The English High Court has held that a bank had not validly exercised its contractual right to extend the term of a 5 year interest rate collar transaction, because its email notice was not due notice to the company.

The collar was documented on the terms of a 1992 ISDA Master Agreement (Multi Currency –

A debtor who does not receive notice of a cession by the creditor to a third party is protected if the debtor continues to deal with the original creditor.

It is well-known that if the debtor pays the original creditor without notice of a cession the debt is discharged.

Principle not limited to payment