no facility could be . .
Questioned – Siebe Gorman and Co Ltd v Barclays Bank Ltd ChD 1979
It was possible to create a fixed charge over present and future book debts and on its true construction, the debenture granted to Barclays Bank Ltd in this case had done so. If the chargor of book debts, having collected the book debts, ‘[had] had . .
Cited – Street v Mountford HL 6-Mar-1985
When a licence is really a tenancy
The document signed by the occupier stated that she understood that she had been given a licence, and that she understood that she had not been granted a tenancy protected under the Rent Acts. Exclusive occupation was in fact granted.
Held: . .

Cited by:

Cited – National Westminster Bank Plc v Spectrum Plus Ltd and others ChD 15-Jan-2004
The company granted a debenture to the claimant purporting to secure its book debts. The company went into liquidation. The liquidator challenged the bank’s charge.
Held: Siebe was wrongly decided. The charge was ineffective over the book . .
Cited – National Westminster Bank Plc v Spectrum Plus Ltd; In re Spectrum Plus CA 26-May-2004
The court was asked whether a charge given over book debts in a debenture was floating or fixed.
Held: Since the charge asserted some control over receipt of the payments, it was a fixed charge. Upon payment into the account, title to the . .
Cited – Quickson (South and West) Limited v Stephen Mark Katz, John Stephen Kelmanson (As Joint Liquidators of Buildlead Limited) ChD 25-Aug-2004
Various applications were made in the insolvency, including for removal of the liquidators and declarations that certain payments were a fraudulent preference on the creditors.
Held: No prejudice had been shown by any procedural irregularity. . .
Cited – National Westminster Bank plc v Spectrum Plus Limited and others HL 30-Jun-2005
Former HL decision in Siebe Gorman overruled
The company had become insolvent. The bank had a debenture and claimed that its charge over the book debts had become a fixed charge. The preferential creditors said that the charge was a floating charge and that they took priority.
Held: The . .
Cited – Van Der Merwe and Another v IIG Capital Llc ChD 13-Nov-2007
The parties had entered into a debt factoring agreement, under which repayment was sought of some $30m, and the claimants were said to have guaranteed the loan by the factor to their company. The court was asked whether the guarantors had the same . .
Lists of cited by and citing cases may be incomplete.

Banking, Insolvency, Company, Commonwealth

Updated: 01 June 2022; Ref: scu.159468

Bank of Credit and Commerce Hong Kong Limited v Chairod Mahadumrongkul and others: PC 8 May 1997

(Hong Kong) The Board looked at the effect of the insolvency of Bank of Credit and Commerce Hong Kong Limited on an arrangement by which the bank lent money to four companies upon the terms of a standard facility letter addressed by the bank to the companies on the security of deposits made with the bank by the companies’ principal shareholders.

Judges:

Lord Goff of Chieveley Lord Slynn of Hadley Lord Lloyd of Berwick Lord Nicholls of Birkenhead Lord Hoffmann

Citations:

[1997] UKPC 20

Links:

Bailii

Banking, Insolvency

Updated: 01 June 2022; Ref: scu.159231

Douglas and others v The Right Honourable Sir Lynden Oscar Pindling: PC 13 May 1996

(Bahamas) A commission investigating the activities of a company, sought disclosure of its bankers records. The committee held that this was not a constitutional issue, and that leave to appeal as of right did not exist, but special leave was possible and appropriate. The Act gave wider powers to order inspection than only for special cause. Such a commission was inquisitorial and rules applicable in adversarial proceedings need not apply.

Judges:

Lord Keith of Kinkel, Lord Jauncey of Tullichettle, Lord Browne-Wilkinson, Lord Nicholls of Birkenhead, Sir John May

Citations:

Gazette 30-May-1996, [1996] UKPC 8, [1996] AC 890

Links:

Bailii

Statutes:

Bankers Books Evidence Act (Bahamas)

Citing:

Considered – Polock v Garle 1898
Lord Lindley MR said: ‘The Bankers’ Books Evidence Acts were passed for the obvious purpose of getting over a difficulty and hardship as to the production of bankers’ books. If such books contained anything which would be evidence for either of the . .
Considered – Ross v Costigan 1982
(Australia) ‘In determining what is relevant to a Royal Commission inquiry, regard must be had to its investigatory character. Where broad terms of reference are given to it, as in this case, the commission is not determining issues between parties . .

Cited by:

Cited – Mount Murray Country Club Ltd and others v Commission of Inquiry Into Mount Murray and Another (1) PC 7-Jul-2003
(Isle of Man) The company appealed an order requiring disclosure of their tax documents to an enquiry. The enquiry into possible corruption had been ordered by the Tynwald.
Held: The provisions of the Act protecting tax documents from . .
Lists of cited by and citing cases may be incomplete.

Banking, Constitutional, Commonwealth

Updated: 31 May 2022; Ref: scu.159164

Roger Smith and Christopher Timothy Esmond Hayward and Lloyds Bank TSB; Harvey Jones Ltd and Woolwich Plc: CA 27 Jul 2000

Where a cheque has been altered fraudulently to change the name of the payee, the piece of paper ceases to be a cheque, and an action for conversion against the paying or collecting bank will stand only as to the nominal value of the paper, and not as to the face value. The material alteration was done without the consent of anyone but the party carrying out the fraud, and, under the Act the bill is avoided save against a party making or consenting to the alteration.

