Property rights in money:
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Oxford [u.a.]
Oxford Univ. Press
2008
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| Ausgabe: | 1. publ. |
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| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Includes bibliographical references and index |
| Beschreibung: | XXXIII, 334 S. 26 cm |
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MARC
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| 100 | 1 | |a Fox, David |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Property rights in money |c David Fox |
| 250 | |a 1. publ. | ||
| 264 | 1 | |a Oxford [u.a.] |b Oxford Univ. Press |c 2008 | |
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| 338 | |b nc |2 rdacarrier | ||
| 500 | |a Includes bibliographical references and index | ||
| 650 | 4 | |a Money / Law and legislation | |
| 650 | 4 | |a Right of property | |
| 650 | 4 | |a Exchange / Law and legislation | |
| 650 | 4 | |a Recht | |
| 650 | 4 | |a Interest (Ownership rights) | |
| 650 | 4 | |a Interest (Ownership rights) |z Great Britain | |
| 650 | 4 | |a Money |x Law and legislation | |
| 650 | 4 | |a Money |x Law and legislation |z Great Britain | |
| 650 | 4 | |a Property | |
| 650 | 4 | |a Property |z Great Britain | |
| 650 | 4 | |a Transfer (Law) | |
| 650 | 4 | |a Transfer (Law) |z Great Britain | |
| 651 | 4 | |a Großbritannien | |
| 856 | 4 | 2 | |m HBZ Datenaustausch |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016699943&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-016699943 | ||
Datensatz im Suchindex
| _version_ | 1804137961367797760 |
|---|---|
| adam_text | Titel: Property rights in money
Autor: Fox, David
Jahr: 2008
CONTENTS—SUMMARY
Table of Cases xix
Table of Legal Instruments and Sources xxxi
1. Money as Property 1
2. Explaining the Property Rights Regime Applied to Money 49
3. Derivative Transfers of Title: General Principles 69
4. Void Derivative Transfers of Title to Corporeal Money 109
5. Derivative Transfers of Title to Incorporeal Money 163
6. Voidable Derivative Transfers of Title to Money 211
7. Mixtures of Money 237
8. The Currency of Money 265
9. Enforcement of Title to Money 305
Index 327
CONTENTS
Table of Cases xix
Table of Legal Instruments and Sources xxxi
1. Money as Property
A. Scope of the book 1-01
(1) The content of the book 1 -02
(2) The approach of the book 1.09
(3) Jurisdictions considered 1.16
B. Legal and economic conceptions of money 1-19
(1) Money defined by its functions 1.19
(a) Medium of exchange 1.20
(b) Unit of account 1.25
(c) Store of value 1-28
(2) The variety of assets which fulfil monetary functions 1-31
(a) Coins 1.32
(b) Banknotes 1-33
(c) Incorporeal money 1.38
(d) The banking contract and the nature of a running account 1.43
(e) The early legal conception of a bank account 1 -46
(3) Defining the boundaries of money 1.52
(a) Distinguishing incorporeal money 1-54
(b) Economic definitions of money 1-58
C. Money in the law of personal property 1-59
(1) The characteristic property regime applying to money 1.59
(a) Instances when the characteristic proprietary regime applies 1.63
(b) The possible need for the money to be issued 1 -70
D. Primary concepts in explaining property in money 1 -73
(1) Money as a subject of property rights. 1-75
(2) Fungible and specific property distinguished 1-78
(a) Money as fungible property 1-80
(b) Money as specific property 1.82
(c) The practical importance of money as specific property 1.83
(3) Transfer, tender and payment of money 1.87
(a) Tender and payment 1.88
(b) Legal tender of money -9
(c) Payment and transfer .)5
ix
Contents
(d) Payment separated from transfer 1-94
(e) Payment by transfer 1-97
(4) Transfers of corporeal and incorporeal money 1.100
(a) Original acquisition of proprietary interests
compared with derivative transfers of property 1.102
(b) Incorporeal transfers as derivative means of
acquiring title 1.105
(5) Identification and property 1.108
E. Incorporeal assets in the law of property 1.111
(1) Roman law origins of the classification 1.112
F. The corporeal view of money as a cause of confusion 1.122
(1) Confusion caused in the legal explanation of
property in money 1.123
(a) Functionally equivalent results for
corporeal and incorporeal money 1.133
G. De-physicalization of money 1.135
(1) The diminishing importance of corporeal money 1.137
(a) The credit theory of money 1.141
(b) The commodity theory of money 1.144
(c) Commodity money superseded 1.147
2. Explaining the Property Rights Regime Applied to Money
A. The relevance of law to supporting the
economic functions of money 2.04
B. Economics and the allocation of property
rights in money 2.11
(1) The economic functions of currency 2.11
(a) Transaction costs and the nemo dat rule 2.13
(b) The efficiency of the property regime
applying to money 2.19
(c) Identification and abstraction 2.20
(d) Bona fide purchase for value 2.24
(e) Secondary social costs of the currency principle 2.28
C. Preventing divergence between the
functions of money as a unit of account
