Lloyds Bank plc v. Independent Insurance Co (Lionel Smith, 28 Apr 1999)

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Sender:	Lionel Smith
Date:	Wed, 28 Apr 1999 10:26:00
Re:	Lloyds Bank plc v. Independent Insurance Co

Recently reported, Lloyds Bank plc v. Independent Insurance Co Ltd [1999] 2 WLR 986 (CA), mentioned by Charles Mitchell on the RDG in December. This is like Barclays Bank v. Simms except the bank's mistake was not as to a countermand but rather as to how much money was (cleared) in its customer's account. Held, following a dictum in Barclays, that the bank cannot recover against the payee because the payment discharged a debt owed by the bank's customer to the payee. The Restatement was cited by at least one judge.

Lionel

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