Citations:

Times 06-Sep-2000, Gazette 21-Sep-2000, [2000] EWCA Civ 240

Links:

Bailii

Statutes:

Bills of Exchange Act 1882 64

Jurisdiction:

England and Wales

Banking, Torts – Other

Updated: 31 May 2022; Ref: scu.147273

Bank of Ireland v Hollicourt (Contracts) Limited: CA 20 Oct 2000

A bank continued to pay on cheques presented to it against the company’s bank account even after the presentation of a petition for bankruptcy. The liquidator sought recovery of the amounts paid from the bank as well as the payees. It was held that the legislation made the disposition void, but that did not operate in the way claimed. The company had already by making out the cheques ordered its bank as agent to pay on them, and the bank had no beneficial interest it could dispose of. These need not be affected by whether the account was in credit. The automatic retrospective avoidance was limited by the terms of the section its purpose.

Citations:

Times 01-Nov-2000, Gazette 23-Nov-2000, [2000] EWCA Civ 263

Links:

Bailii

Statutes:

Insolvency Act 1986 127

Jurisdiction:

England and Wales

Citing:

Appeal from – Hollicourt (Contracts) Ltd (In Liquidation) v Bank of Ireland ChD 17-Dec-1999
A company’s account was in credit at all times, but was, unknown to the bank, in winding up proceedings. The bank continued to honour cheques, and was found to have been making dispositions of the company’s assets under the section. Accordingly the . .

Cited by:

Appealed to – Hollicourt (Contracts) Ltd (In Liquidation) v Bank of Ireland ChD 17-Dec-1999
A company’s account was in credit at all times, but was, unknown to the bank, in winding up proceedings. The bank continued to honour cheques, and was found to have been making dispositions of the company’s assets under the section. Accordingly the . .
Cited – Rose v AIB Group (UK) plc and Another ChD 9-Jun-2003
The bank had received and paid substantial sums from the company before the petition for insolvency had been presented, and had discharged the director’s charge on his house. The liquidator sought restitution under the Act. The bank replied that it . .
Lists of cited by and citing cases may be incomplete.

Insolvency, Banking

Updated: 31 May 2022; Ref: scu.147296

Ashton and Another v Securum Finance Ltd: CA 21 Jun 2000

In the new litigation culture it was correct to strike out a second action which fundamentally re-litigated a case which had previously been struck out on the grounds of abuse of process or delay. The court’s case management required it to consider whether it was appropriate to expend time on a case. When facing such an application, the court must have regard to the earlier action, and the decisions then taken. Older rules against striking out where and action could be recommenced without difficulty, should be set aside. Here a bank sought to pursue as a speciality debt a debt it had already claimed as a simple contract debt.
Chadwick LJ said: ‘For my part, I think that the time has come for this court to hold that the ‘change of culture’ which has taken place in the last three years-and, in particular, the advent of the Civil Procedure Rules-has led to a position in which it is no longer open to a litigant whose action has been struck out on the grounds of inordinate and inexcusable delay to rely on the principle that a second action commenced within the limitation period will not be struck out save in exceptional cases. The position, now, is that the court must address the application to strike out the second action with the overriding objective of the Civil Procedure Rules in mind-and must consider whether the claimant’s wish to have ‘a second bite at the cherry’ outweighs the need to allot its own limited resources to other cases.’

Judges:

Chadwick LJ, Rattee J

Citations:

Times 05-Jul-2000, Gazette 06-Jul-2000, [2000] EWCA Civ 197, [2001] Ch 291, [2000] 3 WLR 1400, [2000] All ER (D) 843

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

Appeal from – Securum Finance Ltd v Ashton and Another ChD 18-Jun-1999
The fact that earlier proceedings under a mortgage to recover the debt as a simple contract debt had been dismissed for want of prosecution, did not prevent the mortgagee later proceeding under the mortgage as a specialty debt. . .
Approved – Arbuthnot Latham Bank Limited; Nordbanken London Branch v Trafalgar Holdings Limited; Ashton and Ashton CA 16-Dec-1997
The issue was the appropriateness of a Court striking an action out where there has been considerable delay if: (i) the cause of action relied upon by the plaintiff in the proceedings would be statute barred if the action were to be struck out, but . .

Cited by:

Appealed to – Securum Finance Ltd v Ashton and Another ChD 18-Jun-1999
The fact that earlier proceedings under a mortgage to recover the debt as a simple contract debt had been dismissed for want of prosecution, did not prevent the mortgagee later proceeding under the mortgage as a specialty debt. . .
Cited – Celador Productions Ltd v Melville ChD 21-Oct-2004
The applicants each alleged breach of copyright and misuse of confidential information in the format of the television program ‘Who wants to be a Millionaire’. The defendant appealed a refusal to strike out the claim. It was not contended that no . .
Cited – Wahab v Khan and Others; In re Abdus Sattar Sheikh deceased ChD 12-Apr-2011
The claimant had asked the court to revoke the probate granted in his brother’s estate. He appealed now against a strike out of his request. He alleged that the will was a forgery. The executor’s and defendants were not relations of the deceased, . .
Lists of cited by and citing cases may be incomplete.

