The following Banking & Finance practice note provides comprehensive and up to date legal information covering:
Coronavirus (COVID-19): Transaction planning will need to take into account the impact of coronavirus (COVID-19) on execution of documents and company filing and administration procedures. For further information, see Practice Note: Coronavirus (COVID-19)—implications for lending transactions—Coronavirus (COVID-19)—impact on deal execution?
In particular, the information contained in this Practice Note is affected by HM Land Registry announcements as follows:
HM Land Registry has confirmed that it will, until further notice, accept for the purposes of registration forms DS1 and DS3 and certain other deeds signed in accordance with Mercury signing option 1 (as set out in the Law Society practice note ‘Execution of documents by virtual means’. For further information, see: HM Land Registry Practice Guide 8: execution of documents—section 12: Mercury signatures
HM Land Registry has also introduced a new Practice Guide 67A: temporary changes to HM Land Registry’s evidence of identity requirements that deals with temporary changes and requirements to be followed in relation to providing evidence or confirmation of identity during the coronavirus (COVID-19) outbreak. It must be read in conjunction with Practice Guide 67: Evidence of identity: conveyancers
For further information, see Practice Note: Coronavirus (COVID-19)—implications for property—HM Land Registry—impact of coronavirus.
It is advisable to check the status of operational status of all registries mentioned below, and, where possible to use online filing services.
To deal with the discharge and release of security,
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You may apply simplified customer due diligence (SDD) measures in relation to particular business relationships or transactions which you determine present a low risk of money laundering or terrorist financing, having taken into account:•your organisation-wide risk assessment—see Practice Note:
Millett LJ subdivided types of constructive trust into two categories, distinguishing between:•the constructive trust proper, where equity intervenes to prevent the legal owner from unconscionably denying the beneficial interest of another (known as the institutional constructive trust)•the
There are two kinds of burden:•the legal burden, and•the evidential burdenThe legal burdenA party has the legal (sometimes called ‘the persuasive’) burden where the onus is on that party to prove a fact or issue in a case to the required standard of proof.The legal burden is generally on the
Having established that a duty of care exists (see Practice Note: Negligence—when does a duty of care arise?), it is then necessary to consider whether or not there has been a breach of that duty. This will depend on a number of factors outlined below and considered against the general background of
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