Everett and McCracken's Banking and Financial Institutions Law 10th Edition

This 10^th edition of Everett & McCracken’s Banking and Financial Institutions Law follows its predecessors in providing a comprehensive legal analysis of the Australian financial sector. For almost 40 years this work has chronicled the legal development of the sector, offering broad coverage of the legal concepts and principles which typically arise in banking and finance transactions.

The structure of the book remains familiar. The text opens in Part 1 with a detailed examination of the regulatory framework, which continues to be marked by a diversity of regulators and a multiplicity of regulatory regimes. In Part 2, the text advances a general framework for analysing financing transactions. As in recent editions, it builds in this Part on contractual and property law concepts. It focuses on complexities arising from the role of financial institutions and the intricate and specialised nature of their business and the financial assets with which they deal. Part 3 then moves to an analysis of the operation of payment instruments. Part 4 examines the various modes of taking security, together with methods of enforcing security on a debtor’s insolvency. Part 5 concludes by analysing common financing structures such as syndication, securitisation and subordination.

The text has been closely reviewed and fully updated to reflect changes introduced by legislation and case law since the publication of the last edition in 2017. In particular, the text:

• expands the treatment of the regulatory framework in Part 1. It takes into account changes to regulators’ mandates and practices and to finance sector regulation generally.  Several chapters now cover new material on financial stability regulation; payments system regulation, sustainable finance regulation and the digitalisation of finance;

• extends analysis in Part 4 of the impact of financial distress and insolvency of debtors, in the wake of recent law reform. It provides new sections on provisional liquidation and the small business restructuring process. It further develops discussion on receivers and liquidators, as well as on the nature and effect of voluntary administration and deeds of company arrangement; and

• introduces into Part 2 a discussion of economic foundations of money and banking. It explores fundamental questions on the nature of money and monetary structures and considers their impact on legal interpretation, covering classic banking law doctrines as well as modern cryptocurrencies.

AUTHORS

SHEELAGH MCCRACKEN 

MA (Camb), PhD (Sydney), Professor of Finance Law, Sydney Law School, University of Sydney, Fellow of the Australian Academy of Law

GREG TOLHURST

DipLaw (SAB), LLM (Sydney), PhD (UNSW), Professor of Commercial Law, Sydney Law School, University of Sydney, Fellow of the Australian Academy of Law

ANN WARDROP

BA LLB (Melb), GDIP Fin Law (Melb), PhD (Melb), Honorary Senior Research Fellow, La Trobe Law School, La Trobe University

with contributions from

FRANK DECKER - MAppFin (Macquarie University), Dr. rer. pol. (Universität Bremen), Dipl.-Phys., Dr. rer. nat. (Freie Universität Berlin), Research Affiliate, Sydney Law School, University of Sydney

ALLISON SILINK - Dip Law (SAB), PhD (UTS), Associate Professor, Faculty of Law, University of Technology, Sydney, Barrister-at-Law (High Court of Australia and New South Wales)

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  National Credit Regulation eSubscription

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  Modern Contract of Guarantee eSubscription

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  The Law Relating to Banker & Customer eSubscription

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  Journal of Banking and Finance Law and Practice: Parts

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  The Law Relating to Banker and Customer in Australia

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  Modern Contract of Guarantee

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PART 1 — THE REGULATORY FRAMEWORK

Chapter 1 — Regulators  

Chapter 2 — Finance Sector Regulation: Products and Services; Consumer Credit Protection; Digitalisation

Chapter 3 — Financial Stability Regulation

Chapter 4 — Financial Stability and Payment Systems Regulation

Chapter 5 — Sustainable Finance Regulation

PART 2 — A TRANSACTIONAL FRAMEWORK

Chapter 6 — Economic Foundations of Money and Banking  

Chapter 7 — Dealings between Financial Institutions and Their Clients  

Chapter 8 — Dealings with Financial Assets

Chapter 9 — Allocation of Risk  

PART 3 — PAYMENT INSTRUMENTS

Chapter 10 — Bills of Exchange  

Chapter 11 — Promissory notes  

Chapter 12 — Letters of Credit and Performance Guarantees

PART 4 — TAKING SECURITY

Chapter 13 — Capacity and Authority to Borrow and to Grant Security  

Chapter 14 — Security within the Scope of the Personal Property Securities Act 2009 (Cth) (PPSA)  

Chapter 15 — Security under General Law  

Chapter 16 — Financial Distress or Insolvency of Borrowers  

PART 5 — STRUCTURING FINANCING TRANSACTIONS

Chapter 17 — Structuring Loan Syndications and Participations

Chapter 18 — Structuring Securitisations

Chapter 19 — Structuring Subordinations