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It is now lost in the mists of time, but once upon a time there must have been a reason why the international capital markets | It is now lost in the mists of time, but once upon a time there must have been a reason why the international capital markets were so collectively hostile to the [[Contracts (Rights of Third Parties) Act 1999]], a small piece of well-intended legislation which allowed contractual counterparties to agree to grant a right to sue under a contract upon persons who otherwise would not have direct [[privity of contract|privity]] to do so. | ||
Most likely the lawyer’s instinctive, huffy, reactionary petulance — which (while poor) was understandable in 1999, | Most likely the lawyer’s instinctive, huffy, reactionary petulance — which (while poor) was understandable in 1999 but, ladies and gentlemen, come on: haven't we grown out of that now? | ||
Nonetheless, the great canon of capital markets [[boilerplate]] is shot through with hostility to this poor act. There's Para 27.10 of the {{ | Nonetheless, the great canon of capital markets [[boilerplate]] is shot through with hostility to this poor act. There's Para 27.10 of the {{gmsla}} for example: the very last paragraph, when all else is said and done, they knife the poor [[CRTPA]] just when, perhaps, it thought it had got away with it. | ||
where it might be interesting: | It seems to [[Jolly Contrarian|your correspondent]] the [[CRTPA]] has its potential uses. To a careful user of the English language<ref>And is there a more careful one than a member of the worshipful roll of solicitors?</ref>, really doesn't present much risk. And there are cases where it might be interesting: | ||
*{{casenote|Secure Capital|Credit Suisse}} [2017] EWCA Civ 1486: A bearer security held as a global note by a [[common depositary]] on behalf of clearing systems which has a CRTPA provision excludes the right of the end noteholder (in the clearing systems) to sue the issuer. Held: end noteholder could not pursue the issuer directly. | *{{casenote|Secure Capital|Credit Suisse}} [2017] EWCA Civ 1486: A bearer security held as a global note by a [[common depositary]] on behalf of clearing systems which has a CRTPA provision excludes the right of the end noteholder (in the clearing systems) to sue the issuer. Held: end noteholder could not pursue the issuer directly. | ||
{{seealso}} | |||
*[[Privity of contract]] | |||
{{egg}}{{draft}} | {{egg}}{{draft}} | ||
{{ref}} |