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Banking Law in Australia Ninth Edition Alan L Tyree BSc, MSc, PhD, LLB (Hons) LexisNexis Butterworths Australia 2017 LexisNexis AUSTRALIA LexisNexis Butterworths 475–495 Victoria Avenue, Chatswood NSW 2067 On the internet at: www.lexisnexis.com.au ARGENTINA LexisNexis Argentina, BUENOS AIRES AUSTRIA LexisNexis Verlag ARD Orac GmbH & Co KG, VIENNA BRAZIL LexisNexis Latin America, SAO PAULO CANADA LexisNexis Canada, Markham, ONTARIO CHILE LexisNexis Chile, SANTIAGO CHINA LexisNexis China, BEIJING, SHANGHAI CZECH REPUBLIC Nakladatelství Orac sro, PRAGUE FRANCE LexisNexis SA, PARIS GERMANY LexisNexis Germany, FRANKFURT HONG KONG LexisNexis Hong Kong, HONG KONG HUNGARY HVG-Orac, BUDAPEST INDIA LexisNexis, NEW DELHI ITALY Dott A Giuffrè Editore SpA, MILAN JAPAN LexisNexis Japan KK, TOKYO KOREA LexisNexis, SEOUL MALAYSIA LexisNexis Malaysia Sdn Bhd, PETALING JAYA, SELANGOR NEW ZEALAND LexisNexis, WELLINGTON POLAND Wydawnictwo Prawnicze LexisNexis, WARSAW SINGAPORE LexisNexis, SINGAPORE SOUTH AFRICA LexisNexis Butterworths, DURBAN SWITZERLAND Staempf i Verlag AG, BERNE TAIWAN LexisNexis, TAIWAN UNITED KINGDOM LexisNexis UK, LONDON, EDINBURGH USA LexisNexis Group, New York, NEW YORK LexisNexis, Miamisburg, OHIO National Library of Australia Cataloguing-in-Publication entry Author: Tyree, Alan L. Title: Banking Law in Australia. Edition: 9th edition. ISBN: 9780409344882 (pbk). 9780409344899 (ebk). Notes: Includes index. Subjects: Banking Law — Australia — textbook. Banks and banking — Australia — textbooks. © 2017 Reed International Books Australia Pty Limited trading as LexisNexis. First edition 1990; Second edition 1995 (reprinted 1997); Third edition 1998 (reprinted 2000); Fourth edition 2002; Fifth edition 2005; Sixth edition 2008; Seventh edition 2011; Eighth edition 2014; Ninth edition 2017. This book is copyright. Except as permitted under the Copyright Act 1968 (Cth), no part of this publication may be reproduced by any process, electronic or otherwise, without the specific written permission of the copyright owner. Neither may information be stored electronically in any form whatsoever without such permission. Inquiries should be addressed to the publishers. Typeset in Optima and Bembo. Printed in Australia. Visit LexisNexis Butterworths at www.lexisnexis.com.au Preface Surveys show that banking law teachers do not teach much about cheques these days. As those who know me will appreciate, I think this is a pity. In spite of that, LexisNexis tells me that textbooks must respond to the market, no matter how reluctant the author might be. As it turns out, I was not too reluctant, since reducing the material on cheques has given me the opportunity to indulge my other interest: payment and payment systems. Payment systems are often misunderstood even by experienced lawyers. Part of the misunderstanding is due to the language. Students sometimes find it difficult to believe there are no funds transferred in a ‘funds transfer’. Journalists love to talk about the ‘hidden’ banking system that ‘mysteriously’ transfers funds outside the established system, never realising that the legal principles involved are precisely the ones that govern the ‘normal’ banking system. The second major change from the 8th edition is the extended coverage of the Personal Property Securities Act 2009. The Act is a complex piece of legislation, replacing 71 Commonwealth and state Acts. Parliament recognised the complexity at the time of drafting, and s 343 calls for a review of the operation of the Act after three