Litigation Practice, Banking

Updated: 31 May 2022; Ref: scu.147230

Safa Ltd v Banque Du Caire: CA 20 Jul 2000

Safa claimed summary judgment as assignee of letters of credit opened by the bank. It was established by concession, and decision for the purposes of the summary judgment application, that even if payment was due under the letters of credit, the bank would have been entitled to immediate reimbursement by the beneficiary and assignor of the liquidated sum payable under the letters of credit. The right to reimbursement would necessarily have been contingent on actual payment.
Held: For the purposes of the appeal against the refusal of summary judgment, a defence of set-off would be available.

Judges:

Waller LJ, Schiemann and Hale LJJ

Citations:

[2000] EWCA Civ 221, [2000] 2 Lloyd’s Rep 600

Links:

Bailii

Jurisdiction:

England and Wales

Cited by:

Cited – Burton (Collector of Taxes) v Mellham Ltd HL 15-Feb-2006
The claimant sought interest on an overpayment of Advance Corporation Tax. The tax itself had been paid late, and the Collector claimed a set off.
Held: The claim to DTR could not be described as an attempt at self-help. It had a statutory . .
Lists of cited by and citing cases may be incomplete.

Banking

Updated: 31 May 2022; Ref: scu.147254

Collins, Etridge; Gonzalez v Union Bank of Switzerland Barclays Bank Plc Richard Caplan and Co (a Firm) St Georges Street Trustees Limited St James’s Trustees Limited: CA 25 May 2000

The claimants sought permission to appeal after their claim had been struck out. The claim had alleged fraud against the first defendant, and the court had found that claim to have no real prospect of success. They said that the bank had provided a financial reference upon which they relied in turning down one offer for a golf course development in Spain in favour of an offer apparently supported by the reference. The judge had held that they had not relied on the reference.
Held: The documentation made the position clear, and no businessman of any experience would have relied on the purported reference, and the reference was also subject to an effective disclaimer. The evidence now sought to be admitted could with reasonable diligence have been obtained for the trial. No important point of law or practice arose, and leave was refused.

Judges:

Otton LJ, Buxton LJ

Citations:

[2000] EWCA Civ 176

Links:

Bailii

Jurisdiction:

England and Wales

Land, Equity, Banking, Legal Professions

Updated: 31 May 2022; Ref: scu.147209

Shanning International Limited (In Liquidation) v Lloyds TSB Bank Plc (Formerly Lloyds Bank Plc) Part 20 and Rasheed Bank and Sbg Holdings Limited Part 20: CA 25 May 2000

Judges:

Tuckey LJ

Citations:

[2000] EWCA Civ 177, [2000] 3 CMLR 450

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

Appeal from – Shanning International Ltd v Lloyds TSB Bank plc; Lloyds TSB Bank plc v Rasheed Bank and another ComC 17-Dec-1999
The parties were linked together by a series of bonds, deposits, and guarantees and indemnities which had been designed to enable trade with a customer in Iraq. The Regulation operated to prevent any claim being made under the bond, and therefore . .

Cited by:

Appeal from – Shanning International Ltd (in liquidation) v Lloyds Bank plc Lloyds Bank plc v Rasheed Bank HL 2-Jul-2001
Under a series of cross guarantees, equipment was supplied to Iraq. Final payment was due on delivery of the final equipment. Before it could be delivered, the prohibitions came into effect against satisfying or making any claims in connection with . .
Lists of cited by and citing cases may be incomplete.

Banking

Updated: 31 May 2022; Ref: scu.147210

Barings Plc and Ors v Co Lybrand and Ors: CA 5 May 2000

Appeal from decision that declared that the transcripts of certain interviews carried out on behalf of the Board of Banking Supervision in the course of an investigation into the collapse of the Barings Group were and still are subject to the restriction on disclosure contained in Part V of the Banking Act 1987

Judges:

Lord Woolf MR, Robert Walker LJ, Smith J

Citations:

[2000] Lloyd’s Rep Bank 225, [2000] EWCA Civ 148, [2000] 1 WLR 2353, [2000] 3 All ER 910

Links:

Bailii

Statutes:

Banking Act 1987

Jurisdiction:

England and Wales

Banking, Litigation Practice

Updated: 31 May 2022; Ref: scu.147181

Lonsdale v National Westminster Bank Plc: QBD 18 Jul 2018

Claims following freezing of the claimant’s bank accounts after Suspicious Activity Report by the bank to the National Crime Agency, and then closure of the accounts.
Held: The defendant’s application to have the claim struck out failed. The claimants request for copies of the SARs was granted: ‘ inspection is necessary for the fair disposal of the claim. The content of the SARs are plainly relevant to the assessment of whether the Bank’s employees had a relevant genuine suspicion, which is the key issue in the contract claim. The SARs are also the primary communications which are alleged to be defamatory. Without sight of them, Mr Lonsdale cannot tell, for example, whether the defamatory statements were Level 2 or Level 3.’

