- Court of Appeal finds no trust arising from correspondent banking transactions (Zumax Nigeria Ltd v First City Monument Bank plc)
- What are the practical implications of the judgment?
- What was the background?
- What did the Court of Appeal decide?
Private Client analysis: Elizabeth Weaver, barrister at XXIV Old Buildings, examines the Court of Appeal’s decision in Zumax Nigeria v First City Monument Bank that, contrary to the High Court’s conclusion, a transfer of international funds via a correspondent account did not give rise to either an express or a Quistclose trust in favour of the intended recipient.
Sign in or take a trial to read the full analysis.
To continue reading this news article, as well as thousands of others like it, sign in to LexisPSL or register for a free trial