and as a medium of exchange 2.31
(1) Discounts from nominal value: an overview 2.32
(a) Discounts from nominal value to reflect title risks 2.35
(b) Maintaining homogeneity and discounts
from nominal value to allow for title risks 2.40
x
contents
D. The reality of the economic model 2.44
(1) Overstating the relevance of the property regime 2.45
(2) Risk aversion to defects in title 2.48
(a) Responses 2.51
3. Derivative Transfers of Title: General Principles
A. Main features of derivative transfers of title 3.04
(1) Operation of the transfer at law: an outline 3.05
(2) Operation of the transfer in equity: an outline 3.10
(3) Incorporeal money 3.14
B. Practical limitations on the explanation of
derivative transfers of title to money 3.16
(1) Currency and unchallengeable possessory title 3.17
(2) Action to recover money founded on unjust enrichment 3.20
C. The payer s title before the transfer 3.23
(1) Beneficial and equitable ownership 3.23
(a) Double characterization of claims at law and in equity 3.29
D. Transfer of legal title by delivery 3.32
(1) Sources of the common law rules on transfer of title 3.32
(2) Delivery of factual possession to the recipient 3.36
(3) Intention to deliver possession 3.39
E. Transfer of legal title other than by delivery 3.43
(1) Derivative transfers of ownership by operation of law 3.44
(2) Transfers by deed 3.45
F. The validity of the underlying transaction and
the effectiveness of the intention to transfer ownership 3.48
(1) Abstraction and the relevance of an underlying contract 3.50
(a) Contract alone cannot transfer the legal title to money 3.50
(b) Comparison with abstract theory of
transfer of ownership 3.53
(c) Intention and delivery 3-58
(d) Vitiation of the underlying contract and of the
intention to deliver 3.59
(e) The mistaken view that a transfer of ownership
cannot be vitiated by mistake or fraud 3.61
(f) Relevance of the contract to the recipient s status as a
bona fide purchaser for value 3.68
(g) The relevance of the recipient s intention 3.72
G. The contribution of equity to explaining
vitiated transfers of money 3.76
xi
Contents
(1) Advantages of relying on equitable proprietary claims 3.77
(a) Wider grounds for vitiating the transfer 3.78
(b) More advantageous rules of identification 3.79
(c) Vitiating reasons in equity 3.80
(2) The resulting trust theory and claims in unjust enrichment 3.84
(a) The resulting trust theory outlined 3.86
(b) Possible objections to the resulting trust theory 3.89
(c) Any intention to pass beneficial interest rebuts the presumption 3.90
(d) Distinction from vitiated intention to enrich the recipient 3.92
(e) Residual instances where the resulting trust
theory remains arguable 3.96
H. Absence of effective intention to transfer ownership 3.99
(1) Fundamental mistakes 3.100
(2) No intention to transfer 3.103
I. Incapacity to transfer 3.104
(1) The relevance of limitations on capacity to the transfer of title 3.108
J. Voidable transfers 3.110
K. Summary 3.111
4. Void Derivative Transfers of Title to Corporeal Money
A. Abstraction and void underlying transactions 4.03
(1) Differences between transfers of chattels and
money under void contracts 4.05
(2) Transfer of chattels under void contracts 4.06
(3) Money payments under void contracts 4.09
(a) The relevance of the swaps cases as authorities on the
passing of property 4.10
(b) Passing of legal title under the swaps transactions 4.14
(c) Equitable title and void transactions 4.17
(d) The resulting trust theory and payments under
void transactions 4.19
B. Incapacity to transfer 4.23
(1) General 4.24
(2) Capacity to transfer title and sale of goods 4.25
(3) Limitations on the capacity of statutory corporations 4.28
(a) Invalidity of transfers beyond the statutory
capacity of the corporation 4.31
(b) Property seldom an issue in ultra vires transfers 4.35
(c) Ultra vires receipts of property 4.36
(d) Exceptions and qualifications to the invalidity of
ultra vires transactions 4.37
xii
Contents
(4) Capacity of mentally disordered people 4.42
(a) Lack of capacity 4.45
(b) Gifts by a person lacking mental capacity 4.47
(c) Contracts by a person lacking mental capacity 4.48
(5) Capacity of minors 4.51
(a) The ways in which a minor may lack capacity 4.52
(b) Comparison between the minor s capacity to transfer
property and to enter into contracts 4.54
(c) Limited right to impugn transfers made by a minor 4.60
(d) Bars to recovery of money or property
transferred by a minor 4.61
(e) Transfers of money or property to a minor 4.64
C. Void transfers owing to absence or negativing of
intention: general 4.67
(1) Sources of the rules and their limitations 4.70
(a) Criminal cases on property offences 4.72
(b) Cases on vitiated contracts 4.78
(c) The resulting trust theory 4.81
D. Absence of intention 4.82
(1) Loss of the money 4.84
(2) Theft of the money 4.86
(a) Effective consent in fact and in law 4.88
(3) Loss and theft in equity 4.92
(a) Finder or thief as a constructive trustee 4.93
(b) The necessity for fraud to generate the trust 4.96
(c) Fraud sufficient to generate a constructive trust 4.98