Citations:

[2018] EWHC 1843 (QB)

Links:

Bailii

Statutes:

Proceeds of Crime Act 2002

Jurisdiction:

England and Wales

Banking, Torts – Other

Updated: 29 May 2022; Ref: scu.625520

Homes v Smith: CA 2000

Where a cheque is offered in payment it amounts to a conditional payment of the amount of the cheque which, if accepted, operates as a conditional payment from the time when the cheque was delivered.

Judges:

Woolf L

Citations:

(2000) Lloyds Law Rep (Banking) 139)

Jurisdiction:

England and Wales

Citing:

Cited – Marreco v Richardson CA 1908
The giving of a cheque for a debt is payment conditional on the cheque being met, that is, subject to a condition subsequent, and if the cheque is met it is an actual payment ab initio and not a conditional one. . .

Cited by:

Cited – Andy Coltrane v Janice Day CA 14-Mar-2003
In the course of possession proceedings for non payment of rent under an assured tenancy, the tenant gave the landlord a cheque which cleared the arrears.
Held: The past course of dealings between the parties showed that the landlord had . .
Lists of cited by and citing cases may be incomplete.

Banking

Updated: 29 May 2022; Ref: scu.180778

Banco Exterior Internacional SA (Formerly Banco Exterior – UK a Limited Liability Company Incorporated Under the Laws of Spain) v Thomas and Barry the Executors of Patricia Dempsey: CA 31 Jul 1996

The bank sought to enforce a guarantee against the estate of the deceased guarantor. The executors alleged undue influence. The bank appealed.
Held: Where the other contracting party had had actual knowledge of the undue influence or misrepresentation the victim might not be held to the contract.

Citations:

[1996] EWCA Civ 558, [1997] 1 WLR 221

Jurisdiction:

England and Wales

Cited by:

Cited – Royal Bank of Scotland v Etridge (No 2); Barclays Bank plc v Harris; Midland Bank plc v Wallace, etc HL 11-Oct-2001
Wives had charged the family homes to secure their husband’s business borrowings, and now resisted possession orders, claiming undue influence.
Held: Undue influence is an equitable protection created to undo the effect of excess influence of . .
Lists of cited by and citing cases may be incomplete.

Banking, Undue Influence

Updated: 29 May 2022; Ref: scu.140425

Barclays Bank plc v Bank of England: ComC 1985

Sitting as an arbitrator, the court had to determine the time and place at which a bank presenting a cheque for payment through the clearing system was discharged of its responsibility towards its customer. It was contended for the respondent that delivery at the clearing house was, by agreement or by usage of the banks, treated as equivalent to presentation and therefore amounted to a waiver of the normal obligation to present at the paying bank.
Held: In the case of a bank receiving a cheque from a customer for collection through the interbank clearing system, the presenting bank’s responsibility to its customer in respect of the collection of the cheque is discharged only when the cheque is physically delivered to that branch of the paying bank on which it is drawn, for a decision whether it should be paid or not.
The court differentiated the use of banking practice to decide whether a bank has complied with a duty imposed on it by contract, and the use of such practice, if unknown to the customer, to inform the meaning of the contract itself.
Bingham J rejected the contention that there was any agreement to treat delivery at the clearing house as dispensing with the need for presentation at the bank. In a concluding, and obiter, passage of his judgment he said that if the drawer was to lose any right which he possessed ‘as a result of a private agreement between banks for their own convenience the very strongest proof of his knowledge and assent would be needed’. He also said this: ‘In deciding whether presentation in a given way, as through the clearing house, is a proper and reasonable discharge of the presenting banker’s duty to his customer, reference to the ordinary usage and practice of bankers is very relevant, and likely in most cases to be decisive (see, for example, Hare v Henty (1861) 10 CBNS 65, 142 ER 374, Prideaux v Criddle (1869) LR 4 QB 455), but the usage and practice contended for here, even if proved, could not without more derogate from the presenting bank’s duty to its customer. ‘

Judges:

Bingham J

Citations:

[1985] 1 All ER 385

Jurisdiction:

England and Wales

Citing:

Cited – Hare v Edwin Henty And George Henty 7-May-1861
A country banker receiving from a customer a cheque for presentment drawn upon another country banker not resident in the same town, is not bound to transmit it for presentment by the post of the day on which he receives it, but has until post-time . .
Cited – Prideaux v Criddle 1869
. .
Lists of cited by and citing cases may be incomplete.

Banking

Updated: 28 May 2022; Ref: scu.561156

Samuel and Another v Newbold: HL 17 Jul 1906

‘Excessive interest of itself is sufficient to render a contract harsh and unconscionable. Proof of excessive interest may of itself, therefore, be sufficient to entitle the debtor to relief. What amounts to excessive interest is to be determined by the tribunal in each case, the question of risk being a material matter for consideration. When excessive interest is apparently established, any facts that tend to show that such excess does not render the contract ‘harsh and unconscionable’ should be proved in evidence by the lender. The burden is on him.’

