Part I Legal and Practical Challenges to Traditional Trade Finance, 4 Perspectives on the Role of the Nominated Bank in a Letter of Credit

2021 ◽  
Author(s):  
Sing Toh Kian ◽  
Zhida Chen
Keyword(s):  
Industrial Products ◽  
Trade Finance ◽  
Letter Of Credit ◽  
Appeal Decision ◽  
The Relationship ◽  
Court Of Appeal

This chapter considers the role of the nominated bank in a letter of credit against the backdrop of the Singapore Court of Appeal decision of Grains and Industrial Products Trading Pte Ltd v Bank of India which addresses the situation where a nominated bank declines to act on its nomination. This situation is not covered by the UCP 600 and questions arise as to what, if any, obligations the nominated bank owes towards the issuing bank or the beneficiary. The chapter also examines the extent to which principles of agency law can operate effectively in the relationship between the issuing bank and the nominated bank.

Plan B Earth v Secretary of State for Transport: Airport Expansion, the Paris Agreement and the Planning Act 2008

2020 ◽  
Vol 32 (3) ◽  
pp. 559-575
Author(s):  
Sonam Gordhan
Keyword(s):  
National Policy ◽  
Paris Agreement ◽  
Planning System ◽  
Policy Statement ◽  
Secretary Of State ◽  
Plan B ◽  
The Uk ◽  
The Relationship ◽  
Court Of Appeal

Abstract This case analysis considers the Court of Appeal’s decision in R (Plan B Earth and ors) v Secretary of State for Transport [2020] EWCA Civ 214, which followed the High Court challenge to the Secretary of State’s designation of the UK Airports National Policy Statement. The Court of Appeal found that the Secretary of State’s failure to take into account the UK’s commitment to the Paris Agreement when carrying out his duties under the Planning Act 2008 was unlawful. While permission to appeal this decision has been granted, it remains a notable judgment. The Plan B Earth case confirms the interaction between the UK’s climate change commitments and the statutory framework of the UK’s planning system. It also highlights the complexity of the Court’s institutional role in the context of environmental problems. Analysing the implications of this decision through a policymaking lens risks overlooking the role of public law principles that shaped the Court’s reasoning, defining the relationship between the Paris Agreement and the Planning Act.

ESTOPPEL BY REPRESENTATION AS A DEFENCE TO RESTITUTION: THE EXCEPTION PROVES THE RULE?

2001 ◽  
Vol 60 (3) ◽  
pp. 441-492
Author(s):  
Paul Key
Keyword(s):  
Practical Effect ◽  
The Law ◽  
The Relationship ◽  
Court Of Appeal

The recognition of the defence of change of position in Lipkin Gorman v. Karpnale Ltd. [1991] 2 A.C. 548 was a landmark for the law of restitution. In the ten years which have followed Lipkin Gorman, courts and academics have been involved in two, closely related, tasks: first, a description of the content and nature of the defence of change of position; and, secondly, an analysis of the relationship between change of position and other defences to restitution. An important aspect of the latter task has been the fundamental re-examination of the role of estoppel by representation as a defence to restitution. Two recent cases in the Court of Appeal, Scottish Equitable plc v. Derby [2001] 3 All E.R. 818 and National Westminster Bank plc v. Somer International (UK) Ltd. [2001] Lloyd’s Rep. Bank. 263, indicate that, although estoppel by representation remains a defence, the practical effect of the defence will often be much more limited than had been previously understood.

scholarly journals Bokolo v S 2014 (1)sacr 66 (sca): The practicality of challenging dna evidence in court

2015 ◽  
Author(s):  
Emma Charlene Lubaale
Keyword(s):  
Supreme Court ◽  
Active Role ◽  
Case Note ◽  
Scientific Validity ◽  
Dna Evidence ◽  
The Supreme Court ◽  
Appeal Decision ◽  
Court Of Appeal ◽  
The Ideal

The techniques used in DNA profiling are well established and scientifically validated. The scientific validity of DNA evidence can, however, be so persuasive that such evidence risks being reduced to proof of guilt or innocence. Thus, the incorrect use of DNA evidence could lead to a miscarriage of justice where the innocent are convicted and the guilty are acquitted. Drawing from the Supreme Court of Appeal decision in Bokolo v S (Bokolo case), this case note discusses how DNA evidence can be placed in its proper forensic context. The article sets out the ideal role of expert witnesses, the role of opposing or neutral experts, and the active role of judicial officers in evaluating DNA evidence.

