When the principal sum is payable on demand, and there is no provision, express or implied, for notice to be given, the necessity for notice depends on whether the covenant is direct or collateral. If it is direct, that is, if it secures the covenantor's own debt and is not merely a collateral security for that debt, no actual demand is required and the right of action accrues immediately on the money being advanced1. If, however, the covenant is collateral, where, for instance, it is to secure the debt of another or to secure an ordinary banking overdraft between
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Brexit: The UK's departure from the EU on exit day ie Friday 31 January 2020 has implications for practitioners dealing with provisions in the CPR relevant to cross border matters, including CPR 5.4C (discussed below). For guidance on the impact of Brexit on the CPR, see Cross border
There may be times when, rather than assigning the benefit of an agreement to a third party, the original parties wish instead to end their obligations to each other under that agreement and, in effect, recreate it, with the third party stepping into the shoes of one of the original parties. This is
This Practice Note discusses the common law doctrine of privity of contract; the equitable and statutory exceptions to it; how the doctrine affects enforcing a contract against a third party and what happens when, notwithstanding the lack of privity, a contract has an indirect effect on a third
Source of the doctrine of the separation of powersThe origins of the doctrine are often traced to John Locke’s Second Treatise of Government (1689), in which he identified the 'executive' and 'legislative' powers as needing to be separate.‘… it may be too great a temptation to human frailty, apt to
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