Banking Law in Australia

"Banking Law in Australia" by Alan L. Tyree is a comprehensive textbook that has been a cornerstone in the field of banking law in Australia. The book has undergone several editions, with the latest being the 10th edition, which includes significant revisions to chapters dealing with the Australian banking system and regulation following recent developments.

Key Themes

1. Regulatory Framework:

   • The book provides a detailed analysis of the regulatory framework governing Australian banking, including legislative and regulatory changes.

2. Banking System and Regulation:

   • It covers the structure and operation of the Australian banking system, including major revisions post-recent regulatory changes.

3. Case Law and Legislation:

   • The text engages with relevant case law, legislation, and government activity, offering a clear and concise commentary on the history, current practice, and future directions of banking law in Australia.

4. Consumer Protection:

   • It discusses consumer protection aspects, including unfair contract terms, responsible lending, consumer warranties, the Code of Banking Practice, and the ePayments Code.

5. Lending Principles:

   • The book delves into general principles of lending, types of lending, and types of borrowers, as well as secured lending over real and personal property.

6. Banker's Duties:

   • It explores the duties of bankers, including the duty of secrecy, bankers' references, and other obligations.

Plot Summary

The book is structured to provide a comprehensive understanding of banking law in Australia. It covers a wide range of topics, including:

• Accounts: Types of accounts, appropriation, combining accounts, overdraft accounts, trust accounts, joint accounts, protected accounts, statements, and passbooks.
• Bills of Exchange: Introduction to bills of exchange, legislation, negotiation, formal requirements, transfer/negotiation, principles of liability, and the chain of liabilities.
• Payment Systems: Domestic payments, completion of payment, credit cards, computer money, and the New Payment Platform.
• Payment Under a Mistake: Basis of recovery, elements of the cause of action, defences, payment orders, and mistaken Internet payments.
• Consumer Protection: Unfair contract terms, responsible lending, consumer warranties, the Code of Banking Practice, and the ePayments Code.
• Lending: General principles of lending, types of lending, and types of borrowers.
• Secured Lending: Securities over real and personal property, historical problems of securities over chattels, and complexity in secured lending.

Critical Reception

The book has been well-received for its clarity and comprehensive coverage of banking law in Australia. It is widely used by law and business students in elective subjects and is considered a popular banking law text. The 10th edition has been praised for its major revisions, which reflect the evolving landscape of Australian banking regulation.

Overall, "Banking Law in Australia" by Alan L. Tyree is a seminal work that provides a thorough understanding of the complex and dynamic field of banking law in Australia. Its clarity, comprehensive coverage, and engagement with relevant case law and legislation make it an essential resource for both students and practitioners in the field.