Contracts (Rights of Third Parties) Act 1999 - Pledge GMSLA Provision
2018 Global Master Securities Lending Agreement (Pledge Version)
Clause 28.9 in full
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ISLA’s crack drafting squad™’s undisguised enmity to this harmless clause is undimmed in the 8 years between the 2010 GMSLA and the 2018 Pledge GMSLA. The equivalent clauses (27.10 and 28.9 respectively) are the same.
Yet another instance of the irrational hatred the English have for this harmless and well intentioned statute from the dog days of the first Blair government. Almost bitter, isn’t it, how the 2010 GMSLA rules out any third party rights arising under this act but not any other third party rights that might somehow have magicked themselves into existence. Oh, no: they’re fine. It’s just your stupid CTRPA rights we’re not having.
Go figure, folks.
- Contracts (Rights of Third Parties) Act 1999: an unfairly shunned provision, in our view.