years. Bruce Whittaker conducted the review and his comprehensive report, tabled on 18 March 2015, makes 394 recommendations. The report is a must- read for anyone interested in personal property securities. Though expanded, the chapter must be considered as a brief introduction only. Security problems may be complex, and specialist texts should be consulted. In Paciocco v Australia and New Zealand Banking Group Ltd [2016] HCA 28, the High Court settled the long, sorry saga of the euphemistically named ‘exception fees’ in favour of the banks. In so doing, the High Court redefined and expanded the notion of contractual penalties: see the discussion in Chapter 4 and the comments by Sackville AJA in National Australia Bank Limited v Dionys as Trustee for the Angel Family Trust [2016] NSWCA 242. The High Court also considered the question of ‘change of position’ as a defence to a claim for money paid under a mistake of fact: see Australian Financial Services and Leasing Pty Ltd v Hills Industries Ltd [2014] HCA 14 and the discussion in Chapter 10. Books are not written in a vacuum. I am grateful to the staff at LexisNexis. They have been efficient and helpful always. I am also very grateful to my editor, Rebecca Gumbley, for saving me from endless embarrassment. I (reluctantly) acknowledge that any remaining errors are mine alone. Finally, and most of all, I am grateful to my wife Allison for her years of support and encouragement. Katoomba February 2017 Table of Cases References are to paragraph numbers 20991 Ontario Ltd v Canadian Imperial Bank of Commerce (1998) 8 PPSAC 135 …. 14.8 A A J Bekhor & Co Ltd v Bilton [1981] 2 All ER 565 …. 16.2.6 A/S Awilco of Oslo v Fulvia SpA di Navigazione of Cagliari (The Chikuma) [1981] 1 WLR 314 …. 9.3.6, 9.14, 9.14.3 Abbatt v Treasury Solicitor [1969] 3 All ER 1175; [1969] 1 WLR 1575 …. 3.8.1 Abigail v Lapin [1934] AC 491 …. 13.2.5 Abou-Rahmah v Abacha [2006] EWCA Civ 1492 …. 4.6.6 Accolade Wines Australia Ltd, In the matter of [2016] NSWSC 1023 …. 14.12.3 Adelaide Cooperative Society Ltd, Re [1964] SASR 266 …. 3.10.5 Adour Holdings Pty Ltd v Commonwealth Bank (1991) ATPR 41–147 …. 6.3.5 Aiken v Short (1856) 1 H & N 210; 25 LJ Ex 321 …. 10.3, 10.3.2, 10.4.2 Airservices Australia v Ferrier [1996] HCA 54 …. 4.11.3 Akbar Khan v Attar Singh [1936] 2 All ER 545 …. 4.2.2, 5.4.5 Akins v National Australia Bank (1994) 34 NSWLR 155 …. 15.3.1 Akrokerri (Atlantic) Mines Ltd v Economic Bank [1904] 2 KB 465 …. 4.9, 16.1.4 Aktas v Westpac Banking Corp Ltd [2007] NSWSC 1261 …. 4.12.6 — v — [2009] NSWCA 9 …. 6.3.2 — v — [2010] HCA 25 …. 6.3.2, 8.7.2 Alan (W J) & Co Ltd v El Nasr Export & Import Co [1972] EWCA Civ 12 …. 17.6 Albert Del Fabbro Pty Ltd v Wilckens and Burnside Pty Ltd [1971] SASR 121 …. 4.11.4 Albion Insurance Co Ltd v GIO (NSW) [1969] HCA 55 …. 15.2.2 Alexandre v New Zealand Breweries Ltd [1974] 1 NZLR 497 …. 13.2.5 Alington Group Architects Ltd v Attorney-General [1998] 2 NZLR 183 …. 4.5.1, 12.2.2 Alliance Bank v Kearsley (1871) LR 6 CP 433 …. 3.8.3 ALYK (HK) Limited v Caprock Commodities Trading Pty Ltd [2012] NSWSC 1558 …. 17.10.2 American Express International Inc v Commissioner of State Revenue [2003] VSC 32 …. 9.15.4 Amey v Fifer [1971] 1 NSWLR 685 (NSWCA) …. 3.8.1 Andrews v Australia and New Zealand Banking Group Ltd [2012] HCA 30 …. 4.5.2 Anglican Development Fund Diocese of Bathurst, Re [2015] NSWSC 185 …. 12.3.2 Ankar Pty Ltd v National Westminster Finance (Australia) Ltd (1987) 70 ALR 641; [1987] HCA 15 …. 15.3.2, 15.3.3 ANZ Banking Group Ltd v Karam [2005] NSWCA 344 …. 