Diana Dali

18 11 2020

Westdeutsche Landesbank

Kagahn

First, there were two classes of shareholders - the A shareholders entitled to repayment of their investment on maturity and the B shareholders whose shares were permanent. Westerman, George.

By the time that those facts come to light, and the conscience of the payee may thereby be affected, there will therefore be no identifiable fund to which a trust can attach. Under existing law a resulting trust arises in two sets of circumstances: Where A makes a voluntary payment to B or pays wholly orin part for the purchase of property which is vested either inB alone or in the joint names of A and B. For that purpose they have sought to develop the law of resulting trusts so as to give the plaintiff a proprietary interest. I can see noreason why interest should not start to run as from the date of payment of theupfront payment. The state-owned parent company was to be renamed Landesbank NRW and to take on all public-interest activities. If he does hold on trust, such trust must arise at the date of receipt or,at the latest, at the date the legal title of the payer is extinguished by mixingmonies in a bank account: in the present case it does not matter at which ofthose dates the legal title was extinguished. Thirdly, Professor Birks has to impose on his wider view an arbitrary and admittedly unprincipled modification so as to ensure that a resulting trust does not arise when there has only been a failure to perform a contract, as opposed to total failure of consideration: see pp. Westburg, Barry Richard. In the bank reported that it had made huge profits in foreign currency for , in contrast to

The council appealed. It would therefore be inappropriate toexpress any concluded view upon it. Westergaard, Peter. Selected members of the Euro Banking Association. Jurisdiction of that kind should as a matter ofprinciple be as broad as possible, to enable justice to be done wherevernecessary: and the relevant limits should be found not in the scope of thejurisdiction but in the manner of its exercise as the principles are worked outfrom case to case. In the present context, that distinction is of fundamental importance. At that time, there wasthought to be no risk involved in entering into such transactions with localauthorities. La Pintada Compania NavigacionS. On 12 February Hobhouse J. Updated About encyclopedia.

House of Lords. The latest time at which there was any possibility of identifying the "trust property" was the date on which the monies in the mixed bank account of the local authority ceased to be traceable when the local authority's account went into overdraft in June In and , WestLB increased its international business, as Neuber had long planned. It is true that the doctrine of mistake might be invoked where the mistake is fundamental in the orthodox sense of that word. Poullain later claimed that the charges against him were politically motivated because his steering the bank into an international presence had allegedly upset some state politicians. In the judgments, it is not always clear whether this House was laying down general propositions of law or merely giving directions as to the proper mode in which the assets in that liquidation should be distributed. Secondly, the arguments relied upon by my noble and learned friendswere not advanced by the Bank at the hearing. It will be apparent from what I have already said that I cannot agreewith this reasoning. At the same time, these banks competed with commercial banks that could not rely on such financial backup. But the House ofLords held that they were not entitled to claim on this ground.

Guzshura

Wilson [] 2K. This meant, said the majority, that only simple interest, and not compound interest was payable a controversial decision that was overturned in Sempra Metals Ltd v IRC [6]. This result is incompatible with the basic premise on which all trust law is built, viz. Pohl, Hans. Company Histories As consumers, we often take for granted all the hard work that goes into building a great company. The argument for a resulting trust was said to be supported by the case of a thief who steals a bag of coins. But that does not alter the actual intentions of the parties at the datethe payment was made or the monies were mixed in the bank account. In , WestLB, along with four other German banks, combined forces to create a new venture-capital company.

Brougham The decision of this House in Sinclair v. First, there is no general rule that theproperty in money paid under a void contract does not pass to the payee: andit is difficult to escape the conclusion that, as a general rule, the beneficial - 11 - interest to the money likewise passes to the payee. As has been pointed out frequently over the 80 years since it wasdecided, Sinclair v. A resulting trust is not imposed by law against the intentions of the trustee as is a constructive trust but gives effect to his presumed intention. It appears that it was this feature which, in particular,attracted local authorities to enter into transactions of this kind, since theyenabled local authorities subject to rate-capping to obtain upfront paymentsuninhibited by the relevant statutory controls. Brougham provides no such authority, and noproprietary claim is available to the Bank, the question now arises whether theequitable jurisdiction to award compound interest may nevertheless beexercised on the facts of the present case. I can see no reason why interest should not start to run as from the date of payment of the upfront payment. Claims in restitution are founded upon a principle of justice, being designedto prevent the unjust enrichment of the defendant: see Lipkin Gorman v. It seems strange indeed that, just because the power to traceproperty has ceased, the court's jurisdiction to award compound interestshould also come to an end.

No question of insolvency is involved nor is there any basisfor any persuasive argument to the contrary. However, they would have held that compound interest should be available on personal claims. The question has however arisen whether the Bank should also have the benefit of an equitable proprietary claim in the form of a resulting trust. WestLB appealed the ruling and in early the case was still pending. Brougham, in some depth ina moment. In their view, the claim in quasi-contract was based on an implied contract. In the absence of fraud Courts of Equity have never awardedcompound interest except against a trustee or other person owing fiduciaryduties who is accountable for profits made from his position. The availability of an equitable proprietary claim in the present case Having put Sinclair v. Unless this is me law, there will be no right to recover the assets representing the stolen monies once the monies have become mixed.

Wie Verschickt Man Fotos Per Email

12 11 2020

Westdeutsche Landesbank

Mautaxe

There was an overall debit balance on the account on 16November Moreover theform of action by which this was achieved was the old action for money hadand received what we nowadays call a personal claim in restitution atcommon law.

