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‘Bank Money’: The Rise, Fall, and Metamorphosis of the ‘Transferable Deposit’

Benjamin Geva

in Money in the Western Legal Tradition: Middle Ages to Bretton Woods

This chapter presents the doctrines that support the notion of ‘transferable deposit’ as the historical explanation to ‘bank money’. It discusses the medieval practice of bailment of money as the ... More

This chapter presents the doctrines that support the notion of ‘transferable deposit’ as the historical explanation to ‘bank money’. It discusses the medieval practice of bailment of money as the ancestor of the bank deposit, and the emergence of the modern legal doctrine of the bank deposit from the medieval bailment of money. As a legal concept, the bailment of money denotes the delivery of money for a particular, or in effect, any given purpose. Where the purpose was not carried out, inasmuch as the bailee was not obligated to keep the specific coins separately, he was not liable to the bailor for the money in detinue. The chapter connects this notion to the modern monetary system where both ‘central-bank money’ and ‘commercial-bank money’ are in the form of credit to a bank account and the extinguishment of one debt, and the creation of another, facilitate a legal basis for the ‘transferable deposit’ and its use as ‘bank money’.Less

Control of Assets at Law

Aruna Nair

in Claims to Traceable Proceeds: Law, Equity, and the Control of Assets

This chapter examines the case law governing the situations where the holder of a common law right in some asset can claim the traceable proceeds of that asset. It analyses the leading cases that ... More

This chapter examines the case law governing the situations where the holder of a common law right in some asset can claim the traceable proceeds of that asset. It analyses the leading cases that recognise such a possibility and argues that these demonstrate that tracing is possible wherever one person has a legal power to deal with the assets of another, a duty not to exercise that power, and an ability to effectively exercise the power in breach of duty.Less

Post-Petition Dispositions (Insolvency Act 1986, Sections 127 and 284)

Rebecca Parry and Sharif Shivji

in Title Pages

The timing of a transaction is fundamental to many of the avoidance provisions: none more so than sections 127 and 284, which operate in the period following, respectively, the presentation of a ... More

The timing of a transaction is fundamental to many of the avoidance provisions: none more so than sections 127 and 284, which operate in the period following, respectively, the presentation of a winding-up petition against a company and the presentation of a bankruptcy petition against an individual. These are times of great potential for detrimental transactions and the sections reflect this. Upon the debtor entering liquidation or bankruptcy, these sections retrospectively make any post-petition disposition automatically void regardless of whether it was a transaction that was of benefit to the debtor. Thus, beneficial transactions, such as payments to employees and sales of assets for full market value, are affected just the same as detrimental, asset-stripping, transactions. The simplicity, and harshness, of these provisions is therefore to be contrasted with most of the other avoidance provisions, which tend to be discretionary and often require some enquiry to be made regarding the debtor’s motivations. Less

Rules of Tracing II: Innocent Co-Contributors

Aruna Nair

in Claims to Traceable Proceeds: Law, Equity, and the Control of Assets

This chapter examines the rules that apply in the special context where a defendant has mixed the claimant's assets with those of other innocent parties. It argues that the courts have begun to adopt ... More

This chapter examines the rules that apply in the special context where a defendant has mixed the claimant's assets with those of other innocent parties. It argues that the courts have begun to adopt a similar disregard for the defendant's intentions in such cases as they do when determining the consequences of a mixed substitution involving his own assets. It argues that the principle of preserving defendant autonomy explains how, even as between innocent co-contributors, the principle is limited to contexts where the assets of the various contributors have been mixed so that it is impossible to tell whether the decision of the defendant involves a power affecting one claimant rather than another.Less

Securitizing Transnational Organized Crime and North Korea’s Non-Traditional Security

David C. Kang

in Non-Traditional Security Issues in North Korea

This chapter narrates the sanctioning of a small bank in Macao named Banco Delta Asia (BDA) for allegedly laundering money for the Democratic People’s Republic of Korea (DPRK). The bank was frozen ... More

This chapter narrates the sanctioning of a small bank in Macao named Banco Delta Asia (BDA) for allegedly laundering money for the Democratic People’s Republic of Korea (DPRK). The bank was frozen out of global credit markets as other banks worried about the reputational effect of working with the BDA. However, eighteen months later, the BDA case was quietly resolved, and much of North Korean money in BDA bank accounts was transferred to different banks at North Korean request. The case shows that questions of measuring North Korean illicit activities can quickly become politicized: under- or overestimation of the amount of illicit activity is believed to reflect prior political biases of the author reporting them.Less

Money and Mutualism

in Faith, Fraternity and Fighting: The Orange Order and Irish Migrants in Northern England, c. 1850–1920

This chapter explains the various financial dimensions of Orangeism, and also investigates both the friendly society dimension and the day-to-day financing of lodges. Money and mutualism presented ... More

This chapter explains the various financial dimensions of Orangeism, and also investigates both the friendly society dimension and the day-to-day financing of lodges. Money and mutualism presented the two differing functions of financial Orangeism. The first dealt with the vital lubrication of the lodge and was founded upon the various sorts of membership dues and subscriptions they paid; the other was the collective self-help element and was connoted upon the essential benevolence of Orangemen. Money is important to Orangemen. Orangeism attempted to validate the natural response of working-class, ethnic communities to problems any of their members might experience. The lodgemen liked to turn trust upon the ‘hands-into-pockets’ charity of individuals into structured financial organisation with bank accounts or a savings bond paying real and reliable returns according to steadfast rules and watertight regulations.Less