Equity & Trusts Law Directions

2021 ◽  
Author(s):  
Gary Watt
Keyword(s):  
Supreme Court ◽  
Supreme Court Decision ◽  
Court Decision ◽  
Council Decision ◽  
Key Points ◽  
The Supreme Court ◽  
Farming Families ◽  
The Relationship ◽  
Court Of Appeal

Without assuming prior legal knowledge, books in the Directions series introduce and guide readers through key points of law and legal debate. Questions, diagrams and exercises help readers to engage fully with each subject and check their understanding as they progress. This book explains the key topics covered on equity and trusts courses. The content of the text is designed to emphasise the relationship between equity, trusts, property, contract and restitution to enable students to map out conceptual connections between related legal ideas. There is also a focus on modern cases in the commercial sphere to reflect the constantly changing and socially significant role of trusts and equity. The book starts by introducing equity and trusts. It then includes a chapter on understanding trusts, and moves on to consider capacity and formality requirements, certainty requirements and the constitution of trusts. Various types of trusts are then examined such as purpose, charitable, and variation trusts. The book then describes issues related to trusteeship. Breach of trust is explained, as is informal trusts of land. There is a chapter on tracing, and then the book concludes by looking at equitable liability of strangers to trust and equitable doctrines and remedies. This new edition includes coverage of significant recent cases, including the Supreme Court decision on interest to be paid by tax authorities on monies owed; the Supreme Court decision on the test of dishonesty applicable to civil matters; the Privy Council decision on the division of investment property acquired by cohabitants; the Court of Appeal decisions on Quistclose trusts; fiduciary duties in arms-length contracts; transactions prejudicing creditors; beneficiary anonymity in variation of trust cases; exemption clauses; discretion exercised beyond trustee’s authority; implications of GDPR for trustee disclosures; trustee personal liability; causation and equitable compensation; statutory relief for a professional trustee’s breach of trust; use of proprietary estoppel to reward work undertaken in farming families; costs of seeking court’s directions; injunctions ordered against persons unknown; equitable jurisdiction to rectify agreements.

Managing money laundering risks in commercial letters of credit

2016 ◽  
Vol 19 (2) ◽  
pp. 158-168
Author(s):  
Ramandeep Kaur Chhina
Keyword(s):  
Money Laundering ◽  
Regulatory Requirements ◽  
Trade Finance ◽  
Content Type ◽  
Letter Of Credit ◽  
Commercial World ◽  
Proceeds Of Crime ◽  
Letters Of Credit ◽  
The Uk

