header-logo header-logo

Banking

04 October 2013
Issue: 7578 / Categories: Case law , Law digest , In Court
printer mail-detail

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 manner in which CHAPS worked was that a receiving bank

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

NLJ career profile: Liz McGrath KC

NLJ career profile: Liz McGrath KC

A good book, a glass of chilled Albarino, and being creative for pleasure help Liz McGrath balance the rigours of complex bundles and being Head of Chambers

Burges Salmon—Matthew Hancock-Jones

Burges Salmon—Matthew Hancock-Jones

Firm welcomes director in its financial services financial regulatory team

Gateley Legal—Sam Meiklejohn

Gateley Legal—Sam Meiklejohn

Partner appointment in firm’s equity capital markets team

NEWS

Walkers and runners will take in some of London’s finest views at the 16th annual charity event

Law school partners with charity to give free assistance to litigants in need

Could the Labour government usher in a new era for digital assets, ask Keith Oliver, head of international, and Amalia Neenan FitzGerald, associate, Peters & Peters, in this week’s NLJ

An extra bit is being added to case citations to show the pecking order of the judges concerned. Former district judge Stephen Gold has the details, in his ‘Civil way’ column in this week’s NLJ

The Labour government’s position on alternative dispute resolution (ADR) is not yet clear

back-to-top-scroll