15.3.1 ANZ Savings Bank Ltd, Re; Mellas v Evriniadis [1972] VR 690 …. 3.2.4, 4.2.2, 4.12.2, 4.12.3 Aotearoa International v Westpac Banking Corp [1984] 2 NZLR 34 …. 17.14.2 Arab Bank v Barclays Bank (DCO) [1954] AC 495 …. 4.4.1, 4.12.7 — v Ross [1952] 2 QB 216 …. 5.5.5, 5.5.8 Arcedeckne, Re (1883) 24 Ch D 709 …. 15.2.2 Ardern v Bank of New South Wales [1956] VLR 569 …. 4.7.3 Armco (Australia) Pty Ltd v Federal Commissioner of Taxation (1947–1948) 76 CLR 584 …. 8.10.1 Armstrong v Commonwealth Bank of Australia [1999] NSWSC 588 …. 15.3.1 Aronis v Hallett Brick Industries Ltd [1999] SASC 92 …. 9.2.3 Arrow Transfer Co Ltd v Royal Bank of Canada (1972) 27 DLR (3d) 81 …. 4.9.3, 7.4.1, 8.8.3 ASB Bank Ltd v South Canterbury Finance Ltd [2011] NTCA 368 …. 13.2.6 Associated Alloys Pty Ltd v ACN 001 452 106 Pty Ltd [2000] HCA 25 …. 14.3 Associated British Ports v Ferryways NV [2009] EWCA Civ 189 …. 12.2.6 Astley v Austrust Ltd [1999] HCA 6 …. 7.4.3 Attenborough v Solomon [1913] AC 76 …. 4.6 Attorney General of Belize v Belize Telecom Ltd [2009] UKPC 10 …. 3.5.1 Australasian Conference Association Ltd v Mainline Constructions Pty Ltd (In Liq) [1978] HCA 45 …. 4.4.3 Australia and New Zealand Banking Group Ltd v Curlett Cannon and Galbell [1992] 2 VR 647 …. 16.1.2 Australia and New Zealand Group Ltd v Westpac Banking Corporation (1988) 78 ALR 157; [1988] HCA 17 …. 4.3.2, 4.3.3, 9.8.2, 9.12.2, 9.14.4, 10.4.1, 10.6 Australian and New Zealand Banking Group Ltd v Aldrick Family Company Pty Ltd [2010] NSWSC 1000 …. 6.2.7 Australian Bank Ltd v Stokes (1985) 3 NSWLR 174 …. 15.3.3 Australian Competition and Consumer Commission v Chaste Corp (in liq) [2003] FCA 180 …. 16.2.3 Australian Elizabethan Theatre Trust, Re; Lord v Commonwealth Bank of Australia (1991) 30 FCR 491 …. 4.3.1 Australian Financial Services and Leasing Pty Ltd v Hills Industries Ltd [2014] HCA 14 …. 10.2, 10.3.1, 10.4.1, 10.4.3 Australian Independent Distributors Ltd v Winter [1964] HCA 78 …. 1.6, 3.10.5 Australian Prudential Regulation Authority v Siminton (No 6) [2007] FCA 1608 …. 3.10.2 Automobile Finance Co of Australia Ltd v Law [1933] HCA 52 …. 5.9 Avon County Council v Howlett [1983] 1 WLR 605 …. 4.9.2 B Bachmann Pty Ltd v BHP Power New Zealand Ltd [1998] VSCA 40 …. 17.5 Backhouse v Charleton (1878) 8 Ch D 444 …. 3.8.3 Baden, Delvaux and Lecuit v Société Générale pour Favouriser le Développement du Commerce et de l’Industrie en France SA [1992] 4 All ER 161; [1983] BCLC 325 …. 4.6.4 Bagley v Winsome and National Provincial Bank Ltd [1952] 2 QB 236 …. 4.12.3 Baker v ANZ Bank Ltd [1958] NZLR 907 …. 8.7.2 — v Barclays Bank Ltd [1955] 1 WLR 822 …. 8.8.4 Ballabil Holdings Pty Ltd v Hospital Products Ltd (1985) 1 NSWLR 155 …. 16.2.3 Baltic Shipping Co v Dillon [1993] HCA 4 …. 9.14.5 Banbury v Bank of Montreal [1918] AC 626 …. 6.3.4, 6.3.5 Banco Santander SA v Banque Paribas [2000] EWCA Civ 57 …. 17.12.2, 17.14.4 Bank of Adelaide v Lorden (1970) 127 CLR 185 …. 3.7.5, 15.3.2 Bank of Chettinad v Commissioner of Income Tax, Colombo [1948] AC 378 …. 3.10.1 Bank of England v Vagliano Bros [1891] AC 107 …. 7.4.2, 8.7.3 Bank of Ireland v Evans Charities Trustees in Ireland [1855] 5 HL Cas 389 …. 7.4.2 Bank of New South Wales v Barlex Investments Pty Ltd (1964) 64 SR (NSW) 274 …. 4.12.4 — v Brown [1983] HCA 1 …. 4.5.1, 12.2.2 — v Commonwealth (1948) 76 CLR 1; [1948] HCA 7 …. 2.2.1, 3.10.1, 3.10.5 — v Goulburn Valley Butter Co Pty Ltd [1902] AC 543 …. 4.6.1 — v Laing [1954] AC 135 …. 3.2.4, 3.2.5, 8.7.1 — v Murphett [1983] 1 VR 489 …. 9.8.2, 10.5.2 — v Rogers [1941] HCA 9 …. 15.3.1

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