Banque Worms v BankAmerica International: Difference between revisions
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{{a|casenote|}} Banque Worms involved a revolving credit facility between Spedley and the Banque. In 1989 the Banque informed Spedley that it would not be renewing the revolver and demanded payment of the outstanding balance on April 10, 1989. | {{a|casenote|}}Banque Worms involved a [[revolving credit facility]] between Spedley and the Banque. In 1989 the Banque Worms informed Spedley that it would not be renewing the [[revolver]] and demanded payment of the outstanding balance on April 10, 1989. | ||
On 10 April 1989, at 12:36 am, Spedley instructed its bank, SPI, to wire the total amount due to the Banque at its BankAmerica International account. By 3:37 am the same day – not three hours later – Spedley had a change of heart and instructed SPI to stop payment to Banque Worms and instead make a payment in the same amount to National Westminster Bank USA.” | On 10 April 1989, at 12:36 am, Spedley instructed its bank, SPI, to wire the total amount due to the Banque at its BankAmerica International account. By 3:37 am the same day – not three hours later – Spedley had a change of heart and instructed SPI to stop payment to Banque Worms and instead make a payment in the same amount to National Westminster Bank USA.” | ||
You won’t believe this, but notwithstanding the second instruction SPI went ahead and wired the full amount to BankAmerica. Can you imagine it? | |||
{{sa}} | {{sa}} | ||
*[[discharge-for-value defense]] | *[[discharge-for-value defense]] | ||
*[[Revolving credit facility]] | |||
Revision as of 17:52, 18 February 2021
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Banque Worms involved a revolving credit facility between Spedley and the Banque. In 1989 the Banque Worms informed Spedley that it would not be renewing the revolver and demanded payment of the outstanding balance on April 10, 1989.
On 10 April 1989, at 12:36 am, Spedley instructed its bank, SPI, to wire the total amount due to the Banque at its BankAmerica International account. By 3:37 am the same day – not three hours later – Spedley had a change of heart and instructed SPI to stop payment to Banque Worms and instead make a payment in the same amount to National Westminster Bank USA.”
You won’t believe this, but notwithstanding the second instruction SPI went ahead and wired the full amount to BankAmerica. Can you imagine it?