What is an advance?

In force

(1)

For the purposes of this Chapter, an advance is the provision or obtaining of funds by way of financial accommodation by means of—

(a)

a loan that is—

(i)

an advance of money; or

(ii)

the payment of money for or on account of, or on behalf of, or at the request of, any person; or

(iii)

a forbearance to require the payment of money owing on any account; or

(iv)

any transaction in any form that in substance effects a loan of money; or

(b)

a bill facility that is one or more agreements, understandings or arrangements because of which a bill of exchange or promissory note—

(i)

is drawn, accepted, endorsed or made; and

(ii)

is held, negotiated or discounted to obtain funds—

whether or not the funds are obtained from the person who draws, accepts, endorses or makes the bill of exchange or promissory note or from a person who is a party to any such agreement, understanding or arrangement.

(2)

An advance includes a contingent liability referred to in section 158.

Research tools for this sectionSubscription

Cited by Analyse Interrogate History Equivalents

The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.

150 What is an advance?