In this case, the Judicial Committee of the Privy Council, in a Gibraltese appeal, clarified the test of constructive notice which the bona fide purchaser must satisfy to be “without notice”, emphasising the importance for banks of establishing the commercial purpose of a transaction rather than just the source of the funds.
This article was first published in Greens Business Law Bulletin, Issue 140 (published February 2016) and is reproduced here with the kind permission of W. Green, the Law Publishers.