Judges:

Lord Chancellor (Loreburn), Lords Macnaghten, James of Hereford, Robertson, and Atkinson

Citations:

[1906] UKHL 611, 44 SLR 611

Links:

Bailii

Statutes:

– Money Lenders Act 1900

Jurisdiction:

England and Wales

Banking, Consumer

Updated: 26 May 2022; Ref: scu.625469

Roberts v Bank of Scotland Plc: CA 11 Jun 2013

The bank appealed against a finding that it had harassed the claimant customer by its repeated telephone calls.
Held: The appeal failed as to liability and quantum.
Harassment can occur even if the conduct in question is, at first sight, commonplace or unremarkable.

Judges:

Arden, Jackson, McCombe LJJ

Citations:

[2013] EWCA Civ 882

Links:

Bailii

Statutes:

Protection from Harassment Act 1997

Jurisdiction:

England and Wales

Cited by:

Cited – Gerrard and Another v Eurasian Natural Resources Corporation Ltd and Another QBD 27-Nov-2020
The claimants, a solicitor and his wife, sought damages in harassment and data protection, against a party to proceedings in which he was acting professionally, and against the investigative firm instructed by them. The defendants now requested the . .
Lists of cited by and citing cases may be incomplete.

Banking, Torts – Other

Updated: 26 May 2022; Ref: scu.513392

Citibank NA v Ercole Ltd and Others: QBD 24 May 2001

Claim for sums due under loan agreements in an Art Advisory Service – counterclaims of breach of duty and negligence in advice on purchase of art and breach of duty and contract in the sale of art held as collateral for loans.

Judges:

Bell J

Citations:

courtcommentary.com 24-May-2001

Jurisdiction:

England and Wales

Banking, Negligence

Updated: 26 May 2022; Ref: scu.177322

Barings Plc and Others v Coopers and Lybrand and Others: CA 5 May 2000

An investigation and transcripts of interviews in the course of it, by the Banking Supervisor having been conducted under the Act were subject to the restrictions on disclosure mentioned in the Act. Once however the transcripts had been exhibited to an affidavit used in the course of company director disqualification proceedings, they had become part of a public record and the protection was lost.

Judges:

Lord Woolf MR, Robert Walker LJ, Smith J

Citations:

Times 17-May-2000, [2000] Lloyd’s Rep Bank 225, [2000] 1 WLR 2353, [2000] 3 All ER 910

Links:

Bailii

Statutes:

Banking Act 1987 82

Jurisdiction:

England and Wales

Litigation Practice, Banking

Updated: 23 May 2022; Ref: scu.135941

Barbara Ann Leggatt v National Westminster Bank Plc: CA 19 Oct 2000

Where a wife executed a charge over a jointly owned property to secure her joint debts, and then seventeen years later executed a replacement charge to secure borrowings of the husband and she had received independent advice, she could not assert that the bank was fixed with notice of the undue influence of her husband. In any event the new charge was not on its face disadvantageous to her. If the new charge had not been executed the business would have failed, and she would have been caught by the earlier charge in any event.

Citations:

Times 16-Nov-2000, Gazette 02-Nov-2000, [2001] 1 FLR 563, [2000] EWCA Civ 261

Links:

Bailii

Jurisdiction:

England and Wales

Cited by:

Cited – UCB Group Ltd v Hedworth CA 4-Dec-2003
The defendant challenged the claimant’s right to possession under a legal charge. She appealed a finding that she had not established the undue influence of her husband, a solicitor.
Held: A lender who received a voidable security was entitled . .
Lists of cited by and citing cases may be incomplete.

Banking, Undue Influence

Updated: 23 May 2022; Ref: scu.135697

Kerrison v Glyn Mills and Co: HL 4 Dec 1911

A banker to whom money is paid to the credit of his customer’s account at his customer’s request, in mistake of fact, is not in a better position than his customer would be, and is not entitled to hold it if his customer would under the circumstances have been bound to refund it had it been paid to him direct.

The appellant was under a contract of ‘standing or renewable credit’ with K. and Co., a New York firm of bankers, that they should from time to time honour the drafts of a certain mining company up to pounds 500. After each such occasion the appellant was to pay in the amount of such drafts to the respondents’ London bank to the credit of K. and Co. The respondents were the agents in London of K. and Company. The appellant was not bound to pay in the stipulated amount until the mining company’s drafts had actually been honoured by K. and Company, but he did so in anticipation of certain drafts. At the date of the payment K. and Co. had, unknown to the appellant, committed an act of bankruptcy and were no longer able to honour the corresponding drafts. The appellant sought repayment of the sum lodged by him in the respondents’ bank, but they claimed to retain it as against the indebtedness of K. and Co. to them.
Held that the respondents were bound to repay the amount to the appellant, the amount having been paid by him before it was legally due and under a mistake of fact as to the solvency of K. and Co.

