Part F Cross-Border Issues, 48 Customer Obligations and Foreign Law
- Regulation of banks — Debt
This chapter examines the impact of foreign law (moratoria or exchange controls) on the obligations of the customer to the bank. Exchange controls and similar laws will be of mandatory application in the country concerned, and the borrower have no choice but to comply with them. It may therefore be impossible for the borrower to instruct its bank to make the necessary payments. It is also important to know whether the English courts will continue to regard the debt obligation as valid.