With the economic miracle of the s, there was talk of combining the two landesbank girozentrale institutions, since the North Rhine and Westphalia provinces had become politically unified under the British occupation. Each party is entitled to recover its money, with theresult that the balance must be repaid. Allied Irish Banks Bank of Ireland. But, it was argued, this did not affect the equitable interest, which remained vested in the Bank "the retention of title point". The legal title carries with itall rights. Consequently, it was necessary that there would be an "intention" that the money be held on trust, but this was not possible because nobody knew that the transaction would turn out to be void until the House of Lords' decision in Hazell v Hammersmith and Fulham LBC in The foundation for the Bank's equitableproprietary claim lay in the decision of this House in Sinclair v. What were the policyreasons which led Parliament to provide expressly that only the award ofsimple interest was authorised?

For present purposes. But, it was argued, this did not affect the equitable interest, which remained vested in the Bank "the retention of title point". If the due application of equitable - 28 - principles forced a conclusion leading to these results, your Lordships wouldbe presented with a formidable task in reconciling legal principle withcommercial common sense. I shall begin by expressing two preliminary thoughts. Namespaces Article Talk. At law those coins remain traceable onlyso long as they are kept separate: as soon as they are mixed with other coinsor paid into a mixed bank account they cease to be traceable at law. Nor does the theory accord withprinciple. In , the Westphalian Provinzialbank-Hulfskasse was founded to accomplish this task.

This must certainly be the case where the consideration for the payment fails after the payment is made, as in cases of frustration or breach of contract: and there appears to be no good reason why the same should not apply in cases where, as in the present case, the contract under which the payment is made is void ab initio and the consideration for the payment therefore fails at the time of payment. This had the effect that the courts below were not - 4 - troubled by the question whether there had been a total failure ofconsideration. There are cases where property has been put into the name of X without X's knowledge but in circumstances where no gift to X was intended. Lord Woolf concurred with Lord Goff. The availability of an equitable proprietary claim in the present case Having put Sinclair v. The case has been analysed in lucid detail in the speech of my nobleand learned friend. Therefore, as the argument for the Bank recognised, the only possible trust which could be established was a resulting trust arising from the circumstances in which the local authority received the upfront payment. Westell Technologies, Inc.

Tojarg

Walker C. Such arbitrary exclusion is designedto preserve the rights of creditors in the insolvency of the recipient. At the time those Actswere passed, and indeed at all times down to the present day, equity has onlyawarded compound interest in the limited circumstances which I havementioned. Under an institutional constructive trust, the trust arises by operation of law as from the date of the circumstances which give rise to it: the function of the court is merely to declare that such trust has arisen in the past. Nor does the theory accord withprinciple. It is to be noted that Lord Parker does not at any time spell out thenature of the trust. The practical effect is to achieve a form of borrowingby, in this example, the floating rate payer through the medium of the interestrate swap transaction. This conclusion has the effect that all the practical problems which would flow from the imposition of a resulting trust in a case such as the present, in particular the imposition upon the recipient of the normal duties of trustee, do not arise. This increase includes a link-up with the British Standard Chartered Bank. The money was credited to a bank account of the local authority inwhich there were other monies of the local authority, i.

Queensland v. The judge treated this fact as irrelevant p. If so, an equitable interest arose forthe first time under that trust. The Bank contended that where, under a pre-existing trust, B is entitled in an equitable interest in trust property, if the trust property comes into the hands of a third party. English law will berevealed as incapable of doing full justice. For all of these reasons I conclude, inagreement with my noble and learned friend, that there is no basis for holdingthat a resulting trust arises in cases where money has been paid under acontract which is ultra vires and therefore void ab initio. The only differencebetween the two cases is that, whereas the equitable jurisdiction to orderdiscovery in aid of common law actions was recognised many years ago, thepossibility of the equitable jurisdiction to award compound interest beingexercised in aid of common law actions was not addressed until the present - 18 - case. Brougham is a bewildering authority: no single ratiodecidendi can be detected: all the reasoning is open to serious objection: itwas only intended to deal with cases where there were no trade creditors incompetition and the reasoning is incapable of application where there are suchcreditors. Know more.

That was the opinionexpressed by Leggatt L. There is in my opinion no need, and indeed no basis, foroutlawing such a development as a case of equity acting in aid of thelegislature simply because the legislature, in conferring upon courts the powerto award simple interest, did not authorise the giving of compound interest. Copyright c Company-Histories. Hecontends that compound interest cannot be awarded in this case since. But why should the plaintiff Bank be given the additional benefits which flow from a proprietary claim, for example the benefit of achieving priority in the event of the defendant's insolvency? Brougham supports the argumentnow advanced on behalf of the Bank. However, the creation of an equitable proprietary interest inmonies received under a void contract is capable of having adverse effectsquite apart from insolvency. In the Swedish government stunned Europe by offering , taler to the German province of Westphalia as reparation for the damages incurred when Swedish and Dutch soldiers marched through the province during the Napoleonic Wars. All this will have occurred when no one was aware, or could havebeen aware, of the supposed trust because no one knew that the contract wasvoid. Such arbitrary exclusion is designedto preserve the rights of creditors in the insolvency of the recipient.

Wie Mache Ich Kleine Locken

22 9 2020

Westdeutsche Landesbank

Meztizahn

More From encyclopedia. In , the Westphalian Provinzialbank-Hulfskasse was founded to accomplish this task. Unless and until the trustee is aware of the factors which give rise to the supposed trust, there is nothing which can affect his conscience.

