15 August 2014
Tidal Energy Ltd v Bank of Scotland plc [2014] EWCA Civ 1107, [2014] All ER (D) 33 (Aug)
Subject to any contrary express terms, a customer who used CHAPS was taken to contract on the basis of the banking practice that governed CHAPS transactions. There was a clear and settled practice that the receiving bank in a CHAPS transaction did not check the beneficiary’s name for correspondence with the other identifiers. There were good commercial reasons why that practice was adopted.
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