“…“Transfer” (as used in “account transfer”), Staughton J observed in Libyan Arab Foreign Bank v Bankers Trust Co [1989] QB 728 (at 750), “may be a somewhat misleading word, since the original obligation is not assigned …; a new obligation by a new debtor is created”. One chose in actio…”
“…This is a well known risk, as illustrated by the case of Libyan Arab Foreign Bank v Bankers Trust Co [1989] QB 728. There is every reason why an international bank would wish to protect itself from the risk of being exposed to very substantial liabilities as a result of dis…”