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Banking

04 October 2013
Issue: 7578 / Categories: Case law , Law digest , In Court
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Tidal Energy Ltd v Bank of Scotland Plc [2013] EWHC 2780 (QB), [2013] All ER (D) 214 (Sep)

The proceedings concerned an instruction to pay a sum of money to the beneficiary by CHAPS transfer to the account number and sort code specified. Although the identity of the beneficiary was important to the claimant, the evidence was that CHAPS did not operate in such a way that the beneficiary’s name formed part of the identifier which determined the destination of the payment. The reason was a practical one; the volume of transactions conducted through CHAPS each business day meant that a process of manual checking prevented payments being accomplished within the short time scale that was the hallmark of CHAPS. There was no requirement in the CHAPS rules that the beneficiary’s name be included, and in practice CHAPS transfers were processed without reference to it. The evidence was unequivocal that the identity of the beneficiary was irrelevant to the way in which the payment was processed. It was the destination account number and sort code that mattered. The

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Quinn Emanuel Urquhart & Sullivan—Andrew Savage

Quinn Emanuel Urquhart & Sullivan—Andrew Savage

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Leading patent litigator joins intellectual property team

NEWS
The government’s plan to introduce a Single Professional Services Supervisor could erode vital legal-sector expertise, warns Mark Evans, president of the Law Society of England and Wales, in NLJ this week
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Professor Graham Zellick KC argues in NLJ this week that, despite Buckingham Palace’s statement stripping Andrew Mountbatten Windsor of his styles, titles and honours, he remains legally a duke
Writing in NLJ this week, Sophie Ashcroft and Miranda Joseph of Stevens & Bolton dissect the Privy Council’s landmark ruling in Jardine Strategic Ltd v Oasis Investments II Master Fund Ltd (No 2), which abolishes the long-standing 'shareholder rule'
In NLJ this week, Sailesh Mehta and Theo Burges of Red Lion Chambers examine the government’s first-ever 'Afghan leak' super-injunction—used to block reporting of data exposing Afghans who aided UK forces and over 100 British officials. Unlike celebrity privacy cases, this injunction centred on national security. Its use, the authors argue, signals the rise of a vast new body of national security law spanning civil, criminal, and media domains
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