Banco Santander S A v Banque Paribas, Court of Appeal - Civil Division, February 25, 2000, [2000] EWCA Civ 57

Reporting Judge: [2000] EWCA Civ 57

President: Banco Santander S A v Banque Paribas

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Extract

Banco Santander S A v Banque Paribas, Court of Appeal - Civil Division, February 25, 2000, [2000] EWCA Civ 57

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Case No: QBCMF 1999/0673/A3

IN THE SUPREME COURT OF JUDICATURE

COURT OF APPEAL (CIVIL DIVISION)

ON APPEAL FROM HIGH COURT OF JUSTICE

QUEEN'S BENCH DIVISION (COMMERCIAL COURT)

Mr Justice Langley

Royal Courts of Justice

Strand, London, WC2A 2LL

Friday 25 February 2000

B e f o r e :

LORD JUSTICE MORRITT

LORD JUSTICE WALLER

and

LORD JUSTICE MUMMERY

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(Transcript of the Handed Down Judgment of

Smith Bernal Reporting Limited, 180 Fleet Street

London EC4A 2HD

Tel No: 0171 421 4040, Fax No: 0171 831 8838

Official Shorthand Writers to the Court)

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M Hapgood Esq QC, Mr R Masefield (instructed by Messrs Stephenson Harwood for the Appellant "Santander")

M Howard Esq QC, Ms H Davies (instructed by Messrs Norton Rose for the Respondent "Paribas")

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Judgment

As Approved by the Court

Lord Justice Waller:

This is an appeal from a judgment of Langley J dated 9th June 1999. He decided certain preliminary issues in favour of the third defendant Banque Paribas (Paribas). Those preliminary issues raised important questions in relation to the operation of a confirmed "deferred payment" letter of credit a creature of relatively new invention, and how the "fraud exception" operates in relation to such instruments. The questions arise on the assumption that the following was the sequence of events.

Paribas issued a deferred payment letter of credit on 5th June 1999 in favour of ...

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