Notices - ISDA Provision: Difference between revisions
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Who would have thought a notices provision would be so controversial? Especially the question "what is an [[electronic messaging system]]"? No-one, it is humbly submitted, until Andrews, J. of the Chancery decision was invited to opine on {{casenote|Greenclose|National Westminster Bank plc}}, the kind of "little old lady" case that makes bad law. The learned judge does nothing to dispel the assumption that lawyers are technological luddites who would apply Tip-Ex to their VDUs if they didn't have someone to do their typing for them (and if they knew what a VDU was). | |||
For there it was held that "[[email]]" is not an "[[electronic messaging system]]" and as such was an invalid means for serving a notice under the {{1992ma}}. | |||
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====Commentary==== | ====Commentary==== |
Revision as of 12:16, 17 May 2016
Who would have thought a notices provision would be so controversial? Especially the question "what is an electronic messaging system"? No-one, it is humbly submitted, until Andrews, J. of the Chancery decision was invited to opine on Greenclose v National Westminster Bank plc, the kind of "little old lady" case that makes bad law. The learned judge does nothing to dispel the assumption that lawyers are technological luddites who would apply Tip-Ex to their VDUs if they didn't have someone to do their typing for them (and if they knew what a VDU was).
For there it was held that "email" is not an "electronic messaging system" and as such was an invalid means for serving a notice under the 1992 ISDA.
In gory detail
1992 ISDA
unless the date of that delivery (or attempted delivery) or that receipt, as applicable, is not a Local Business Day or that communication is delivered (or attempted) or received, as applicable, after the close of business on a Local Business Day, in which case that communication shall be deemed given and effective on the first following day that is a Local Business Day. |
2002 ISDA
unless the date of that delivery (or attempted delivery) or that receipt, as applicable, is not a Local Business Day or that communication is delivered (or attempted) or received, as applicable, after the close of business on a Local Business Day, in which case that communication will be deemed given and effective on the first following day that is a Local Business Day. |
Commentary
Note that the 1995 CSA subjects its notice provisions to this provision (see Paragraph 9(c) and 11(g).