RE KAUPTHING SINGER AND FRIEDLANDER LTD NEWCASTLE BUILDING SOCIETY v MILL AND OTHERS
[2009] Lloyd's Rep Plus 56
HIGH COURT (CHANCERY DIVISION)
Before Sir Andrew Morritt, Chancellor
Banking – Legal set-off – Two financial institutions
holding deposit instruments issued by the other – One of the two in
administration – Clearing system for deposit instruments contained rule stating
that instruments must be free from equity or set-off – Effective to prevent
set-off – Insolvent Debtors Relief Acts 1729 and 1735 – Supreme Court Act 1981,
section 49(2) – CPR 16.6.