(d) Imposition of the constructive trust and the
retention of legal title: two objections 4.101
(e) Response to the objections 4.103
(f) Resulting trust of lost or stolen money. 4.107
(g) Analysis of the resulting trust theory applied to
lost or stolen money 4.109
E. Mistake negativing intention 4.116
(1) Intention to transfer title and fundamental mistake 4.116
(2) Mistakes about the recipient s identity 4.120
(a) The mistake of identity cases 4.123
(3) Mistakes about the identity of the property transferred 4.128
(a) The mistake of property cases 4.129
(b) Mistake of property should not apply to money payments 4.132
(4) Mistakes about the nature of the underlying transaction 4.133
(a) Mistakes about the underlying transaction
should not prevent title from passing 4.136
xiii
Contents
(5) Mistakes of amount 4.138
(a) The mistake of amount cases 4.139
F. Mistake negativing intention in equity 4.147
(1) The authorities for the trust arising out of a mistaken payment 4.149
(a) Revision of the Chase Manhattan reasoning 4.151
(b) The resulting trust of mistakenly paid money 4.154
5. Derivative Transfers of Title to Incorporeal Money
(1) The main features of transfers of incorporeal money 5.03
A. Money transfers through a payment mechanism 5.08
(1) Bank money as a chose in action 5-09
(2) Payment mechanisms 5.10
(a) The operation of a payment mechanism 5.11
(b) Terminology in a payment mechanism 5.14
(c) Instructions and mandate 5.17
(d) The transfer of funds between banks 5.19
(e) Clearing and intermediaries 5-21
B. Property and transfers through a payment mechanism 5.23
(1) A transfer of bank money does not assign the
originator s chose in action 5.25
(2) Transfers of bank money and identification of value 5-30
(a) Issue depending on a proprietary interest in the proceeds 5-34
(b) Issue not depending on the originator s
proprietary interest 5.39
(c) The mistaken view that all personal claims
require specific tracing 5-42
C. The originator s title is not transferred 5-46
(1) A contrast: consequences of the transfer of title to corporeal money 5-47
D. The extinction and creation of title when incorporeal
money is transferred 5.50
(1) The vesting of the legal title to incorporeal money in the beneficiary 5.53
(a) The time when legal title vests in the beneficiary 5.56
(b) The entry of the credit in the beneficiary s account is
not enough to complete the beneficiary s title 5-60
(c) The receipt of the payment instruction and receipt of
funds by the beneficiary s bank are not enough to
complete the beneficiary s title 5.63
(d) The beneficiary need not know about the credit 5.67
(2) The extinction of the originator s title to incorporeal
money and the revocation of the payment instruction 5.70
xiv
Contents
E. The beneficiary always takes the primary legal
title to incorporeal money 5.74
F. Vitiated transfers of incorporeal
money: general principles 5.77
(1) Abstraction of the payment mechanism from the
underlying transaction 5.78
(2) The practical utility of proprietary claims in vitiated
payments of incorporeal money 5.79
G. Unauthorized substitution and proprietary interests
in the proceeds of a vitiated transfer 5.82
(1) Unauthorized substitution as a means of acquiring title 5.85
(2) Unauthorized payments from a bank account 5.87
(3) The originator s title to the proceeds of the payment 5.91
(a) Equitable title 5.92
(b) Title at common law 5.96
(4) Absence of authority as between the originator and the beneficiary 5.107
(5) Vitiating reasons and absence of authority 5.111
(6) Significance of the right to claim the proceeds of
an unauthorized payment 5.117
H. The effect of vitiating reasons at law and in equity
on the transfer of incorporeal money 5.119
(1) Absence of effective intention to pay the money 5.120
(a) Theft 5.121
(b) The consequences of a payment made without mandate 5.123
(c) The passing of property and fundamental mistake in
payments of incorporeal money 5.131
(d) The rarity of fundamental mistakes in payments of
incorporeal money 5-133
(e) Fundamental mistakes of identity 5.136
(f) Fundamental mistake of quantity or subject-matter 5.138
(2) Mistake in equity 5.141
(3) Voidable payments 5.147
(4) Voidable payments and the effect on the mandate with
the originator s bank 5.153
(5) Transfers made subject to an incapacity or lack of authority 5.156
6. Voidable Derivative Transfers of Title to Money
A. Voidable transfers and rescission: general 6.03
(a) Proprietary consequences of rescission summarized 6.05
(1) Vitiation of intention and grounds of rescission 6.07
(2) Grounds of rescission at common law and equity 6.08
(a) Grounds of rescission and void transactions 6.13
xv
Contents
(3) The relevance of an underlying contract to the right of rescission 6.15
(a) The effect of rescission of contract on transfer of property 6.17
B. The proprietary character of the payer s right to rescind 6.19
(1) Enforcement of the right to rescind by a successor in title 6.21
(a) Right to rescind as a chose in action 6.22
(b) Relationship with champerty and maintenance 6.24
(c) Alienability of a common law right of rescission 6.26
