Banking

Lloyds TSB Bank Ltd v Clarke [2002] UKPC 27, Privy Council, Lords Bingham of Cornhill, Nicholls of Birkenhead, Hoffmann and Lord Hobhouse of Woodborough and Tipping J, 29 May 2002

Banking – Transfer of loan notes – Transferee entering into sub-participation agreement expressed to be debtor–creditor relationship – Receipts sold to bank – Whether bank entitled to be treated as secured creditor – Whether sub-participation agreement created a fiduciary relationship or merely provided measure of liability in contract