Soton Equity and Trusts - alastairhudson.com

) The specific rule for current bank accounts
*Clayton’s Case (1816) 1 Mer 572 - first in, first out w.r.t current accounts
c) The retreat from Clayton’s Case in relation to current bank accounts
Re Ontario Securities Commission (1985) 30 DLR (4d) 30 - proportionate share.
Re Registered Securities [1991] 1 NZLR 545
**Barlow Clowes International v. Vaughan [1992] 4 All ER 22, [1992] BCLC 910, per
Woolf LJ:
There is no reason in law or justice why his depredations upon the fund should not
be borne equally between [the parties]. To throw all the loss upon one, through the
mere chance of his being earlier in time, is irrational and arbitrary, and is equally a
fiction as the rule in Clayton’s Case. When the law adopts a fiction, it is, or at least
it should be, for some purpose of justice. To adopt it here is to apportion a
common misfortune through a test which has no relation whatever to the justice of
the case.
**Russell-Cooke Trust Co v Prentis [2003] 2 All ER 478
Commerzbank AG v IMB Morgan plc [2004] EWHC 2771
Birks [1993] LMCLQ 218
d) Tracing into pension fund rights
Clark v Cutland [2003] 4 All ER 733, [2003] EWCA Civ 810
Cf. Foskett v McKeown [2000] 3 All ER 97
4. Loss of right to trace
Reading: Hudson, para 19.5.5
Roscoe v. Winder [1915] 1 Ch. 62 - cannot claim more than lowest intermediate balance.
*Bishopsgate Investment Management v. Homan [1995] Ch 211
Ultraframe (UK) Ltd v Fielding [2005] EWHC 1638 (Ch), [2005] All ER (D) 397
Re BA Peters plc, Atkinson v Moriarty [2008] EWCA Civ 1604, [2010] 1 BCLC 142, [15],
per Lord Neuberger
5. Theft
Reading: Hudson, section 19.8.3
Bishopsgate v. Maxwell [1993] Ch 1, 70 - stolen money can be traced in equity
Westdeutsche Landesbank v. Islington (supra) L. B-W: ‘I agree that stolen monies are traceable in
equity.’
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