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The term banker may be defined in terms of the business activities of banks.
The statutory definition of banker which refers exclusively to 'banker' and not 'bank' can be found in the Bills of Exchange Act 1882 and the Cheques Act 1957. The banker is a person who: (1) accepts money from, and collects cheques for, his customers and places them to his credit; (2) honours cheques or orders drawn on him by his customers when presented for payment and debits his customers accordingly; and (3) keeps current accounts in his books in which the credits and debits are entered.
There are many other types of transactions which may be considered to be within the ambit of bankers and many other types of transactions are taken by current banks. These include the payment, discounting and collection of bills; money transfers; the issue of letters of credit and performance bonds; the operation of credit and cash card systems; the issue of certificates of deposit and other commercial paper; the custody of valuables; and the issue of travellers' cheques. The
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Due diligence and disclosure phase in share purchase transactions This Practice Note is part of the Share purchase transaction toolkit. Timing Due diligence will normally be carried out after the parties have signed heads of terms and put confidentiality provisions in place. The due diligence process will then run concurrently with the negotiation of the principal sale documentation (share purchase agreement and related ancillary documents). The majority of the due diligence should be conducted during the early stages of the transaction so as to ensure that the parties can negotiate appropriate warranty and/or indemnity cover in the share purchase agreement, and also the seller's disclosures against such warranties. The disclosure letter will be drafted and negotiated alongside the negotiation of the share purchase agreement and will be executed at the same time as the share purchase agreement. The first draft of the disclosure letter will generally not be prepared until after due diligence is substantially underway and an initial draft of the share purchase agreement has already...
Conducting due diligence for a US private offering This Practice Note provides practical guidance as to how offering participants can conduct the due diligence process in the context of a US private offering. Produced in partnership with Patrick J. Simpson, counsel at Perkins Coie's Business Group, with assistance from John R. Thomas, a partner in Perkins Coie's Business Group. Why conduct due diligence in a securities offering? The concept of due diligence in securities offerings has its roots in sections 11 and 12 of the Securities Act 1933, as amended (Securities Act). The Securities Act, s 11(a) includes a civil liability offences in relation to registration statements that contain an untrue statement of a material fact or an omission of a material fact. The Securities Act, s 11(b)(3) provides an affirmative defence to a person (other than the issuer) who would otherwise be liable under the Securities Act, s 11(a), if the person can establish that he had, after reasonable investigation, reasonable ground to believe, and...
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Confidentiality agreement—private M&A—asset purchase—corporate seller—long form This Agreement is made on [insert day and month] 20[insert year] Parties 1 [insert selling corporate entity] incorporated in England and Wales under number [insert company number] whose registered office is at [insert address] (the Seller), [and] 2 [insert name of purchasing corporate entity] incorporated in England and Wales under number [insert company number] whose registered office is at [insert address] (the Buyer), [and] the Seller and the Buyer being a Party and together the Seller and the Buyer are the Parties. background (A) The Parties propose to enter into negotiations concerning the Proposed Acquisition. (B) In order to explore, discuss, evaluate and negotiate the Proposed Acquisition, the Buyer has requested that certain Confidential Information [(and Personal Data) ]be made available to it in order to evaluate the Business and to consider and negotiate the terms of the Proposed Acquisition. (C) The Parties have agreed to enter into this Agreement in consideration of the...
Will (Scotland)—Legacy to charity (10% of baseline amount), legacy of house with cash option, residue to number of individuals or to survivors or survivor of them, dealing with tax on lifetime gifts, renunciation STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime. Finance Act 2025 (FA 2025) which received Royal Assent on 20 March 2025, implements legislation to abolish the remittance basis of taxation and replace it with a residence-based regime, commencing on 6 April 2025. FA 2025 also replaces domicile as the key factor in establishing liability to inheritance tax. Other changes include amendment of the rules determining excluded property status, the abolition of protected settlements status of offshore trusts, and changes to overseas workday relief. For information on these changes, see Practice Notes: The abolition of the remittance basis of taxation from 2025–26 and A new residence-based regime for IHT from 2025–26. See also: Finance Bill Tracking Service: Key dates (Finance Bill 2025) and Finance Act 2025. I, [insert full name], residing at [insert full...
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When can a guarantor voluntarily revoke its liability under a guarantee? Guarantees are a contractual arrangement where one party (the guarantor) agrees to answer for the liability of another party (the principal or principal obligor) to another party (the creditor/lender or guaranteed party). Termination of a guarantor's liability The liability of a guarantor can be terminated in a number of different ways: • firstly, the guarantee can be discharged by performance of the guaranteed obligation by the principal obligor or performance of the guarantee by the guarantor (see Practice Note: Discharging guarantees by repayment or performance and clawback considerations) • secondly, the parties can agree to release the guarantor (see Practice Note: Releasing guarantors by agreement between the parties) • thirdly, the guarantor’s liability might be discharged, extinguished or reduced by other circumstances including a material variation to the terms of the underlying contract which would prejudice the guarantor (see Practice Note: Guarantor protections and how to exclude them in guarantee documentation—waiver of defences clauses) •...
Can you provide case law on a scenario where an enforcement of security has been challenged by a borrower and the borrower then sued the bank for loss of opportunity? There appears to be no reported case where, in this sort of scenario, the borrower has succeeded in suing the bank (for examples of failed attempts to do so, see eg Deutsche Bank (Suisse) SA v Khan and Commercial First Business Ltd v Atkins). The posited scenario also contains quite a number of variables: • what kind of borrower? • what kind of lending? • what kind of security? • how was the enforcement challenged (and with what degree of success?)? • what sort of opportunity was lost, and how? This Q&A assumes that the borrower can successfully demonstrate that enforcement of the security was somehow improper and that it caused a loss of opportunity to make money from the asset over which security was held. That could, in principle, give rise to a...
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Financial Services analysis: Victims of APP fraud have long searched for a viable way of claiming recompense from banks involved in the transactions. Recent efforts have focused on the Quincecare duty. This quest for the Northwest Passage of the banking fraud world has largely been in vain. Hamblin v Moorwand shows one way through the polar ice: a derivative claim on behalf of a defrauded company involved in the payment chain. But that route may be best left to the brave. Simon Oakes, barrister at Quadrant Chambers.
MLex: NatWest Bank’s £264m fine and reputational stain for money laundering offences shows how massive compliance spending and costly financial crime controls can be torpedoed by individual errors and lax scrutiny. The lesson is that the hundreds of millions spent on anti-money laundering systems risks being wasted unless staff on the ground are listened to when they report smelling a rat.
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