Purpose The purpose of this paper is to critically examine the role of banks in detecting and mitigating money laundering risks in trade finance activities, especially in commercial letters of credit, and to answer the central question: do banks comply with regulations that are inadequate (if so, is more stringent regulation compatible with the commercial world of trade finance?), or are banks are in danger of non-compliance? Design/methodology/approach The relevant principles promulgated by international organisations as well as the law enacted in UK to prevent money laundering risks in commercial letters of credit was examined to assess banks’ compliance with their anti-money laundering (AML) obligations. The key provisions of the Money Laundering Regulations 2007, Proceeds of Crime Act 2002 and the Wolfsberg Trade Finance Principles were discussed, and the extent of banks’ compliance with these provisions was highlighted by carefully analysing the steps a bank might take at various stages of the operation of a commercial letter of credit and what the banks in fact do. The paper relies heavily on the findings of the recent study conducted by the Financial Conduct Authority (UK) to analyse the actual practice followed by UK banks in controlling money laundering risks in transactions involving commercial letters of credit. Findings The paper establishes that considering the formal nature of commercial letters of credit (which makes them independent from the underlying transaction), any stringent measures to regulate trade finance activities of a bank may destroy the effectiveness of commercial letters of credit as a tool for promoting international trade. The current law and regulations together with the Joint Money Laundering Steering Group Sectoral Guidance and the Wolfsberg Principles provide the requisite legal and regulatory framework to control money laundering risks in commercial letters of credit. The paper however establishes that the majority of banks in UK currently appear to be in danger of non-compliance with the UK AML regime and certainly need to meet their AML obligations in a more serious way. Practical implications The findings may influence banks to adopt a more vigilant approach in their trade finance activities and to undertake more responsibility in ensuring compliance with the current AML law and regulations, while highlighting that their current practice may put them in danger of non-compliance. Originality/value The paper demonstrates in an exceptional way the legal and regulatory requirements for banks to prevent money laundering risks in their trade finance activities and where, in practice, the banks are falling short of compliance with these requirements. By adopting a step-by-step approach in evaluating banks’ “current-and-must have” approach to controlling money laundering risks at various stages of a commercial letter, the paper makes a valuable contribution to the study of combating money laundering in commercial letter of credit transactions.

scholarly journals The Constitutional Role of the Courts under the NZ Bill of Rights: Three Narratives from Attorney-General v Taylor

2017 ◽  
Vol 48 (4) ◽  
pp. 547
Author(s):  
Claudia Geiringer
Keyword(s):  
New Zealand ◽  
Common Law ◽  
Attorney General ◽  
Bill Of Rights ◽  
Close Analysis ◽  
The Common ◽  
The Relationship ◽  
Court Of Appeal

In Attorney-General v Taylor, New Zealand's Court of Appeal upheld the High Court's recognition, and exercise, of an implied jurisdiction to make (non-binding) declarations of legislative inconsistency with the New Zealand Bill of Rights Act 1990 (the NZ Bill of Rights). Recognition of this novel jurisdiction says something important about the evolution of judicial-legislative relations under the NZ Bill of Rights. The question is: what exactly? This article suggests that a close analysis of the Court of Appeal's decision in Taylor in fact discloses three interwoven narratives that speak to the constitutional role of the courts in enforcing the NZ Bill of Rights: the NZ Bill of Rights as "legal benchmark"; the NZ Bill of Rights as "facilitator of inter-branch dialogue"; and the "common law-fuelled bill of rights". The article unpicks these narratives, explores the relationship between them and discusses the extent to which they succeed in accommodating or justifying the new declaratory remedy.

Part I Legal and Practical Challenges to Traditional Trade Finance, 2 The Letter of Credit as a Contract

2021 ◽  
Author(s):  
Booysen Sandra
Keyword(s):  
Common Law ◽  
The Other ◽  
Trade Finance ◽  
Letter Of Credit ◽  
Contractual Obligation ◽  
Contract Formation ◽  
Recent Developments ◽  
The Law ◽  
The One ◽  
The Relationship

This chapter considers the relationships created by the issue of a letter of credit. In particular, it focuses on the relationship between the issuer and/or confirmer of the credit on the one hand, and the seller of the goods on the other. Although the letter of credit is typically referred to as creating a contractual obligation between these parties, and that characterisation is rarely disputed, a closer analysis from a common law perspective reveals that some elements for contract formation appear to be absent. The chapter re-examines this debate in the light of recent developments in the law. It concludes that the relationship is indeed contractual, albeit that some of the contractual prerequisites may be satisfied in an unorthodox way.

