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ARTICLE · 15 SEPTEMBER 2017

Finance Litigation Briefing - September 2017

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The High Court has recently considered whether a one signature bank mandate was sufficient to bind a partnership to various loan agreements.

United KingdomLitigation, Mediation & Arbitration
Turon Miah
Turon Miah
Ian Weatherall
Ian Weatherall
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Single signature bank mandate binding on partnership

The High Court has recently considered whether a one signature bank mandate was sufficient to bind a partnership to various loan agreements.

In Kotak v Kotak & Royal Bank of Scotland PLC (Third Party) and anor, the third party proceedings against the Royal Bank of Scotland PLC (the Bank), arose out of a partnership dispute between the claimant and defendant brothers. The defendant's claim against the Bank sought declarations that a number of loans entered into between the partnership and the Bank (or its predecessor in title) between 2004 and 2010 were not binding on the partnership.

The partnership had provided a bank mandate in 1997 which provided that the signature of one of the two partners constituted sufficient authority to the Bank to 'pay cheques ... accept other written instructions to make payments by any means ... and for all other purposes ...' The mandate also included an indemnity from the two

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