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Court of Appeal finds no trust arising from correspondent banking transactions (Zumax Nigeria Ltd v First City Monument Bank plc)

Court of Appeal finds no trust arising from correspondent banking transactions (Zumax Nigeria Ltd v First City Monument Bank plc)
Published on: 02 April 2019
Published by: LexisPSL
  • 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?

Article summary

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. or take a trial to read the full analysis.

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