Manufactured payments in respect of Loaned Securities - GMSLA Provision: Difference between revisions

===Limitation periods===

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 — [http://www.lawcom.gov.uk/app/uploads/2015/03/lc270_Limitation_of_Actions.pdf knock yourself out] — so clearly ''someone'' sees the opportunity to change 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.