NEWCASTLE BUILDING SOCIETY v MILL AND OTHERS

[2009] 2 Lloyd's Rep. 154

HIGH COURT (CHANCERY DIVISION)

Before Sir Andrew Morritt, Chancellor

Banking — Legal set-off — Two financial institutions holding deposit instruments issued by the other — One of the two in administration — Clearing system for deposit instruments contained rule stating that instruments must be free from equity or set-off — Effective to prevent set-off — Insolvent Debtors Relief Acts 1729 and 1735 — Supreme Court Act 1981, section 49(2) — CPR 16.6.