All those factors caused profits to grow much slower than revenues. Even if the third party, X, is not aware that what he has received is trust property B is entitled to assert his title in that property. The second is that on the authorities there is an equitable jurisdiction - 5 - to award the plaintiff compound interest in cases where the defendant is atrustee. There are many cases whereB enjoys rights which, in equity, are enforceable against the legal owner, A. Although, for the reasons I have given, I do not think the Court should award compound interest in this case. The following decade was characterized by the liberalization of the European and global financial markets, which brought about growing competition, intensified consolidation, and the rising influence of the European Union's legislation on German law. The depositorsclaimed, first, in quasi contract for money had and received. He held that, where moneywas paid under a mistake, the receipt of such money without more constitutedthe recipient a trustee: he said that the payer "retains an equitable propertyin it and the conscience of [the recipient] is subjected to a fiduciary duty torespect his proprietary right": p. There are cases where property has been put into the name of X without X's knowledge but in circumstances where no gift to X was intended.

B resultingtrust. The question was whether Chase Manhattan had a claim in rem against the assets of the defendant bank to recover the second payment. He regarded the question as one ofadministration, in which "the most just distribution of the whole must bedirected, so only that no recognised rule of law or equity be disregarded. The third is that ourlaw of interest has developed in a fragmentary and unsatisfactory manner, andin consequence insufficient attention has been given to the jurisdiction toaward compound interest. Finally, the Judge found that the law of England and that of NewYork were in substance the same. Bayerische Vereinsbank A. TheBank was to be the fixed rate payer at a rate of 7. In December , WestLB's shareholders approved a new corporate structure for the bank.

The Bank's submission, at its widest, is that if the legal title is in A but the equitable interest in B. X not being a purchaser for value of the legal interest without notice. Also, because of the increased capital which WestLB controlled, its commercial-loan operations expanded to include larger companies, which meant larger loans and greater profits. However, proposition. Because of this, it is a major force in the German economy and a strong competitor of the Big Three German banks. He appears to have thought that theCourt had power in some cases to postpone trade creditors to ultra viresdepositors and in other cases to give the trade creditors priority: which coursewas appropriate he held depended on the facts of each individual case: pp. Its government, influenced by the economic success of the Aachener Union already in business within the province, founded the Provinzial-Hülfskasse of the Rhineland in In any event the Court of Appeal was there concerned only withsimple interest: and in cases of the kind there under consideration, it seemsunlikely that any question of an award of compound interest would ever havearisen.

Tuhn

At that date, the local authority had no knowledge of the invalidity of the contract but regarded the monies as its own to spend as it thought fit. I approach this case in the following way. These propositions are fundamental to the law of trusts and I wouldhave thought uncontroversial. For these reasons I conclude that the equitable jurisdiction to awardcompound interest may be exercised in the case of personal claims at commonlaw, as it is in equity. Although the actual question in issue on the appeal is a narrow one, on the arguments presented it is necessary to consider fundamental principles of trust law. For the most part, WestLB seems to have overcome the difficulties it experienced during the s and the early s, and is now one of the strongest as well as the fourth-largest West German bank. I need only add that, in reaching that conclusion, I do not find it necessary toreview the decision of Goulding J. Birks argued that a proprietary remedy need not necessarily follow, although Chambers regards it as possible. This meant, said the majority, that only simple interest, and not compound interest was payable a controversial decision that was overturned in Sempra Metals Ltd v IRC [6]. Conclusion I would allow the appeal and vary the judgment of the Court of Appealso as to order the payment of simple interest only as from 18 June onthe balance from time to time between the sums paid by the Bank to the localauthority and the sums paid by the local authority to the Bank.

However, since it was indicated to - 13 - the Committee that the Council was not prepared to spend further money onthe appeal, whereupon it took no further part in the proceedings, and since therelevant authorities had been cited to the Committee, I am satisfied that it isappropriate that the point should now be decided by your Lordships' House. A remedial constructive trust , as I understand it, is different. He suggests that a resulting trust should arise whereverthe money is paid under a mistake because such mistake vitiates the actualintention or when money is paid on a condition which is not subsequentlysatisfied. Professor Birks, whilst accepting that the principles I have stated represent "a very conservative form" of definition of a resulting trust page , argues from restitutionary principles that the definition should be extended so as to cover a perceived gap in the law of "subtractive unjust enrichment " p. This was insubstance because to allow such a claim would permit an indirect enforcementof the contract which the policy of the law had decreed should be void. The judge upheld the submission of the defendant council that, although theywere under a personal liability to make restitution both at law and in equity,nevertheless the court had no jurisdiction to award compound interest on thesum adjudged due. It also held that the Bank was entitled to recoverthe balance in equity on the ground that the local authority held the upfrontpayment on a resulting trust and was therefore personally liable, as trustee,to repay the bank Dillon L. Westera, Marleen Even if the third party,X, is not aware that what he has received is trust property B is entitled toassert his title in that property. All rights reserved.

I feel bound to say that, in the present case, there ought to be no difficultyabout that at all. Shiell [] 3 K. The first is the decision of this House in Sinclair v Brougham [] AC , which appears to provide authority that a resulting trust may indeed arise in a case such as the present. Donaldson Inc. Compound interest , resulting trust , unjust enrichment. Retrieved The council accepted that it should repay the money it had received under the void contract, but that it should only repay simple interest. Westcott, Helen — He held the money to be recoverable by theBank either as money had and received by the Council to the use of the Bank,or as money which in equity the Bank was entitled to trace into the hands ofthe Council and have repaid out of the Council's assets. The dramatic consequences which would occur are detailed by Professor Burrows in his article on 'Swaps and the Friction between Common Law and Equity' in [] RLR 15, the duty to account for profits accruing from the trust property; the inability of the payee to rely upon the defence of change of position : the absence of any limitation period : and so on.

Tennis Hand

27 5 2020

Westdeutsche Landesbank

Dairg

Profits were down by two-thirds for fiscal , and some called for the resignation of Johannes V ö lling, who had replaced Poullain.

