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*{{casenote|Secure Capital|Credit Suisse}} [2017] EWCA Civ 1486: A [[bearer security]] held as a global note by a [[common depositary]] on behalf of clearing systems which has a CRTPA provision excludes the right of the end noteholder (in the clearing systems) to sue the issuer. Held: end noteholder could not pursue the issuer directly. | *{{casenote|Secure Capital|Credit Suisse}} [2017] EWCA Civ 1486: A [[bearer security]] held as a global note by a [[common depositary]] on behalf of clearing systems which has a CRTPA provision excludes the right of the end noteholder (in the clearing systems) to sue the issuer. Held: end noteholder could not pursue the issuer directly. | ||
*{{casenote|Chudley|Clydesdale Bank plc}} — a classic case where the [[CRTPA]] | *{{casenote|Chudley|Clydesdale Bank plc}} — a classic case where the [[CRTPA]] would have delivered a sound result where the [[common law]] of {{t|contract}} fails to. A fraudster who takes your money and ''says'' he’ll put it in the bank for you, but puts it in his own bank account instead — the contract to do this is between fraudster and bank; scamee has no privity so could the? | ||
Another place where CRTPA remains unloved is in the terms and conditions of [[Bearer security|bearer debt securities]]. This seems especially strange: since a bearer note is unilateral and, by its very terms, intended to benefit whomsoever in the world should for the time being | Another place where CRTPA remains unloved is in the terms and conditions of [[Bearer security|bearer debt securities]]. This seems especially strange: since a bearer note is unilateral and, by its very terms, intended to benefit whomsoever in the world should [[for the time being]] ''bear'' it, exactly whom is one trying to exclude with this [[boilerplate]]? And how — presuming that person did ''not'' bear it (if she did, she would not be a third party) — would such a person formulate a claim that the issuer intended to benefit her? | ||
For now, the [[Contracts (Rights of Third Parties) Act 1999]] remains unwanted. Shunned. Unloved; garnering only negative notice in the run-off [[boilerplate]] of our modern contractual frameworks. Perhaps it is time for a rethink? | For now, the [[Contracts (Rights of Third Parties) Act 1999]] remains unwanted. Shunned. Unloved; garnering only negative notice in the run-off [[boilerplate]] of our modern contractual frameworks. Perhaps it is time for a rethink? |