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About Banking & Finance Law

The uncertain economic climate has led to unprecedented challenges in the finance sector. It is more difficult than ever to get your deals done.

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We'll keep you up to date with news. Weekly essentials newsletters, monthly case updates and a case tracker with the status of cases included and key cases notes on main topics.

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Transactional lawyers need to stay on top of market changes. We track developments of key industry bodies including the LMA, ISDA and ICMA as well as hot topics such as sustainable finance so that you're always updated.

Security

Lending demands watertight security. We’ll guide you on taking, perfecting, and registering security. As well as topics covering enforcing security and cross border security.

Getting deals over the line

Economics is often a rollercoaster, ups, downs, and challenges. It can make the task of sealing deals tricky. We’ll help you navigate the uncertainty.

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Latest Banking & Finance Q&As

Q&As
Does new section 233B of the Insolvency Act 1986 affect contracts for the supply of goods and services under which the supplier and/or the customer are based outside of the UK?
Q&As
Can a deed be signed abroad and witnessed by a foreign national?
Q&As
A company is loaning money to a director/shareholder. Can the company take security over (a) the shares owned by the director in the company itself and (b) the director’s receivable under a loan note issued by the company? How can such security be enforced?
Q&As
A commercial tenant is in arrears of rent (since the start of the coronavirus (COVID-19 pandemic) and a landlord threatens to issue a winding up petition against the guarantor. Schedule 10 to the Corporate Insolvency and Governance Act 2020 has been interpreted as meaning that excluded debts are only those where the debtor is the tenant but not necessarily where a guarantor has a liability in respect of a debt owed by a tenant. Where the guarantor settled the arrears, can the guarantor petition the tenant under the indemnity? Are there any restrictions?
Q&As
A legal charge over a property was not registered at Companies House or HM Land Registry and the lender now wishes to appoint a receiver. Can the receiver apply the proceeds of sale as per the unregistered charge document or does the fact that the charge is unregistered change this position and the proceeds need to be split between all creditors?
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Associated legal terms

Mortgagee

The person a mortgage is granted to.

Payable on demand

A sum is “payable on demand” when the debtor must pay as soon as the creditor asks for payment, without any further time period needing to expire. It is commonly used in loan agreements, guarantees, promissory notes, negotiable instruments and certain banking and security documents across England and Wales, Scotland, Northern Ireland and Ireland, with broadly consistent meaning.

In practice, a debt payable on demand is immediately due once properly demanded under the contract or instrument (for example, by written notice, or presentation of a demand note). No fixed repayment date is required; the creditor controls timing by choosing when to demand, subject to any express contractual notice requirements, good faith duties and statutory protections (such as consumer credit or unfair terms regimes).

Case law in the UK and Ireland has considered what constitutes an effective demand and when time starts to run for limitation or prescription purposes in “on demand” debts, which can differ from contracts with a specified maturity date. Practitioners should draft demand mechanics clearly, including method and place of demand, and be alert to any regulatory or equitable constraints on enforcing “payable on demand” obligations.

UCP

The UCP is a set of standard terms and conditions developed by the International Chamber of Commerce which can be incorporated into a letter of credit. UCP stands for the Uniform Customs and Practice for Documentary Credits. Although internationally recognised, these standard terms and conditions do not have the force of law. They must be expressly incorporated into a letter of credit if the parties concerned wish to use them (they are not automatically incorporated).
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