It is truethat the doctrine of mistake might be invoked where the mistake isfundamental in the orthodox sense of that word. The case has been analysed in lucid detail in the speech of my nobleand learned friend. Wester, Travis. Poullain later claimed that the charges against him were politically motivated because his steering the bank into an international presence had allegedly upset some state politicians. There are no special factors which have to be taken intoaccount. I can see no moral or legal justification for giving such priority to theright of T to obtain restitution over third parties who have themselves not beenenriched, in any real sense, at T's expense and indeed have had no dealingswith T. Independent status will also help to create a clear market profile. The money was credited to a bank account of the local authority inwhich there were other monies of the local authority, i.

The question iswhether the recognition of such a trust accords with principle and the demands of certainty in commercial dealings. We see them around but we don't know what goes on behind the scenes. WestLB appealed the ruling and in early the case was still pending. The funds were used to develop the region's economy and pay for public-works projects, but some formal policies were needed to distribute the money. TheKing AC. In each case the accounting partywas a fiduciary, who held the relevant funds on trust. With the economic miracle of the s, there was talk of combining the two landesbank girozentrale institutions, since the North Rhine and Westphalia provinces had become politically unified under the British occupation. They were based primarily on principle rather than on authority.

In the second half of the decade, WestLB experienced growing difficulties. Finally, in , Preussag succeeded in a friendly takeover of the largest British tourism group, Thomson Travel Group plc. Jürgen Sengera, ex-gatekeeper of the German national handball team and longtime member of the bank's management board, succeeded Friedel Neuber in September as WestLB chairman. The ability of the Court to award compound,as opposed to simple, interest was founded on the equitable jurisdiction toaward compound interest as against a trustee or other person owing fiduciaryduties who is personally accountable and who has made use of the plaintiff'smoney: Dillon L. In what circumstances should compoundinterest be awarded under the proposed expansion of the equitable rules? Here see National Bank of Greece v. WestCoast Hospitality Corporation. Unless and until the trustee is aware of the factors which give rise to the supposed trust, there is nothing which can affect his conscience. So far as the shares in the X company are concerned. The case concerned the distribution of the assets of the Birkbeck Building Society, an unincorporated body which was insolvent.

Kekazahn

It follows therefore that everything depends on the scope of theequitable jurisdiction. This sum equaled the interest a commercial lender would have charged, but which WestLB had not been charged by the state. But, quite apartfrom the fact that no other member of the House founded himself on LordParker's analysis, it is in some respects very unsatisfactory. Westcott Jones, Kenneth. Brougham The decision of this House in Sinclair v. At that date, the local authority hadno knowledge of the invalidity of the contract but regarded the monies as itsown to spend as it thought fit. Professor Birks, whilst accepting that the principles I have statedrepresent "a very conservative form" of definition of a resulting trust page , argues from restitutionary principles that the definition should beextended so as to cover a perceived gap in the law of "subtractive unjustenrichment' p. Westerfeld, Scott —. These measures soon paid off; WestLB's earnings rose sharply in enough to allow it to repurchase a 35 percent stake in Preussag. I wouldoverrule Sinclair v.

In either event, the decision has nobearing on the present case. Friedel Neuber, formerly head of the Rhineland Federation of Savings Banks, was appointed the new chairman. The Bank contended that where, under a pre-existing trust, B is entitledin an equitable interest in trust property, if the trust property comes into thehands of a third party. It would be a further unhappy aspect, from a commercial standpoint, of the history of this case in particular and the swaps litigation as awhole. It is true that the parties were under a misapprehension that the payment was made in pursuance of a valid contract. The Chancery courts, again differingfrom the common law courts, had regularly awarded simple interest asancillary relief in respect of equitable remedies, such as specificperformance, rescission and the taking of an account. Thepower is available in equity; but at present that power is, for historicalreasons, exercised only in relation to certain specific classes of claim, inparticular proceedings against trustees for an account. However, the creation of an equitable proprietary interest in monies received under a void contract is capable of having adverse effects quite apart from insolvency. That was the opinionexpressed by Leggatt L. Westcott, Helen —

On either view, the fund was vested in trusteeson trusts which had failed. The function of your Lordships' House is simply to decide thequestions at issue before it in the present case; and the particular question nowunder consideration is whether, where money has been paid by a party to acontract which is ultra vires the other party and so void ab initio, he has thebenefit of an equitable proprietary claim in respect of the money so paid. Compound interest , resulting trust , unjust enrichment. That is, of course, the function of the law of restitution. Westchester County. The Argument for the Bank in Outline The Bank submitted that, since the contract was void, title did not passat the date of payment either at law or in equity. But if, as Lord Brandon ofOakbrook stated, the jurisdiction is founded upon the demands of justice, itis difficult to see the sense of the distinction which Hobhouse J. In and , WestLB increased its international business, as Neuber had long planned. A holds as trustee for B. There is, so far as I am aware, no authority which decides that X was a trustee, and therefore accountable for his deeds, at any time before he was aware of the circumstances which gave rise to a resulting trust.

Martin Lacey Jr Verletzt

28 7 2020

Westdeutsche Landesbank

Takora

In , the Swedish government stunned Europe by offering , taler to the German province of Westphalia as reparation for the damages incurred when Swedish and Dutch soldiers marched through the province during the Napoleonic Wars.