Judges:

Earl of Halsbury, Lords Atkinson, Shaw, and Mersey

Citations:

[1911] UKHL 683

Links:

Bailii

Jurisdiction:

England and Wales

Banking

Updated: 23 May 2022; Ref: scu.619224

The Bank of New York Mellon, London Branch v Essar Steel India Ltd: ChD 21 Nov 2018

Part 8 Claim in which the Claimant sought declarations against the Defendant as to the amounts due and payable in respect of certain US Dollar 0.25% unsecured notes due in 2018, issued by the Defendant, and constituted under the terms of a trust deed

Judges:

Mr Justice Marcus Smith

Citations:

[2018] EWHC 3177 (Ch)

Links:

Bailii

Jurisdiction:

England and Wales

Banking

Updated: 21 May 2022; Ref: scu.631360

In re Bottomgate Industrial Co-operative Society: QBD 1891

An industrial society took loans on deposit which were entered in a book. in the form of a banking book.
Held: It had by doing so carried on the business of a banker.

Citations:

(1891) 65 LT 712

Jurisdiction:

England and Wales

Cited by:

Cited – United Dominions Trust Ltd v Kirkwood CA 24-Feb-1966
The defendant was MD of a company which borrowed from the plaintiff. The company drew five bills as security, and the defendant endorsed them. When the company failed, the plaintiff gave notice of dishonour and sued the defendant as indorsee. The . .
Lists of cited by and citing cases may be incomplete.

Banking

Updated: 21 May 2022; Ref: scu.260045

Brennan v National Westminster Bank Plc: QBD 27 Nov 2007

The claimant, a customer of the defendant had been charged sums when he went overdrawn beyond his limit. He claimed that the sums were unlawful penalties under the Regulations. The bank said that it had refunded the charges. The claimant sought exemplary and aggravated damages.
Held: The claim should not proceed. The claimant had deliberately sought to prevent the bank repaying the charges, but the bank had repaid the sums deducted with additional sums. There was nothing in the bank’s behaviour to suggest a claim in tort which might found a claim for additional damages.
Pitchford J said: ‘The overriding objective requires the court to deal with a case proportionately, expeditiously and fairly and to allot to it an appropriate share of the court’s resources. It would be disproportionate, in my view, to permit this action to proceed to trial simply for the purpose of placing the bank and the claimant under the spotlight of publicity.’

Judges:

Pitchford J

Citations:

[2007] EWHC 2759 (QB)

Links:

Bailii

Statutes:

Unfair Terms in Consumer Contracts Regulations 1999, Council Directive 93/13

Jurisdiction:

England and Wales

Citing:

Cited – HM Attorney General v Blake (Jonathan Cape Ltd third Party intervening) HL 3-Aug-2000
Restitutionary Claim against Pofits from Breach
The author had written his book in breach of his duty of confidence. Having signed the Official Secrets Act, he accepted a contractual private law duty. After conviction as a spy, the publication of the book was in breach of the undertaking by not . .
Cited – Douglas and others v Hello! Ltd and others; similar HL 2-May-2007
In Douglas, the claimants said that the defendants had interfered with their contract to provide exclusive photographs of their wedding to a competing magazine, by arranging for a third party to infiltrate and take and sell unauthorised photographs. . .
Cited – Garden Cottage Foods Ltd v Milk Marketing Board HL 1984
In English law a breach of statutory duty, is actionable as such by a private individual to whom loss or damage is caused by a breach of that duty. Lord Diplock said that it was quite unarguable: ‘that if such a contravention of Article 86 gives . .
Cited – Verein fur Konsumenteninformation v Karl Heinz Henkel ECJ 1-Oct-2002
Europa Brussels Convention – Article 5(3) – Jurisdiction in matters relating to tort, delict or quasi-delict – Preventive action by associations – Consumer protection organisation seeking an injunction to prevent . .
Lists of cited by and citing cases may be incomplete.

Banking, Contract, Consumer, Damages

Updated: 21 May 2022; Ref: scu.261576

Brink’s Mat Ltd v Noye: CA 1991

The proceeds of the theft of gold bullion from a warehouse owned by the plaintiffs were laundered through the bank account of a company called Scadlynn Ltd with Barclays Bank. The directors and sole shareholders of Scadlynn were signatories of the account and drew cheques on it for cash totalling nearly andpound;8m over four months. The plaintiffs sought to enforce rights which Scadlynn was said to possess against the bank in consequence of the payments out of its account. The court was asked whether the pleading should be permitted, raising in turn the question, among others, whether it was open to Scadlynn to sue the bank in respect of withdrawals made or authorised by the company’s sole directors and shareholders.
Held: there was no reason why Scadlynn, which was being put into compulsory liquidation, should be prevented from enforcing such a claim for the benefit of the creditors who would look to the assets for the satisfaction of their debts.
Nicholls LJ described the existence of the directors’ fiduciary duties to the company as a means by which the law sought to protect the company’s creditors.
Mustill LJ rightly described Scadlyn as being an intended victim of arrangements intended dishonestly to deprive it of a large part of its assets and Nicholls LJ agreed with him.

Judges:

Mustill and Nicholls LJJ and Sir Roualeyn Cumming-Bruce

Citations:

[1991] 1 Bank LR 68

Jurisdiction:

England and Wales

Cited by:

Cited – Jetivia Sa and Another v Bilta (UK) Ltd and Others SC 22-Apr-2015
The liquidators of Bilta had brought proceedings against former directors and the appellant alleging that they were party to an unlawful means conspiracy which had damaged the company by engaging in a carousel fraud with carbon credits. On the . .
Lists of cited by and citing cases may be incomplete.

