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18 Cards in this Set
- Front
- Back
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Bills of Exchange Act 1882 |
Legislation defining cheques and Bills of Exchange |
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National Bank v Silke |
Crossing a cheque and marking it “account payee” did not prevent a cheque from being transferable. Its effect was merely a direction to the collecting bank as to how the proceeds of the cheque were to be dealt with after receipt.
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s.24 Bills of Exchange Act |
Provision for attributing liability in respect of a forged cheque - does not pass title |
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S.60 Bills of Exchange Act |
Provision gives protection from liability for paying bank where bill is paid on good faith and in the ordinary course of business |
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Carpenters Company v British Mutual Banking |
Banker was held to have been negligent in crossing but nevertheless to have paid "in the ordinary course of business" for the purposes of S.60 |
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S.80 Bills of Exchange Act 1882 |
Bank cannot be held liable for paying crossed cheque if forged provided it acted in good faith without negligence |
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S.1(1) Cheques Act 1959 |
Banker not liable for cheque which is irregularly indorsed or not indorsed as long as he acted in good faith in ordinary course of business |
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S.4 Cheques Act 1959 |
Banker is not liable to true owner of cheque with defective title as long as paid in good faith without negligence |
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Marfani v Midland Bank |
Diplock LJ considered the meaning of negligence - standard of reasonable banker: "What the court has to do is to look at all the circumstances at the time of the acts complained of, and to ask itself were those circumstances such as would cause a reasonable banker possessed of such information about his customer as a reasonable banker would possess, to suspect that his customer was not the true owner of the cheque." |
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Shield Life v Ulster Bank |
Costello J. concluded that a prudent banker would have queried the movements from office to client account; accordingly, the bank had been negligent in collecting the plaintiff’s cheque drawn
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EC (Payments Services) Regulations 2009 |
Regulation of payment services |
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Wells v First National Commercial Bank |
No liability in tort from paying bank to payee |
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Part 4 EC (Payments Services) Regulations 2009 |
Information and transparency provisions for payment services |
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Part 5 EC (Payments Services) Regulations 2009 |
Rights and obligations of parties to payment services |
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Regulation 71 EC (Payments Services) Regulations 2009 |
Obligations of payment service providers |
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Regulation 70EC (Payments Services) Regulations 2009 |
Obligations of payment service users |
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Regulation 74 EC (Payments Services) Regulations 2009 |
Payment service provider is liable for unauthorised transaction once notice has been given |
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Regulation 75EC (Payments Services) Regulations 2009 |
Limits loss for unauthorised transactions where user was negligent |