If the contract had been valid, he would have had purelypersonal rights against Rl. WestLB was suffering from a rise in interest rates. Neuber's priorities were to restructure, review operations for profitability, and expand the bank's international business. In the absence of fraud Courts of Equity have never awardedcompound interest except against a trustee or other person owing fiduciaryduties who is accountable for profits made from his position. The stolen bag of coins The argument for a resulting trust was said to be supported by the caseof a thief who steals a bag of coins. There was no resulting trust because it was necessary that the council's conscience had been affected when it received the money, by knowledge that the transaction had been ultra vires and void. I would overrule Sinclair v Brougham on this point. Lord Woolf concurred with Lord Goff. Retrieved

On that ground hedistinguished In re Hallett's Estate case a trustee is taken to have drawn hisown money first and held that the mixed monies therefore belonged to thedepositors and members pro rata. The bank was forced to finance fixed-rate long-term loans with higher-cost short-term funds. Second,since the depositors' money was intended to be mixed with that of the Society,there was never any intention that there should be a separate identifiable trustfund, an essential feature of any trust. The Bank's submission, at its widest, is that if the legal title is in A but the equitable interest in B. Brougham on this point. Compound interest , resulting trust , unjust enrichment. WestCoast Hospitality Corporation. Also, because of the increased capital which WestLB controlled, its commercial-loan operations expanded to include larger companies, which meant larger loans and greater profits.

His thesis is avowedly experimental, written to test the temperature or the water. Download as PDF Printable version. Company Histories As consumers, we often take for granted all the hard work that goes into building a great company. If there is a trust two consequences follow:. But the jurisdiction isnot limited to cases in which a proprietary claim is being made and an awardof interest is sought as representing the fruits of the property so claimed. WestLB appealed the ruling and in early the case was still pending. This was insubstance because to allow such a claim would permit an indirect enforcementof the contract which the policy of the law had decreed should be void. It is unnecessary for present purposes to examine the basisof that decision; though I wish to record that it caused grave concern amongfinancial institutions, and especially foreign banks, which had entered intosuch transactions with local authorities in good faith, with no idea that a ruleas technical as the ultra vires doctrine might undermine what they saw as aperfectly legitimate commercial transaction. A trust can only arise where there is defined trust property: it istherefore not consistent with trust principles to say that a person is a trusteeof property which cannot be defined. The justification for charging compound interest normally lies inthe fact that profits earned in trade would be likely to be used asworking capital for earning further profits.

Vocage

Second, Professor Birks' approachappears to assume for example in the case of a transfer of value made undera contract the consideration for which subsequently fails that the recipient willbe deemed to have been a trustee from the date of his original receipt ofmoney, i. No genetic engineering is required, only that the warm sunof judicial creativity should exercise its benign influence rather than remainhidden behind the dark clouds of legal history. In reaching that conclusion, I am of the opinionthat the decision of Hobhouse J. He also planned to discontinue private banking services. But second, the point has arisen only indirectly in this case, since it is relevantonly to the question whether the court here has power to make an award ofcompound interest. All now rest, and long have rested, upon a notionalor imputed promise to repay. The question was whether Chase Manhattan had a claim in rem against the assets of the defendant bank to recover the second payment. During WestLB increased its international business, as Neuber had long planned.

For that purpose they havesought to develop the law of resulting trusts so as to give the plaintiff aproprietary interest. Garrick L. La Pintada Compania NavigacionS. In the first place, as Lord Browne-Wilkinson points out, to impose a resulting trust in such cases is inconsistent with the traditional principles of trust law. However, the Bundesverband Deutscher Banken, the trade association of German banks, filed a complaint with the EU, claiming that the transaction had given WestLB an unfair advantage. Both landesbanks endured the boom-bust economic cycle of Germany during the military buildup of the World War I years, the hyperinflation of the Weimer Republic, the second buildup as the Nazis assumed power in , and the economic chaos of the immediate postwar years. A Sinclair v. See also McCormick v. On top of that, German tax authorities started investigating WestLB for transferring billions of deutsche marks out of the country to avoid taxes.

Karpnale Ltd. The generality of these submissions was narrowed by submitting thatthe trust which arose in this case was a resulting trust "not of an activecharacter": see per Viscount Haldane L. The new institution, based in one of Germany's most populous and wealthy states, could hope to rival the leading international banks and pose a challenge to the Big Three, which exercised overwhelming economic control over West Germany and showed relative insensitivity to regional needs, especially for capital for the large export industries in the region. Namespaces Article Talk. In particular it cannot be relied upon asa precedent that a trust arises on the facts of the present case, justifying onthat basis an award of compound interest against the Council. Brougham, would turn in his grave at any suchsuggestion. Any other decision would be inconsistent with the court's ability to grant fullrestitution. The dispute is limited to the order forcompound interest. There are many cases where B enjoys rights which, in equity, are enforceable against the legal owner, A. Therefore, as the argument for the Bank recognised, the only possible trust which could be established was a resulting trust arising from the circumstances in which the local authority received the upfront payment.

Sollte Man Jeden Tag Duschen

18 9 2020

Westdeutsche Landesbank

Yojinn

In , Owens-Illinois Inc.

A person solely entitled to the fullbeneficial ownership of money or property, both at law and in equity, doesnot enjoy an equitable interest in that property. It also held that the Bank was entitled to recoverthe balance in equity on the ground that the local authority held the upfrontpayment on a resulting trust and was therefore personally liable, as trustee,to repay the bank Dillon L. The court by way of remedy might impose a constructive trust on a defendant who knowingly retains property of which the plaintiff has been unjustly deprived. But the concept offailure of consideration need not be so narrowly confined. B does not depend on intentionbut operates automatically. Thus neither in the case of a subsequent failure ofconsideration nor in the case of a payment under a contract subsequentlyfound to be void for mistake or failure of condition will there becircumstances, at the date of receipt, which can impinge on the conscience ofthe recipient, thereby making him a trustee. Lord Sumner, at p. There then followed litigation inwhich banks and other financial institutions concerned sought to recover fromthe local authorities with which they had dealt the balance of the money paidby them, together with interest. Shortly thereafter, the defendant bank went into insolvent liquidation. The money was credited to a bank account of the local authority inwhich there were other monies of the local authority, i.