Equity & Trusts Law Directions

2019 ◽  
Author(s):  
Gary Watt
Keyword(s):  
Supreme Court ◽  
Money Laundering ◽  
Key Points ◽  
Key Topics ◽  
Limitation Of Actions ◽  
The Right ◽  
The Relationship ◽  
Court Of Appeal ◽  
The Eu

Without assuming prior legal knowledge, books in the Directions series introduce and guide readers through key points of law and legal debate. Questions, diagrams, and exercises help readers to engage fully with each subject and check their understanding as they progress. This book explains the key topics covered on equity and trusts courses. The content of the text is designed to emphasise the relationship between equity, trusts, property, contract, and restitution to enable students to map out conceptual connections between related legal ideas. There is also a focus on modern cases in the commercial sphere to reflect the constantly changing and socially significant role of trusts and equity. The book starts by introducing equity and trusts. It then includes a chapter on understanding trusts, and moves on to consider capacity and formality requirements, certainty requirements, and the constitution of trusts. Various types of trusts are then examined such as purpose, charitable, and variation trusts. The book then describes issues related to trusteeship. Breach of trust is explained, as is informal trusts of land. There is a chapter on tracing, and then the book concludes by looking at equitable liability of strangers to trust and equitable doctrines and remedies. This new edition includes coverage of significant recent cases, including Patel v Mirza [2016], Supreme Court on the right to recover wealth transferred between parties to an illegal scheme; Burnden Holdings (UK) Ltd v Fielding [2018] UKSC 14; [2018] 2 WLR 885, Supreme Court on limitation of actions; Barnett v Creggy [2016], Court of Appeal on breach of trust and limitation of actions; Singha v Heer [2016], Court of Appeal on facts giving rise to declaration of trust; Clydesdale Bank plc v John Workman [2016], Court of Appeal on dishonest assistance in a breach of trust; Bathurst v Bathurst [2016], on variation of trusts; Newman v Clarke [2016], on fiduciary conflict of interest; RBC Trustees (CI) Ltd v Stubbs [2017], on rectification of a trust deed on the ground of mistake; Erlam v Rahman [2016] EWHC 111 and JSC Mezhdunarodniy Promyshlenniy Bank v Pugachev [2017] EWHC 2426, on ‘sham” trusts’. It also provides coverage of the 2017 Money Laundering, Terrorist Financing and Transfer of Funds Regulations (SI 2017/692 as well as the EU Fourth Money Laundering Directive ((EU) 2015/849), as amended by the The EU Fifth Money Laundering Directive ((EU) 2018/843)

Part III The Relationship Between the Judiciary and the Political Branches, 10 Judicial–Executive Relations in Nigeria’s Constitutional Development: Clear Patterns or Confusing Signals?

2016 ◽  
Author(s):  
Guobadia Ameze
Keyword(s):  
Supreme Court ◽  
Military Coup ◽  
The Political ◽  
Constitutional Development ◽  
The Supreme Court ◽  
The Face ◽  
History Of ◽  
The Relationship ◽  
Court Of Appeal

This chapter examines the relationship between the executive and the judiciary in Nigeria. It sketches the history of assertions of judicial power by Nigerian courts, including the 1966 action by the Supreme Court to assert the continued validity of the 1963 constitution in the face of a military coup. It considers the role of the National Judicial Council in appointing and disciplining judges, an important issue in many systems. It recounts the saga surrounding President of the Court of Appeal Justice Salami, which raises the troubling prospect of the Chief Justice ‘packing’ the Council and possibly colluding with the executive to pursue political goals and discusses the issue of disputes over the appointment of state chief justices, who are appointed by governors on the Council’s recommendation. It also offers the Nigerian perspective on control over judicial budgets and administration, before concluding with a review of some significant cases.

Choosing a Markov blanket

2020 ◽  
Vol 43 ◽  
Author(s):  
Thomas Parr
Keyword(s):  
Markov Blanket ◽  
Target Article ◽  
The Relationship

Abstract This commentary focuses upon the relationship between two themes in the target article: the ways in which a Markov blanket may be defined and the role of precision and salience in mediating the interactions between what is internal and external to a system. These each rest upon the different perspectives we might take while “choosing” a Markov blanket.

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