Banking, Company

Updated: 20 May 2022; Ref: scu.566002

United Bank of Kuwait Plc v Sahib and Others: CA 2 Feb 1996

The bank appealed against a decision that the simple deposit of deeds with a bank did not take effect as an equitable charge.
Held: Depositing deeds with a bank is not sufficient to create a charge over them. The old law as to the creation of an equitable mortgage by deposit of deeds had been akin to part performance, and was therefore equally inconsistent with the philosophy of the 1989 Act. The rule was in essence that the deposit implied that contract had been created: ‘The deposit by way of security is treated both as prima facie evidence of a contract to mortgage, and as part performance of that contract.’ Phillips LJ said: ‘The clear intent of section 2 of the Law of Property (Miscellaneous Provisions) Act 1989 is to introduce certainty in relation to contracts for the disposition of interests in land where uncertainty existed before. Section 2(5) contains a list of contracts expressly excluded from the operation of the section. I can see no basis for implying a further exclusion in respect of contracts for the grant of a mortgage which are secured by a deposit of title deeds.’

Judges:

Peter Gibson, Leggatt, Phillips LJJ

Citations:

Times 13-Feb-1996, [1997] Ch 107, [1996] EWCA Civ 1308, [1996] 3 WLR 372, [1996] 3 All ER 215

Links:

Bailii

Statutes:

Law of Property (Miscellaneous Provisions) Act 1989 2, Statute of Frauds 1677 4, Law of Property Act 1925 40

Jurisdiction:

England and Wales

Citing:

Appeal from – United Bank of Kuwait Plc v Sahib and Others ChD 24-Jun-1994
The customer had deposited title deeds with the bank as security for a loan, but no deed of charge had been executed.
Held: The mere deposit of title deeds does not create an equitable charge without more. The 1989 Act operated as a statutory . .
Cited – Dearle v Hall 1828
. .
Cited – Russel v Russel 16-May-1783
. .
Cited – Russel v Russel 16-May-1783
. .
Cited – In Re Wallis and Simmonds (Builders) Ltd ChD 1974
The deposit of title documents, without more, gives rise to an inference that the deposit was intended by the parties to operate as creating an equitable charge or mortgage over the property whose title document is deposited. In logic there could be . .
Cited – Steadman v Steadman HL 1976
A mere payment of a sum of money might amount to an act of part performance, as might the act of a purchaser instructing solicitors to prepare and submit a draft conveyance or transfer, so as to leave asituation capable of enforcement in equity. . .
Cited – In Re Alton Corporation 1985
Sir Robert Megarry V-C, said in relation to a loan accompanied by the deposit of title deeds: ‘I have to remember that the basis of an equitable mortgage is the making of an agreement to create a mortgage, with the deposit of the land certificate . .
Cited – Maddison v Alderson HL 1883
The requirement of the doctrine of part performance is that the acts of part performance relied upon must be ‘referable’ to the contract sued on. The principle underlying the doctrine of part performance was expressed by Lord Selborne: ‘In a suit . .
Cited – In Re Beetham, Ex parte Broderick QBD 1886
The Court considered whether certain facts were sufficient to establish an equitable mortgage by deposit of title deeds. Cave J said: ‘The law on the subject . . forms a branch of the equitable doctrine of the specific performance of oral contracts . .
Cited – E R Ives Investments Ltd v High CA 14-Dec-1966
One exception to the requirement that an easement must be granted by a deed is that if permission to enjoy a right, capable of constituting an easement, is given by the landowner in terms likely to lead, and that do lead, the beneficiary of the . .
Cited – Hodgson v Marks CA 12-Mar-1971
The plaintiff had transferred her house to her lodger, expressing it to be for her love and affection for him. The judge at first instance had held that the true intention of the plaintiff had been that she would continue to live there as before and . .
Cited – White and others v Vandervell Trustees Ltd. (No. 2), Re Vandervell’s Trusts (No 2) CA 3-Jul-1974
Lord Denning MR described the modern practice concerning pleadings: ‘It is sufficient for the pleader to state the material facts. He need not state the legal result. If, for convenience, he does so, he is not bound by, or limited to, what he has . .
Cited – Spiro v Glencrown Properties Ltd and Another ChD 1991
The court considered the nature of an option to buy land. Hoffman J said: ‘The granting of the option imposes no obligation upon the purchaser and an obligation upon the vendor which is contingent upon the exercise of the option. When the option is . .
Cited – Ashburn Anstalt v Arnold (2) CA 25-Feb-1988
Various leases of properties had been granted. Legal and General occupied the property under an arrangement under which they paid no rent. The landlord sought possession, saying that the agreements were licences not tenancies because of the absence . .