The approach so adopted may have found its origin in the idea, to bederived from a well known passage in the speech of Viscount Simon L. Counsel for the Bank specifically disavowed any claim based on a constructive trust. Although the case is one where property rights areinvolved, such overruling should not in practice disturb long-settled titles. Lord Sumner, at p. Therefore to talk about the Bank "retaining" its equitable interest is meaningless. It would be a further unhappy aspect, from a commercial standpoint, of the history of this case in particular and the swaps litigation as awhole. In the case of a trust, the conscience of the legalowner requires him to carry out the purposes for which theproperty was vested in him express or implied trust or whichthe law imposes on him by reason of his unconscionableconduct constructive trust. Copyright c Company-Histories.

The bank again profited from selling the shares to institutional investors after syndicating its interest in the acquired firm. Even so,I propose to set out in my own words my reasons for reaching the sameconclusion. Professor Birks, whilst accepting that the principles I have stated represent "a very conservative form" of definition of a resulting trust page , argues from restitutionary principles that the definition should be extended so as to cover a perceived gap in the law of "subtractive unjust enrichment " p. A person solely entitled to the full beneficial ownership of money or property, both at law and in equity, does not enjoy an equitable interest in that property. In November , 85 billion in problem assets were transferred from WestLB to a winding up agency called Erste Abwicklungsanstalt EAA , colloquially also called ' bad bank '. Thus for the law of New York to hold that there is a remedial constructive trust where a payment has been made under a void contract gives rise to different consequences from holding that an institutional constructive trust arises in English law. It is more likely that it represented an establishedpractice which, as Lord Eldon's brief judgment indicates, was subject toexceptions. In , WestLB, along with four other German banks, combined forces to create a new venture-capital company.

Mozragore

But that cannot of itself be enough to preventwhat I see to be a thoroughly desirable extension of the jurisdiction, consistentwith its underlying basis that it exists to meet the demands of justice. Landesbanks are a group of partly or wholly state owned banks unique to Germany. It is true that the doctrine of mistake might be invoked where the mistake is fundamental in the orthodox sense of that word. This sum equaled the interest a commercial lender would have charged, but which WestLB had not been charged by the state. The Council hashad the use of the Bank's money over a period of years. Steele 1 Swanst. I can see no moral or legal justification for giving such priority to the right of T to obtain restitution over third parties who have themselves not been enriched, in any real sense, at T's expense and indeed have had no dealings with T. Birks argued that a proprietary remedy need not necessarily follow, although Chambers regards it as possible. It followed that compound interest could only begin accruing from the later date of the council's conscience being affected.

Westbrook, Peter —. Anyone who lends orborrows money on a commercial basis receives or pays interestperiodically and if that interest is not paid it is compounded e. This may only be a question of semantics: on either footing, in the present case the local authority could not have become accountable for profits until it knew that the contract was void. Independent status will also help to create a clear market profile. The bank's major industrial shareholding, Preussag, was struggling with competitive pressures and the cyclical nature of the steel market. I have already stated that restitution in these cases can be achieved by means of a personal claim in restitution. Is it to be said that, if theplaintiff decides to proceed in equity, compound interest may be awarded: butthat if he chooses to proceed in an action at law, no such auxiliary relief willbe available to him? This increase was designed to provide WestLB with capital for future growth and to help mitigate the higher degree of risk involved in its loans to Third World countries. That was the opinionexpressed by Leggatt L. Brougham on one side as providing no authoritythat a resulting trust should be imposed in the facts of the present case.

The transaction boosted WestLB's capital base by DM 4 billion that the state did not have to pay out of its budget. The proprietary interest under the unknown trustwill, quite apart from insolvency, be enforceable against any recipient of theproperty other than the purchaser for value of a legal interest without notice. All now rest, and long have rested, upon a notionalor imputed promise to repay. Westell Technologies, Inc. By law, state-owned banks were provided with state guarantees for their liabilities. Sinclair v Brougham and Chase Manhattan Bank. Although the actual question in issue on the appeal is a narrow one, on the arguments presented it is necessary to consider fundamental principles of trust law. The parties have entered into commercialtransaction. It followed that no trust arose, and there was only a personal claim for the money back. Swadling in 16 Legal Studies

Kennst Du Das Auch Hermann Hesse

24 1 2020

Westdeutsche Landesbank

Akinoshicage

It began when Ludwig Poullain, the bank's founding chairman, announced his resignation in December , claiming that his chairmanship was untenable. It follows therefore that everything depends on the scope of theequitable jurisdiction.

Its government, influenced by the economic success of the Aachener Union already in business within the province, founded the Provinzial-Hülfskasse of the Rhineland in Likewise in Burdick v. On January 1, the two local banks were combined at last, ostensibly to fight the economic domination of the Big Three banks — Deutsche Bank, Dresdner Bank, and Commerzbank. If a legacy has been erroneously paid to a legatee whohas no farther property in the estate, in recalling that payment Iapprehend that the rule of the court is not to charge interest; but if thelegatee is entitled to another fund making interest in the hands of thecourt, justice must be done out of his share. There then followed litigation inwhich banks and other financial institutions concerned sought to recover fromthe local authorities with which they had dealt the balance of the money paidby them, together with interest. Bothconsider that compound interest should be awarded in this case on the groundsthat equity can act in aid of the common law and should exercise itsjurisdiction to order compound interest in aid of the common law right torecover monies paid under an ultra vires contract. I feel bound to say that, in the present case, there ought to be no difficultyabout that at all. The argument for a resulting trust was said to be supported by the case of a thief who steals a bag of coins. It should be as simpleas that. Brougham, in both its aspects, is overruled the law canbe established in accordance with principle and commercial common sense:a claimant for restitution of monies paid under an ultra vires, and thereforevoid, contract has a personal action at law to recover the monies paid as ona total failure of consideration; he will not have an equitable proprietary claimwhich gives him either rights against third parties or priority in an insolvency;nor will he have a personal claim in equity, since the recipient is not a trustee.

