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Modern money had and received

Cutts, Tatiana (2018) Modern money had and received. Oxford Journal of Legal Studies, 38 (1). 1 - 25. ISSN 0143-6503

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Identification Number: 10.1093/ojls/gqy002


The many manifestations of money had and received have come to be treated as a single claim, to reverse a defective transfer of value. I show here that this tendency towards unification has led us to exaggerate the role of value, thus obscuring the normative role played by the notion of a ‘transfer’ from claimant to defendant. I argue that ‘transfer’ labels the legal mechanism through which the parties’ balance sheet positions are affected. For cases that involve physical cash, the legal mechanism properly associated with a claim in unjust enrichment is a title transfer. For cases that involve bank money, the legal mechanism is a bank transfer, effected by participating banks as agents for payor and payee. I argue that we should welcome the move in Investment Trust Companies v Revenue and Customs Commissioners towards a transactional test, but that we must draw and defend narrow parameters for it.

Item Type: Article
Official URL:
Additional Information: © 2018 Oxford University Press
Divisions: Law
Subjects: K Law > K Law (General)
Date Deposited: 23 Mar 2018 15:40
Last Modified: 20 Oct 2021 00:38

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