The Banker's Remedy of Set-Off

(Hardback, 4th edition)

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Description

Divided into five Parts that discuss in great detail the relevance, concept, nature, scope and application of set-off, The Banker's Remedy of Set-Off traces the development of the concept from its varying origins in statute, equity and contract. It argues that the concept is rooted in notions of justice and fairness and that in its modern form set-off provides an effective and highly useful mechanism for reducing risk in common banking transactions. The book highlights not only the actual scope of set-off, but also its manner of operation. It cuts through the confusing terminology which often obscures the role of set-off, carefully distinguishing set-off from combination and netting. With case law and legislation fully updated, the new 4th edition includes: - Development of the analysis of: priority issues, both pre-and post-insolvency; practical scenarios illustrating the mechanics of set-off; and netting, both under general law and statute and its relationship with the doctrine of combination as well as set-off. - Coverage and analysis of new topics including: the role and impact of set-off and netting in the financial markets, extending the examination beyond the current focus on specific transactions between banker and customer/client; and the operation of set-off and netting under personal property securities- style legislation recently implemented in Australia, drawing on comparative material in Canada and New Zealand and on the work of various international agencies; - Further exploration of the conceptual basis for set-off in the light of the authors current research on the doctrines of marshalling and contribution, re-examining in particular a range of factors potentially influencing the intervention of equity.

Reviews

McCracken's book provides a comprehensive analysis of the English law of set-off, its practical operation in the banker-customer relationship as well as the theoretical underpinnings -- Marek Dubovec * Journal of International Banking Law and Regulation (Review of 3rd Edition) *
it is excellent news for all who need to understand this topic - which should be simple, but can be extraordinarily complex and impenetrable - that the author has decided to return to it [a new edition]...[the author] clearly knows the subject inside out. -- Roger McCormick * Law and Financial Markets Review (Review of 3rd Edition) *
What is so striking about the book is the rigour with which the author addresses the very difficult theoretical problems underlying the law of set-off -- Sir Roy Goode QC, Emeritus Professor of Law * Foreword to the 1st Edition *

Author Bio

Sheelagh McCracken is Professor of Finance Law at the University of Sydney Law School and a Fellow of the Australian Academy of Law, Australia.