(2) Enforcement of the right to rescind against third parties 6.27
(a) Equitable right to rescind at its inchoate stage 6.28
(b) Authorities illustrating the proprietary character
of the inchoate equity 6.29
(c) Authorities apparently contrary to the proprietary
character of the inchoate equity 6.32
(d) Inchoate equity to rescind and priorities 6.34
(e) Right of rescission as an equitable title 6.36
(f) Equitable title after rescission 6.38
(g) The trust arising on effective rescission is a resulting trust 6.40
(3) Rescission and claims to traceable proceeds enforced
against third parties 6.43
(a) Claims founded on title to substituted assets and
relationship with restitutio in integrum 6.45
(b) Restitutio in integrum by the payer 6.48
(c) The practicalities of effecting restitutio in
integrum to the first recipient 6.50
(4) The retrospective effect of rescission 6.53
(a) Various meanings of retrospectivity 6.54
(5) The incidents of the fully vested beneficial
ownership under the resulting trust 6.60
(a) The powers and duty of the recipient 6.61
(b) When the trust arises 6.63
7. Mixtures of Money
A. The creation of a proprietary interest in a
mixture of money 7.03
(1) The need for the money asset to exist 7.04
(2) The need for identification of the money asset 7.08
(a) Title at law 7.09
(b) Title in equity 7.13
B. Identification and the survival of title to money 7.16
(1) The no earmark rule 7.18
(a) The presumption of title from possession 7.23
(b) Legal title to mixtures of corporeal money 7.25
xvi
Contents
(2) Identification and survival of equitable title to
mixtures of corporeal money 7.30
(a) Historical background to the equitable rules 7.34
C. Proprietary effect of mixtures of incorporeal money 7.41
(1) Mixture of funds received beneficially by the bank 7.44
(2) Mixture of money as between the customer and the bank 7.50
(3) Mixture of money as between claimant and the customer 7-55
(a) Tracing value and claims to substituted assets 7.56
(b) The relevance of the tracing rules 7.59
(c) The nature of the claimant s title to the chose in action in equity 7.65
(d) The nature of the claimant s title to the chose in
action at common law 7.67
(e) The possible abolition of the no earmark rule 7.71
8. The Currency of Money
A. Currency and the extinction of adverse titles 8.01
(1) Currency and negotiability 8.02
(2) Evidential and substantive mechanisms to allow the
transfer of money free from adverse titles 8.06
B. The no earmark explanation of currency 8.10
(1) The effect ofthe maxim in securing legal title to money 8.10
(2) A possible preference for applying the
no earmark maxim to money 8.14
(3) The no earmark explanation of currency superseded 8.18
C. Currency and bona fide purchase 8.20
(1) The origins ofthe bona fide purchase and its
operation at law and in equity 8.21
(2) The consequences ofthe different common law and
equitable definitions of bona fide purchase 8.24
D. The elements of bona fide purchase for value 8.27
(1) Purchase for value 8.29
(a) Executed consideration 8.31
(b) Executory consideration at law 8.33
(c) Executory consideration in equity 8.39
(d) Adequacy of consideration 8.49
(2) Good faith and without notice of a defect in the payer s title 8.50
(a) Good faith 8.51
(b) Absence of notice: general 8.53
(3) Notice at common law 8.54
(4) Notice in equity 8.55
(a) Notice and unconscionability 8.58
(b) Commercial payments 8.60
xvii
Contents
(c) Non-commercial payments 8.64
(d) Defect in the payer s title 8.68
(5) Attribution of knowledge or notice to a corporation 8.73
(a) Attribution 8.75
(b) Aggregation 8.78
(6) Burden of proof 8.79
9. Enforcement of Title to Money
A. Enforcement of legal title in the law of torts 9.03
(1) Conversion and trespass 9.04
(a) Conversion of money 9.08
(b) Conversion of choses in action 9.13
(2) Enforcement of title to substituted assets or
money paid in a voidable transaction 9.15
B. Enforcement of legal title in the law of restitution 9.19
(1) Personal liability in an action for restitution 9.19
(a) The rationale of the defendant s restitutionary liability 9.23
(b) Whether enrichment is inconsistent with the
claimants retention of title 9.26
(c) The availability of the change of position defence 9.30
(d) Common law restitutionary claim against a bank 9.32
(2) Proprietary remedy to enforce legal title 9.38
(a) Change of position 9.43
C. Enforcement of equitable title to money 9.46
(1) Personal liability for receipt in equity 9.48
(2) Receipt of money by a bank 9.53
(a) The reduction of the customer s overdraft 9.58
(b) The provision of services to the customer 9.59
(c) Instances of inconsistent dealing 9.63
(3) Proprietary remedies 9.67
(a) Change of position 9.72
Index 327
xviii
|
| adam_txt |
Titel: Property rights in money
Autor: Fox, David
Jahr: 2008
CONTENTS—SUMMARY
Table of Cases xix
Table of Legal Instruments and Sources xxxi
1. Money as Property 1
2. Explaining the Property Rights Regime Applied to Money 49
3. Derivative Transfers of Title: General Principles 69
4. Void Derivative Transfers of Title to Corporeal Money 109
