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Manufactured payments in respect of Loaned Securities - GMSLA Provision: Difference between revisions
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Manufactured payments in respect of Loaned Securities - GMSLA Provision (view source)
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Is court ordered compensation “{{gmslaprov|income}}” in the sense meant by the {{gmsla}}? Based on the definition of {{gmslaprov|Income}}, yes: | Is court ordered compensation “{{gmslaprov|income}}” in the sense meant by the {{gmsla}}? Based on the definition of {{gmslaprov|Income}}, yes: | ||
:''{{GMSLA 2010 Income}}'' | :''{{GMSLA 2010 Income}}'' | ||
Furthermore, clause {{gmslaprov|6.2}} ({{gmslaprov|Manufactured payments in respect of Loaned Securities}}) puts you right in the zone here. What about [[Limitation Act 1980|limitation periods]]? Unlikely to help: if the amount only becomes due ten years after the original incident that gave rise to it — modern commercial [[litigation]] does tend to rumble on a bit — but, in the elegant words of the [[Limitation Act 1980]], “an action founded on simple {{tag|contract}} shall not be brought after the expiration of six years from the date on which the [[cause of action]] accrued”. No cause of action existed until the court award was made, so the clock only just started running. | Furthermore, clause {{gmslaprov|6.2}} ({{gmslaprov|Manufactured payments in respect of Loaned Securities}}) puts you right in the zone here. What about [[Limitation Act 1980|limitation periods]]? Unlikely to help: if the amount only becomes due ten years after the original incident that gave rise to it — modern commercial [[litigation]] does tend to rumble on a bit — but, in the elegant words of Section 5 of the [[Limitation Act 1980]]<ref>The [[Limitation Act 1980]]was the subject of a 320 page law commission monograph in 2015, so cleasrly someone sees the opportunity to changer the law.</ref>, “an action founded on simple {{tag|contract}} shall not be brought after the expiration of six years from the date on which the [[cause of action]] accrued”. No cause of action existed until the court award was made, so the clock only just started running. | ||
{{sa}} | |||
*[[Limitation Act 1980]] | |||
{{ref}} | |||