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Banque Worms v BankAmerica International: Difference between revisions
Banque Worms v BankAmerica International (view source)
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{{a|casenote|[[File:Can of Banque Worms.png|450px|thumb|center|{{citer|Banque Worms|BankAmerica International|2d Cir. 1991|928 F.2d 538}} opening a can of Banque Worms yesterday.]]}}This case, fondly known to [[restitution]] fans and other obstreperous rascals of the financial services industry as ''[[Banque Worms]]'' involved a [[revolving credit facility]] between one Spedley, an Australian, and the Banque, who was, then, French.<Ref>And seems to have dissolved into history since.</ref> | {{a|casenote|[[File:Can of Banque Worms.png|450px|thumb|center|{{citer|Banque Worms|BankAmerica International|2d Cir. 1991|928 F.2d|538}} opening a can of [[Banque Worms]] yesterday.]]}}This case, fondly known to [[restitution]] fans and other obstreperous rascals of the financial services industry as ''[[Banque Worms]]'' involved a [[revolving credit facility]] between one Spedley, an Australian, and the Banque, who was, then, French.<Ref>And seems to have dissolved into history since.</ref> | ||
===Facts=== | ===Facts=== | ||
In 1989, Banque Worms informed Spedley that it would not be renewing the [[revolver]] and demanded payment of the outstanding balance on April 10, 1989. | In 1989, [[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,<ref>Yes, I was thinking that too. These dudes work crazy hours. A mistake was bound to happen.</ref> Spedley instructed its bank, SPI, to wire the total amount due to the Banque at its BankAmerica 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,<ref>Yes, I was thinking that too. These dudes work crazy hours. A mistake was bound to happen.</ref> Spedley instructed its bank, SPI, to wire the total amount due to the Banque at its BankAmerica 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.” | ||