5. Derivative Transfers of Title to Incorporeal Money 163
6. Voidable Derivative Transfers of Title to Money 211
7. Mixtures of Money 237
8. The Currency of Money 265
9. Enforcement of Title to Money 305
Index 327
CONTENTS
Table of Cases xix
Table of Legal Instruments and Sources xxxi
1. Money as Property
A. Scope of the book 1-01
(1) The content of the book 1 -02
(2) The approach of the book 1.09
(3) Jurisdictions considered 1.16
B. Legal and economic conceptions of money 1-19
(1) Money defined by its functions 1.19
(a) Medium of exchange 1.20
(b) Unit of account 1.25
(c) Store of value 1-28
(2) The variety of assets which fulfil monetary functions 1-31
(a) Coins 1.32
(b) Banknotes 1-33
(c) Incorporeal money 1.38
(d) The banking contract and the nature of a running account 1.43
(e) The early legal conception of a bank account 1 -46
(3) Defining the boundaries of money 1.52
(a) Distinguishing incorporeal money 1-54
(b) Economic definitions of money 1-58
C. Money in the law of personal property 1-59
(1) The characteristic property regime applying to money 1.59
(a) Instances when the characteristic proprietary regime applies 1.63
(b) The possible need for the money to be issued 1 -70
D. Primary concepts in explaining property in money 1 -73
(1) Money as a subject of property rights. 1-75
(2) Fungible and specific property distinguished 1-78
(a) Money as fungible property 1-80
(b) Money as specific property 1.82
(c) The practical importance of money as specific property 1.83
(3) Transfer, tender and payment of money 1.87
(a) Tender and payment 1.88
(b) Legal tender of money ' -9"
(c) Payment and transfer \.)5
ix
Contents
(d) Payment separated from transfer 1-94
(e) Payment by transfer 1-97
(4) Transfers of corporeal and incorporeal money 1.100
(a) Original acquisition of proprietary interests
compared with derivative transfers of property 1.102
(b) Incorporeal transfers as derivative means of
acquiring title 1.105
(5) Identification and property 1.108
E. Incorporeal assets in the law of property 1.111
(1) Roman law origins of the classification 1.112
F. The corporeal view of money as a cause of confusion 1.122
(1) Confusion caused in the legal explanation of
property in money 1.123
(a) Functionally equivalent results for
corporeal and incorporeal money 1.133
G. De-physicalization of money 1.135
(1) The diminishing importance of corporeal money 1.137
(a) The credit theory of money 1.141
(b) The commodity theory of money 1.144
(c) Commodity money superseded 1.147
2. Explaining the Property Rights Regime Applied to Money
A. The relevance of law to supporting the
economic functions of money 2.04
B. Economics and the allocation of property
rights in money 2.11
(1) The economic functions of currency 2.11
(a) Transaction costs and the nemo dat rule 2.13
(b) The efficiency of the property regime
applying to money 2.19
(c) Identification and abstraction 2.20
(d) Bona fide purchase for value 2.24
(e) Secondary social costs of the currency principle 2.28
C. Preventing divergence between the
functions of money as a unit of account
and as a medium of exchange 2.31
(1) Discounts from nominal value: an overview 2.32
(a) Discounts from nominal value to reflect title risks 2.35
(b) Maintaining homogeneity and discounts
from nominal value to allow for title risks 2.40
x
contents
D. The reality of the economic model 2.44
(1) Overstating the relevance of the property regime 2.45
(2) Risk aversion to defects in title 2.48
(a) Responses 2.51
3. Derivative Transfers of Title: General Principles
A. Main features of derivative transfers of title 3.04
(1) Operation of the transfer at law: an outline 3.05
(2) Operation of the transfer in equity: an outline 3.10
(3) Incorporeal money 3.14
B. Practical limitations on the explanation of
derivative transfers of title to money 3.16
(1) Currency and unchallengeable possessory title 3.17
(2) Action to recover money founded on unjust enrichment 3.20
C. The payer's title before the transfer 3.23
(1) Beneficial and equitable ownership 3.23
(a) Double characterization of claims at law and in equity 3.29
D. Transfer of legal title by delivery 3.32
(1) Sources of the common law rules on transfer of title 3.32
(2) Delivery of factual possession to the recipient 3.36
(3) Intention to deliver possession 3.39
E. Transfer of legal title other than by delivery 3.43
(1) Derivative transfers of ownership by operation of law 3.44
(2) Transfers by deed 3.45
F. The validity of the underlying transaction and
the effectiveness of the intention to transfer ownership 3.48
(1) Abstraction and the relevance of an underlying contract 3.50
(a) Contract alone cannot transfer the legal title to money 3.50
(b) Comparison with abstract theory of
transfer of ownership 3.53
(c) Intention and delivery 3-58
(d) Vitiation of the underlying contract and of the
intention to deliver 3.59
(e) The mistaken view that a transfer of ownership
cannot be vitiated by mistake or fraud 3.61
(f) Relevance of the contract to the recipient's status as a
bona fide purchaser for value 3.68
(g) The relevance of the recipient's intention 3.72
