LINKLATERS v. HSBC BANK PLC AND ANOTHER [2003] EWHC 1113 (Comm)

[2003] 2 Lloyd's Rep. 545

QUEEN’S BENCH DIVISION (COMMERCIAL COURT)

Before Mr. Justice Gross

Banking - Indemnity/warranty - Contribution - Cheque crossed “a/c payee only” drawn by English customer on its English bank payable to English payee - Cheque stolen - Cheque credited by Spanish bank to Puerto Rican company and proceeds withdrawn - English payee’s claim settled by English and Spanish banks - Whether English bank entitled to be indemnified by Spanish bank in respect of settlement - Contributions Spanish and English banks entitled to recover from each other.