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Commercial Law

Commercial Law (4th edn)

Eric Baskind, Greg Osborne, and Lee Roach
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date: 26 February 2024

p. 65123. Legal aspects of money and paymentlocked

p. 65123. Legal aspects of money and paymentlocked

  • Eric Baskind, Eric BaskindSenior Lecturer in Law, Liverpool John Moores University and Visiting Research Fellow, Oxford Brookes University
  • Greg OsborneGreg OsborneFormerly Senior Lecturer in Law, University of Portsmouth
  •  and Lee RoachLee RoachSenior Lecturer in Law, University of Portsmouth

Abstract

This chapter discusses the idea of a payment obligation and the meaning of money, which are both central to commercial law.. Its objectives are, firstly to introduce the idea of money, the legal nature of physical cash, what it means to have money in the bank and whether crypto-currencies can be regarded as money. It then considers what is involved in the obligation of meeting a payment; and the basic nature of a bank account before dealing with electronic payment mechanisms through funds transfers with particular reference to BACs and Chaps including bank settlement procedures.

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