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:
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