Cited by:

Cited – Yaxley v Gotts and Another CA 24-Jun-1999
Oral Agreement Creating Proprietory Estoppel
The defendant offered to give to the Plaintiff, a builder, the ground floor of a property in return for converting the house, and then managing it. They were friends, and the oral offer was accepted. The property was then actually bought in the name . .
Cited – Jones and Another v Forest Fencing Limited CA 21-Nov-2001
The sellers of and disputed an order as to whether electrical equipment at the site hd been included in the contract.
Held: ‘the answer to the question ‘what meaning should be given to the words used in the memorandum’ cannot, I think, be a . .
Lists of cited by and citing cases may be incomplete.

Land, Banking

Updated: 20 May 2022; Ref: scu.90067

Shanning International Ltd v Lloyds TSB Bank plc; Lloyds TSB Bank plc v Rasheed Bank and another: ComC 17 Dec 1999

The parties were linked together by a series of bonds, deposits, and guarantees and indemnities which had been designed to enable trade with a customer in Iraq. The Regulation operated to prevent any claim being made under the bond, and therefore the bank could not resist an action for the repayment of a deposit on the basis that it might be called upon under its own bond.

Judges:

Langley J

Citations:

Times 19-Jan-2000, [1999] EWHC 280 (Comm)

Links:

Bailii

Statutes:

Regulation (EEC) No 3541/92

Cited by:

Appeal from – Shanning International Limited (In Liquidation) v Lloyds TSB Bank Plc (Formerly Lloyds Bank Plc) Part 20 and Rasheed Bank and Sbg Holdings Limited Part 20 CA 25-May-2000
. .
At first instance – Shanning International Ltd (in liquidation) v Lloyds Bank plc Lloyds Bank plc v Rasheed Bank HL 2-Jul-2001
Under a series of cross guarantees, equipment was supplied to Iraq. Final payment was due on delivery of the final equipment. Before it could be delivered, the prohibitions came into effect against satisfying or making any claims in connection with . .
Lists of cited by and citing cases may be incomplete.

Banking, European

Updated: 20 May 2022; Ref: scu.89188

Mercuria Energy Trading Pte Ltd and Another v Citibank Na and Another: ComC 22 May 2015

The court was asked whether bankers have complied with the re-delivery requirements of repo transactions in relation to cargoes of metal by delivering endorsed warehouse receipts to their counterparty, notwithstanding that (i) there is uncertainty as to the existence of the metal and (if it exists) the bankers’ title to it, and (ii) the warehouse operators have not attorned to (that is, have not acknowledged that they hold the goods on behalf of) the counterparty as required by s29(4) of the Sale of Goods Act 1979 (‘the Act’).

Judges:

Phillips J

Citations:

[2015] EWHC 1481 (Comm)

Links:

Bailii

Jurisdiction:

England and Wales

Banking

Updated: 20 May 2022; Ref: scu.547085

JP Morgan Chase Bank and others v Springwell Navigation Corporation and others: ComC 25 Jul 2008

Judges:

Gloster J DBE

Citations:

[2008] EWHC 1793 (Comm)

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

See Also – JP Morgan Chase Bank and others v Springwell Navigation Corporation ComC 14-Mar-2005
The defendants had invested money through the claimants, but had suffered severe losses. The claimants sought a declaration that they had no liability for such losses. The defendants counterclaimed that the claimants were liable in negligence, . .
See Also – JP Morgan Chase Bank and others v Springwell Navigation Corporation CA 20-Dec-2005
The defendants appealed against an order striking out four paragraphs of its defence and counterclaim. . .
See Also – JP Morgan Chase Bank and others v Springwell Navigation Corporation CA 2-Mar-2006
The parties disputed the attempt to strike out part of the defendant’s claim relating to shipping losses. . .
See Also – JP Morgan Chase Bank and others v Springwell Navigation Corporation ComC 3-Nov-2006
. .
See Also – JP Morgan Chase Bank and others v Springwell Navigation Corporation Comc 27-May-2008
The company alleged negligence by its financial advisers.
Held: Gloster J said that the absence of a written advisory agreement is a strong pointer against the existence of a free-standing duty of care to give investment advice.
Gloster . .

Cited by:

See Also – JP Morgan Chase Bank and others v Springwell Navigation Corp ComC 21-Nov-2008
. .
Cited – JP Morgan Chase Bank and others v Springwell Navigation Corp ComC 20-Feb-2009
The court heard an application for leave to appeal against orders. . .
Lists of cited by and citing cases may be incomplete.

Banking

Updated: 20 May 2022; Ref: scu.272539

Rolls Razor Ltd v Cox: CA 1967

Winn LJ said: ‘the relationship of banker and customer upon a current account implies from its very nature an intention on the part of both parties that debits and credits arising between them shall be brought into a running account on which by reason of the customary method of keeping such account, there will at any given moment be an outstanding debit or credit balance.’

Judges:

Winn LJ

Citations:

[1967] 1 QB 552

Jurisdiction:

England and Wales

Cited by:

Cited – Office of Fair Trading v Abbey National Plc and seven Others ComC 24-Apr-2008
The Office sought a declaration that the respondent and other banks were subject to the provisions of the Regulations in their imposition of bank charges to customer accounts, and in particular as to the imposition of penalties or charges for the . .
Lists of cited by and citing cases may be incomplete.

Banking

Updated: 20 May 2022; Ref: scu.267117