Tael One Partners Ltd v Morgan Stanley & Co International plc [2015] UKSC 12, [2015] All ER (D) 112 (Mar)
The Supreme Court considered the interpretation of a contractual condition forming part of Loan Market Association (LMA) standard terms and conditions for par trade transactions, in circumstances where the claimant claimed that it was entitled to be paid part of a payment premium which related to the amount of a loan which had been transferred to the defendant, to that extent that it pertained to the period prior to the transfer. The court held that the payment premium was not expressed to accrue by the reference to the lapse of time. The payment premium could not be regarded retrospectively, as having notionally accrued over the period in question.
