Banking law Essay Example | Topics and Well Written Essays - 2000 words - 1

Banking law - Essay Example For example in Barclays Bank Plc v O’Brien the House of Lords ruled that when the burden shifts to the stronger party to prove that there was no undue influence, the burden can be discharged by proof that the weaker party voluntarily entered into the agreement or the transaction and this can be proven by showing that the weaker party had the benefit of independent legal advice.7 It has been subsequently ruled that where undue influence is presumed, the bank’s security will stand on whether or not the surety had the benefit of independent legal advice.8 It was not altogether clear whether banks had a duty to ensure that vulnerable sureties sought independent legal advice. The courts had merely stated that the burden of proof could be discharged by showing that the vulnerable surety had voluntarily entered into the transaction and this could be shown by proof that the vulnerable surety had the benefit of independent legal advice. The matter was more clearly stated by the House of Lords in Royal Bank of Scotland v Etridge (no.2). In Royal Bank of Scotland v Etridge, the House of Lords ruled that the bank is required to take all reasonable steps to ensure that the vulnerable surety was appropriately apprised of the transaction and what this means is that the bank would require that the vulnerable surety had the benefit of independent legal advice.9 Further guidance was provided by the House of Lords in National Westminster Bank v Amin. In the case, the bank applied to the court for the defendant’s defence of undue influence on the part of her son who was a business man. In this case, the bank had previously required that their solicitors clarify and explain the details and consequences of the transaction to which the defendant would provide...Banks should also want to be sure that vulnerable sureties are exercising free and unimpeded judgement from the onset. Therefore the requirement of independent legal advice should not be an obstacle to ban ks taking on vulnerable securities. It should merely be perceived as a necessary step toward ensuring that vulnerable securities may not be rescinded at a later date. The requirement of independent legal advice is commercial sound and reasonable in that it seeks to safeguard the interests of all parties involved, including the bank. The principle debtor is ensured that he or she will obtain the benefit of a loan on the strength of a promise that the surety will provide security for the loan or discharge the debt in the event he or she is unable to. The bank obtains the necessary security for the loan and the surety is committed to loan. Each of these interests are equally important and it is in each of the party’s best interest to ensure that the vulnerable surety is fully aware of his or her obligations and the consequences of the transaction. Neither the bank nor the principle debtor will benefit from a transaction in which the surety is unaware of the consequences of the transaction is unable to fully understand or appreciate the consequences of the transaction. It makes sense that since the bank wants to ensure the integrity of its secu rities, that it would take the minimal step of requiring that vulnerable sureties seek independent legal advice.

Is it morally defensible for doctors to offer treatments that will Essay

Is it morally defensible for doctors to offer treatments that will enhance human capabilities (mental or physical) Discuss - Essay Example Abnormal genes will be replaced with normal and well functioning genes through homologous combination while selective reverse mutation will ensure that abnormal genes will return to the normal function (Sandel, 2007). Spindle transfer approach will ensure that the entire mitochondrion that is defective is replaced with normal mitochondria. Basically, there are two types of gene therapy that are Somatic gene therapy and Genetic gene therapy. Somatic gene therapy entails the transfer of genes in the somatic cells of the patient except the undifferentiated stem cells (Burley and Harris, 2002). On the other hand, Genetic gene therapy entails modification of the cells including the sperm cells of the patient and these genes become inheritable by the offspring of the patients thus preventing the passage of the disease to the offspring (Becker, 2000). Gene therapy has attracted intense ethical debate and controversy with the opponents asserting that it is not natural while the proponents as sert that it improves the living standards of the patient and offspring (Wartburg and Liew, 1999). According to Aristotle’ ethical theory, all the scientific technique must aim at certain good and there is absolutely one final end of all sciences. The absolute end of sciences should be happiness which all sub-ends aim at attaining (Wartburg and Liew, 1999). In this case, Aristotle ethical theory is clear that happiness entails thriving life and living well. Accordingly, happiness of patients encompasses the external goods that include wholesome children and personal beauty (Burley and Harris, 2002). According to Aristotle, gene-therapy is necessary since it leads to high standards of health care thus leading to happy patients and wholesome children (Vaughn, 2009). Accordingly, the death of a patient will cause unhappiness to the friends and close family