Therefore the monies were held on a resultingtrust of type. Both landesbanks endured the boom-bust economic cycle of Germany during the military buildup of the World War I years, the hyperinflation of the Weimer Republic, the second buildup as the Nazis assumed power in , and the economic chaos of the immediate postwar years. The difficulty is to identify anysingle ratio decidendi for that decision. The state-owned parent company was to be renamed Landesbank NRW and to take on all public-interest activities. A above or because the "trust" on which the monies were paid tothe Society had failed a resulting trust of type B. Megarry J. Westerley, Robert. Garrick, L. Although it is difficult to find clear authority for the proposition, when property is obtained by fraud equity imposes a constructive trust on the fraudulent recipient: the property is recoverable and traceable in equity.

The common law restitutionary claim is basednot on implied contract but on unjust enrichment: in the circumstances thelaw imposes an obligation to repay rather than implying an entirely fictitiousagreement to repay: Fibrosis v. This sum equaled the interest a commercial lender would have charged, but which WestLB had not been charged by the state. The first is that, in our law of restitution, there has developedan understanding that money can only be recovered on the ground of failureof consideration if that failure is total. The judge ordered that the Council should pay compound interest onthe sum awarded against them, calculated at six-monthly rests from 1 April to the date of judgment. During its first few years, WestLB prospered. I can see no moral or legal justification for giving such priority to theright of T to obtain restitution over third parties who have themselves not beenenriched, in any real sense, at T's expense and indeed have had no dealingswith T. In , the Westphalian Provinzialbank-Hülfskasse was founded to accomplish this task. For present purposes.

Vudorg

If my present opinionwere to prove to be correct then Sinclair v. I recognisethat nowadays cases of incapacity are relatively rare, though the swapslitigation shows that they can still occur. It is fortunatehowever that, in the present case, thanks I have no doubt to the admirableresearches of counsel, a line of authority was discovered which had escapedthe attention of the scholars who work in this field. The following decade was characterized by the liberalization of the European and global financial markets, which brought about growing competition, intensified consolidation, and the rising influence of the European Union's legislation on German law. The House of Lords held that, the ordinary trade creditors having beenpaid in full by agreement, the assets remaining were to be divided between theultra vires depositors and the members of the Society pro rata according totheir respective payments to the Society. Likewise in Burdick v. For political reasons, however, this merger was not feasible until the late s. Swadling in 16 Legal Studies. In my view the third party, X, is not necessarily a trustee for B: B's equitable right is enforceable against the property in just the same way as any other specifically enforceable equitable right can be enforced against a third party. The dramatic consequences which would occur are detailed by Professor Burrows in his article on 'Swaps and the Friction between Common Law and Equity' in [] RLR 15, the duty to account for profits accruing from the trust property; the inability of the payee to rely upon the defence of change of position : the absence of any limitation period : and so on.

T can trace his equitable interest into the shares and will take in priority to R3, whose equitable charge to secure his loan even though granted for value will pro tanto be defeated. This increase was designed to provide WestLB with capital for future growth and to help mitigate the higher degree of risk involved in its loans to Third World countries. Because of its unusual flexibility, the bank could, for instance, offer tailor-made long-term loans to customers. Second, Professor Birks' approachappears to assume for example in the case of a transfer of value made undera contract the consideration for which subsequently fails that the recipient willbe deemed to have been a trustee from the date of his original receipt ofmoney, i. Pursuant to that contract:. The Society had for many years been carrying on business as a bank which, it was held, was ultra vires its objects. As a result of the provision of the upfront payment the rate of interestpayable by the Bank as the fixed rate payer was agreed to be lower than whatwould have been appropriate 9. Brougham to hold that such a claim was here available. I take this view fortwo reasons.

Swadling in 16 Legal Studies By law, state-owned banks were provided with state guarantees for their liabilities. Westenburg Richard. Underhill and Hayton, Law of Trusts and Trustees , 15th ed. But theproprietary interest which equity is enforcing in such circumstances arisesunder a constructive, not a resulting, trust. The judge treated this fact as irrelevant p. So in the present swaps case though the point is not one under appeal I think the Court of Appeal were right to hold that the swap monies were paid on a consideration that wholly failed. The public finance tasks of economic and structural development were transferred to the NRW. This seems to be an impossible conclusion. By law, state-owned banks were provided with state guarantees for their liabilities.

Zitronenwasser Rezept Abnehmen

11 3 2020

Westdeutsche Landesbank

Mazurg

However before I examine the question as a matter of principle. Finally, in , Preussag succeeded in a friendly takeover of the largest British tourism group, Thomson Travel Group plc.

