| Source: | All England Reporter |
| Publisher Citation: | [2011] All ER (D) 26 (Jun) |
| Neutral Citation: | [2011] EWHC 1390 (Comm) |
| Court: | Queen's Bench Division, Commercial Court |
| Judge: | Field J |
| Representation | Alain Choo-Choy QC (instructed by Weil Gotshal & Manges) for the claimant. |
| Robin Dicker QC and Jeremy Goldring (instructed by Clifford Chance LLP) for the defendant. | |
| Judgment Dates: | 7 June 2011 |
Catchwords
Bank - Banker/client relationship - Letters of Credit - Set off - Defendant bank issuing letter of credit in favour of claimant - Parties being subject to master agreement - Master agreement providing for set off of mutual obligations - Claimant being in event of default with consequence that master agreement being terminated early - Claimant seeking to draw on letter of credit - Defendant seeking to set off sum owed for early termination against sums dueunder letter of credit - Whether defendant entitled to set off.
The Case
Bank Banker-client relationship. The Queen's Bench Division, Commercial Court in construing a letter of credit in the context of an ISDA master agreement found that as neither document precluded a right of set off, therefore the defendant bank's set-off in respect of the sum owed by the claimant reduced the sum owed to the claimant by a third party.
Practice Areas
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