Electronic messaging system
2002 ISDA Master Agreement
Section electronic messages in full
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An innocuous definition you would think but you would be wrong. For behold: an electronic message excludes e-mail. This was a persuasive factor in the learned judge’s idiosyncratic reasoning in the great case of Greenclose v National Westminster Bank plc, a case that illustrates the point that little old ladies make bad law.
Is email an electronic messaging system as contemplated by Section 12 of the 1992 ISDA? No, according to Greenclose v National Westminster Bank plc. Nor, as is abundantly clear, in the 2002 ISDA, however counter-intuitive this may seem.