G. The contribution of equity to explaining
vitiated transfers of money 3.76
xi
Contents
(1) Advantages of relying on equitable proprietary claims 3.77
(a) Wider grounds for vitiating the transfer 3.78
(b) More advantageous rules of identification 3.79
(c) Vitiating reasons in equity 3.80
(2) The resulting trust theory and claims in unjust enrichment 3.84
(a) The resulting trust theory outlined 3.86
(b) Possible objections to the resulting trust theory 3.89
(c) Any intention to pass beneficial interest rebuts the presumption 3.90
(d) Distinction from vitiated intention to enrich the recipient 3.92
(e) Residual instances where the resulting trust
theory remains arguable 3.96
H. Absence of effective intention to transfer ownership 3.99
(1) Fundamental mistakes 3.100
(2) No intention to transfer 3.103
I. Incapacity to transfer 3.104
(1) The relevance of limitations on capacity to the transfer of title 3.108
J. Voidable transfers 3.110
K. Summary 3.111
4. Void Derivative Transfers of Title to Corporeal Money
A. Abstraction and void underlying transactions 4.03
(1) Differences between transfers of chattels and
money under void contracts 4.05
(2) Transfer of chattels under void contracts 4.06
(3) Money payments under void contracts 4.09
(a) The relevance of the swaps cases as authorities on the
passing of property 4.10
(b) Passing of legal title under the swaps transactions 4.14
(c) Equitable title and void transactions 4.17
(d) The resulting trust theory and payments under
void transactions 4.19
B. Incapacity to transfer 4.23
(1) General 4.24
(2) Capacity to transfer title and sale of goods 4.25
(3) Limitations on the capacity of statutory corporations 4.28
(a) Invalidity of transfers beyond the statutory
capacity of the corporation 4.31
(b) Property seldom an issue in ultra vires transfers 4.35
(c) Ultra vires receipts of property 4.36
(d) Exceptions and qualifications to the invalidity of
ultra vires transactions 4.37
xii
Contents
(4) Capacity of mentally disordered people 4.42
(a) Lack of capacity 4.45
(b) Gifts by a person lacking mental capacity 4.47
(c) Contracts by a person lacking mental capacity 4.48
(5) Capacity of minors 4.51
(a) The ways in which a minor may lack capacity 4.52
(b) Comparison between the minor's capacity to transfer
property and to enter into contracts 4.54
(c) Limited right to impugn transfers made by a minor 4.60
(d) Bars to recovery of money or property
transferred by a minor 4.61
(e) Transfers of money or property to a minor 4.64
C. Void transfers owing to absence or negativing of
intention: general 4.67
(1) Sources of the rules and their limitations 4.70
(a) Criminal cases on property offences 4.72
(b) Cases on vitiated contracts 4.78
(c) The resulting trust theory 4.81
D. Absence of intention 4.82
(1) Loss of the money 4.84
(2) Theft of the money 4.86
(a) Effective consent in fact and in law 4.88
(3) Loss and theft in equity 4.92
(a) Finder or thief as a constructive trustee 4.93
(b) The necessity for fraud to generate the trust 4.96
(c) Fraud sufficient to generate a constructive trust 4.98
(d) Imposition of the constructive trust and the
retention of legal title: two objections 4.101
(e) Response to the objections 4.103
(f) Resulting trust of lost or stolen money. 4.107
(g) Analysis of the resulting trust theory applied to
lost or stolen money 4.109
E. Mistake negativing intention 4.116
(1) Intention to transfer title and fundamental mistake 4.116
(2) Mistakes about the recipient s identity 4.120
(a) The mistake of identity cases 4.123
(3) Mistakes about the identity of the property transferred 4.128
(a) The mistake of property cases 4.129
(b) Mistake of property should not apply to money payments 4.132
(4) Mistakes about the nature of the underlying transaction 4.133
(a) Mistakes about the underlying transaction
should not prevent title from passing 4.136
xiii
Contents
(5) Mistakes of amount 4.138
(a) The mistake of amount cases 4.139
F. Mistake negativing intention in equity 4.147
(1) The authorities for the trust arising out of a mistaken payment 4.149
(a) Revision of the Chase Manhattan reasoning 4.151
(b) The resulting trust of mistakenly paid money 4.154
5. Derivative Transfers of Title to Incorporeal Money
(1) The main features of transfers of incorporeal money 5.03
A. Money transfers through a payment mechanism 5.08
(1) Bank money as a chose in action 5-09
(2) Payment mechanisms 5.10
(a) The operation of a payment mechanism 5.11
(b) Terminology in a payment mechanism 5.14
(c) Instructions and mandate 5.17
(d) The transfer of funds between banks 5.19
(e) Clearing and intermediaries 5-21
B. Property and transfers through a payment mechanism 5.23
(1) A transfer of bank money does not assign the
originator s chose in action 5.25
(2) Transfers of bank money and identification of value 5-30
(a) Issue depending on a proprietary interest in the proceeds 5-34
(b) Issue not depending on the originator's
proprietary interest 5.39
(c) The mistaken view that all personal claims
require specific tracing 5-42
C. The originator's title is not transferred 5-46