In the bank reported that it had made huge profits in foreign currency for , in contrast to Once there ceased to be an identifiable trust fund, the local authority could not become a trustee: In re Goldcorp Exchange Ltd [] 1 AC The consequences that flowfrom such trust having arisen including the possibly unfair consequences tothird parties who in the interim have received the trust property are alsodetermined by rules of law, not under a discretion. It is truethat the doctrine of mistake might be invoked where the mistake isfundamental in the orthodox sense of that word. It is perfectly well known that they have beenestablished from time to time - altered, improved, and refined fromtime to time. This was plainly right because the local authority had no relevant knowledge sufficient to raise a constructive trust at any time before the monies, upon the bank account going into overdraft, became untraceable. I do not discern in thespeeches of the members of the Appellate Committee any intention to imposea trust carrying with it the personal duties of a trustee. Lord Haldane'sinactive resulting trust, if generally applicable, would give the depositors andpossibly the members rights having priority not only to those of ordinarytrade creditors but also to those of some secured creditors, e.

In , WestLB dramatically heightened its international profile by taking part in an arrangement with the Japanese to sell securities on the Tokyo exchange. There has long been a desire among restitution lawyers to escape fromthe unfortunate effects of the so-called rule that money is only recoverable atcommon law on the ground of failure of consideration where the failure istotal, by reformulating the rule upon a more principled basis: and signs thatthis will in due course be done are appearing in judgments throughout thecommon law world, as appropriate cases arise for decision. Anyone who lends orborrows money on a commercial basis receives or pays interestperiodically and if that interest is not paid it is compounded e. Swadling in 16 Legal Studies. Even so, I think it right to record thatthere appears to me to be considerable force in the criticisms which have beenexpressed; and I shall, when considering the issues on this appeal, bear inmind the possibility that it may be right to regard the ground of recovery asfailure of consideration. By the time that those facts come to light, and the conscience of the payee may thereby be affected, there will therefore be no identifiable fund to which a trust can attach. If the Bank's arguments are correct, a businessman who has entered into transactions relating to or dependent upon property rights could find that assets which apparently belong to one person in fact belong to another; that there are "off-balance-sheet" liabilities of which he cannot be aware; that these property rights and liabilities arise from circumstances unknown not only to himself but also to anyone else who has been involved in the transactions. However, he would head WestLB for the next 20 years. But that does not alter the actual intentions of the parties at the datethe payment was made or the monies were mixed in the bank account.

I fully appreciate the strength of the moral claim of the bank in thiscase to receive full restitution, including compound interest. Does the recipient of money under a contract subsequently found to be void for mistake or as being ultra vires hold the monies received on trust even where he had no knowledge at any relevant time that the contract was void? For the reasons that I have given in my view such development is not based on sound principle and in the name of unjust enrichment is capable of producing most unjust results. The local authority appeals to your Lordships onlyagainst the award of compound interest. But I wish to add this. The generality of these submissions was narrowed by submitting that the trust which arose in this case was a resulting trust "not of an active character": see per Viscount Haldane L. In he was found not guilty of the charges. If the contract had been valid, he would have had purely personal rights against Rl. Inthe absence of argument on these points it would in my view be imprudent tochange the law. Its government, influenced by the economic success of the Aachener Union already in business within the province, founded the Provinzial-H ü lfskasse of the Rhineland in

Vusho

It is also common ground thatin certain limited circumstances courts of equity can award compound interest. Nevertheless, WestLB again experienced high earnings in and that year was able to resume the payment of dividends. Company Histories As consumers, we often take for granted all the hard work that goes into building a great company. Both the judge and the Court of Appeal held that they were entitledto invoke against the Council the equitable jurisdiction to award compoundinterest, on the basis that the Bank was entitled to succeed against the Councilin an equitable proprietary claim. But that does not alter the actual intentions of the parties at the datethe payment was made or the monies were mixed in the bank account. The ability of the Court to award compound,as opposed to simple, interest was founded on the equitable jurisdiction toaward compound interest as against a trustee or other person owing fiduciaryduties who is personally accountable and who has made use of the plaintiff'smoney: Dillon L. In , Owens-Illinois Inc. Privacy Policy.

To imply a contract to repay would be to imply a contract to exactly the same effect as the express ultra vires contract of loan. As it was, they claimed to be entitled to repaymentin an action for money had and received in the same way as the Bankclaimed repayment in the case now before your Lordships. T paid over his money and transferred the shares under a supposedvalid contract. But he observed that if so thecourt does not impose a penalty on the trustee. In its bare outline, it was concerned with the distribution of theassets of the Society, which was insolvent. But in my judgment no such conflict occurs. I turn then to consider the Bank's arguments in detail. Therefore, inorder to show that the local authority became a trustee, the Bank mustdemonstrate circumstances which raised a trust for the first time either at thedate on which the local authority received the money or at the date on whichpayment into the mixed account was made. Further, I cannot understand how the recipient's "conscience" can be affected at a time when he is not aware of any mistake.

However, they would have held that compound interest should be available on personal claims. Even so, theywere concerned with cases in which payments had been made, so to speak,both ways; and the courts had to decide whether they could, in suchcircumstances, do justice by restoring the parties to their previous positions. This conclusion has the effect that all the practical problems which would flow from the imposition of a resulting trust in a case such as the present, in particular the imposition upon the recipient of the normal duties of trustee, do not arise. On January 1, the two local banks were combined at last, ostensibly to fight the economic domination of the Big Three banks--Deutsche Bank, Dresdner Bank, and Commerzbank. Second,since the depositors' money was intended to be mixed with that of the Society,there was never any intention that there should be a separate identifiable trustfund, an essential feature of any trust. Consequently, it was necessary that there would be an "intention" that the money be held on trust, but this was not possible because nobody knew that the transaction would turn out to be void until the House of Lords' decision in Hazell v Hammersmith and Fulham LBC in I have already stated that restitution in these cases can be achieved by means of a personal claim in restitution. Another combined stake of about 28 percent is held by regional savings associations and municipalities. In , Owens-Illinois Inc.

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