A deposit at a bank which had been given in charge to the bank to secure the liabilities of a third party was not a mutual arrangement, and therefore there no statutory set off applied, and the funds could be reclaimed.
Lord Goff of Chieveley, Lord Nicholls of Birkenhead, Lord Hoffmann, Lord Hope of Craighead, Lord Hutton
Gazette 01-Apr-1998, Times 13-Nov-1997, [1997] UKHL 44, [1998] Lloyd’s Rep 48, [1998] 1 AC 214, [1998] 1 BCLC 68, [1997] BCC 965, [1998] BPIR 211, [1997] 4 All ER 568, [1997] 3 WLR 909
House of Lords, Bailii
Insolvency Rules 1986 (1986 No 1925)
England and Wales
Updated: 24 June 2021; Ref: scu.158919 br>