(1) A contrast: consequences of the transfer of title to corporeal money 5-47
D. The extinction and creation of title when incorporeal
money is transferred 5.50
(1) The vesting of the legal title to incorporeal money in the beneficiary 5.53
(a) The time when legal title vests in the beneficiary 5.56
(b) The entry of the credit in the beneficiary's account is
not enough to complete the beneficiary's title 5-60
(c) The receipt of the payment instruction and receipt of
funds by the beneficiary's bank are not enough to
complete the beneficiary's title 5.63
(d) The beneficiary need not know about the credit 5.67
(2) The extinction of the originator's title to incorporeal
money and the revocation of the payment instruction 5.70
xiv
Contents
E. The beneficiary always takes the primary legal
title to incorporeal money 5.74
F. Vitiated transfers of incorporeal
money: general principles 5.77
(1) Abstraction of the payment mechanism from the
underlying transaction 5.78
(2) The practical utility of proprietary claims in vitiated
payments of incorporeal money 5.79
G. Unauthorized substitution and proprietary interests
in the proceeds of a vitiated transfer 5.82
(1) Unauthorized substitution as a means of acquiring title 5.85
(2) Unauthorized payments from a bank account 5.87
(3) The originator's title to the proceeds of the payment 5.91
(a) Equitable title 5.92
(b) Title at common law 5.96
(4) Absence of authority as between the originator and the beneficiary 5.107
(5) Vitiating reasons and absence of authority 5.111
(6) Significance of the right to claim the proceeds of
an unauthorized payment 5.117
H. The effect of vitiating reasons at law and in equity
on the transfer of incorporeal money 5.119
(1) Absence of effective intention to pay the money 5.120
(a) Theft 5.121
(b) The consequences of a payment made without mandate 5.123
(c) The passing of property and fundamental mistake in
payments of incorporeal money 5.131
(d) The rarity of fundamental mistakes in payments of
incorporeal money 5-133
(e) Fundamental mistakes of identity 5.136
(f) Fundamental mistake of quantity or subject-matter 5.138
(2) Mistake in equity 5.141
(3) Voidable payments 5.147
(4) Voidable payments and the effect on the mandate with
the originator's bank 5.153
(5) Transfers made subject to an incapacity or lack of authority 5.156
6. Voidable Derivative Transfers of Title to Money
A. Voidable transfers and rescission: general 6.03
(a) Proprietary consequences of rescission summarized 6.05
(1) Vitiation of intention and grounds of rescission 6.07
(2) Grounds of rescission at common law and equity 6.08
(a) Grounds of rescission and void transactions 6.13
xv
Contents
(3) The relevance of an underlying contract to the right of rescission 6.15
(a) The effect of rescission of contract on transfer of property 6.17
B. The proprietary character of the payer's right to rescind 6.19
(1) Enforcement of the right to rescind by a successor in title 6.21
(a) Right to rescind as a chose in action 6.22
(b) Relationship with champerty and maintenance 6.24
(c) Alienability of a common law right of rescission 6.26
(2) Enforcement of the right to rescind against third parties 6.27
(a) Equitable right to rescind at its inchoate stage 6.28
(b) Authorities illustrating the proprietary character
of the inchoate equity 6.29
(c) Authorities apparently contrary to the proprietary
character of the inchoate equity 6.32
(d) Inchoate equity to rescind and priorities 6.34
(e) Right of rescission as an equitable title 6.36
(f) Equitable title after rescission 6.38
(g) The trust arising on effective rescission is a resulting trust 6.40
(3) Rescission and claims to traceable proceeds enforced
against third parties 6.43
(a) Claims founded on title to substituted assets and
relationship with restitutio in integrum 6.45
(b) Restitutio in integrum by the payer 6.48
(c) The practicalities of effecting restitutio in
integrum to the first recipient 6.50
(4) The retrospective effect of rescission 6.53
(a) Various meanings of retrospectivity 6.54
(5) The incidents of the fully vested beneficial
ownership under the resulting trust 6.60
(a) The powers and duty of the recipient 6.61
(b) When the trust arises 6.63
7. Mixtures of Money
A. The creation of a proprietary interest in a
mixture of money 7.03
(1) The need for the money asset to exist 7.04
(2) The need for identification of the money asset 7.08
(a) Title at law 7.09
(b) Title in equity 7.13
B. Identification and the survival of title to money 7.16
(1) The 'no earmark' rule 7.18
(a) The presumption of title from possession 7.23
(b) Legal title to mixtures of corporeal money 7.25
xvi
Contents
(2) Identification and survival of equitable title to
mixtures of corporeal money 7.30
(a) Historical background to the equitable rules 7.34
C. Proprietary effect of mixtures of incorporeal money 7.41
(1) Mixture of funds received beneficially by the bank 7.44
(2) Mixture of money as between the customer and the bank 7.50
(3) Mixture of money as between claimant and the customer 7-55
(a) Tracing value and claims to substituted assets 7.56
