What a Payment is (and How It Continues Confuse Lawyers)

Macquarie Journal of Business Law, Vol. 2, p. 189, 2005

Cambridge Student Law Review, March 2005

15 Pages Posted: 7 Feb 2011

See all articles by Rhys Bollen

Rhys Bollen

Monash University - Faculty of Law

Date Written: February 12, 2005

Abstract

We instinctively know a payment when we get one. Our wallet bulges, or our bank balance looks a little healthier. But what is a payment really? How do they work? Unfortunately, as this article shows, payment facilities continue to confound us and the law. Recent cases, such as R v Preddy and Holmes, demonstrate the difficulty our legal system has with payment facilities. This article begins with an analysis of what a payment is. It looks at the history of payments, their main modern forms and economic substance. This is followed by a discussion of the above cases and the legislative response in England. The final section discusses some shortcomings in the current legislation and possible approaches to reform.

Suggested Citation

Bollen, Rhys A., What a Payment is (and How It Continues Confuse Lawyers) (February 12, 2005). Macquarie Journal of Business Law, Vol. 2, p. 189, 2005, Cambridge Student Law Review, March 2005, Available at SSRN: https://ssrn.com/abstract=1756072

Rhys A. Bollen (Contact Author)

Monash University - Faculty of Law ( email )

Wellington Road
Clayton, Victoria 3800
Australia

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