(b) The relevance of the tracing rules 7.59
(c) The nature of the claimant's title to the chose in action in equity 7.65
(d) The nature of the claimant's title to the chose in
action at common law 7.67
(e) The possible abolition of the'no earmark'rule 7.71
8. The Currency of Money
A. Currency and the extinction of adverse titles 8.01
(1) Currency and negotiability 8.02
(2) Evidential and substantive mechanisms to allow the
transfer of money free from adverse titles 8.06
B. The 'no earmark' explanation of currency 8.10
(1) The effect ofthe maxim in securing legal title to money 8.10
(2) A possible preference for applying the
'no earmark'maxim to money 8.14
(3) The'no earmark'explanation of currency superseded 8.18
C. Currency and bona fide purchase 8.20
(1) The origins ofthe bona fide purchase and its
operation at law and in equity 8.21
(2) The consequences ofthe different common law and
equitable definitions of bona fide purchase 8.24
D. The elements of bona fide purchase for value 8.27
(1) Purchase for value 8.29
(a) Executed consideration 8.31
(b) Executory consideration at law 8.33
(c) Executory consideration in equity 8.39
(d) Adequacy of consideration 8.49
(2) Good faith and without notice of a defect in the payer's title 8.50
(a) Good faith 8.51
(b) Absence of notice: general 8.53
(3) Notice at common law 8.54
(4) Notice in equity 8.55
(a) Notice and unconscionability 8.58
(b) Commercial payments 8.60
xvii
Contents
(c) Non-commercial payments 8.64
(d) Defect in the payer's title 8.68
(5) Attribution of knowledge or notice to a corporation 8.73
(a) Attribution 8.75
(b) Aggregation 8.78
(6) Burden of proof 8.79
9. Enforcement of Title to Money
A. Enforcement of legal title in the law of torts 9.03
(1) Conversion and trespass 9.04
(a) Conversion of money 9.08
(b) Conversion of choses in action 9.13
(2) Enforcement of title to substituted assets or
money paid in a voidable transaction 9.15
B. Enforcement of legal title in the law of restitution 9.19
(1) Personal liability in an action for restitution 9.19
(a) The rationale of the defendant's restitutionary liability 9.23
(b) Whether enrichment is inconsistent with the
claimants retention of title 9.26
(c) The availability of the change of position defence 9.30
(d) Common law restitutionary claim against a bank 9.32
(2) Proprietary remedy to enforce legal title 9.38
(a) Change of position 9.43
C. Enforcement of equitable title to money 9.46
(1) Personal liability for receipt in equity 9.48
(2) Receipt of money by a bank 9.53
(a) The reduction of the customer's overdraft 9.58
(b) The provision of services to the customer 9.59
(c) Instances of inconsistent dealing 9.63
(3) Proprietary remedies 9.67
(a) Change of position 9.72
Index 327
xviii |
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| index_date | 2024-07-02T21:49:46Z |
| indexdate | 2024-07-09T21:20:36Z |
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| language | English |
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| spelling | Fox, David Verfasser aut Property rights in money David Fox 1. publ. Oxford [u.a.] Oxford Univ. Press 2008 XXXIII, 334 S. 26 cm txt rdacontent n rdamedia nc rdacarrier Includes bibliographical references and index Money / Law and legislation Right of property Exchange / Law and legislation Recht Interest (Ownership rights) Interest (Ownership rights) Great Britain Money Law and legislation Money Law and legislation Great Britain Property Property Great Britain Transfer (Law) Transfer (Law) Great Britain Großbritannien HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016699943&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Fox, David Property rights in money Money / Law and legislation Right of property Exchange / Law and legislation Recht Interest (Ownership rights) Interest (Ownership rights) Great Britain Money Law and legislation Money Law and legislation Great Britain Property Property Great Britain Transfer (Law) Transfer (Law) Great Britain |
| title | Property rights in money |
| title_auth | Property rights in money |
| title_exact_search | Property rights in money |
| title_exact_search_txtP | Property rights in money |
| title_full | Property rights in money David Fox |
| title_fullStr | Property rights in money David Fox |
| title_full_unstemmed | Property rights in money David Fox |
| title_short | Property rights in money |
| title_sort | property rights in money |
| topic | Money / Law and legislation Right of property Exchange / Law and legislation Recht Interest (Ownership rights) Interest (Ownership rights) Great Britain Money Law and legislation Money Law and legislation Great Britain Property Property Great Britain Transfer (Law) Transfer (Law) Great Britain |
| topic_facet | Money / Law and legislation Right of property Exchange / Law and legislation Recht Interest (Ownership rights) Interest (Ownership rights) Great Britain Money Law and legislation Money Law and legislation Great Britain Property Property Great Britain Transfer (Law) Transfer (Law) Great Britain Großbritannien |
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