Making Commercial Law: Essays in Honour of Roy Goode

By Royston Miles Goode; Ross Cranston | Go to book overview

13
Liability for Foreign Branch Deposits in English Law1

WILLIAM BLAIR


Introduction

In the introduction to his classic series of lectures entitled Payment Obligations in Commercial and Financial Transactions,2 Professor Goode points out that of all contractual obligations, the duty to pay money is the most fundamental. In this essay, one aspect of that duty is considered, namely the liability of a bank at the place of its head office to repay deposits held at a branch abroad. The issue is considered from the perspective of liability, ignoring any jurisdictional problems: in other words, jurisdiction in the courts of the place of the head office is assumed. It is an issue on which there is little direct English authority, but a considerable body of American case law and academic writing. It has arisen from time to time during the twentieth century, reflecting a variety of political and economic upheavals. Some have been catastrophic, such as the collapse of South Vietnam at the end of the Vietnam war. Some have been less dramatic; usually steps taken by a state in response to an economic crisis, such as the freeze on US dollar payments imposed by the Philippine authorities in 1983. In each case, the normal operation of the local banking system has been disrupted, and depositors have had to look elsewhere for repayment of their money.

It may be that, for the time being at least, these events will diminish in frequency. Ideologically-inspired seizure of banks by communist administrations was once a commonplace: but barely 15 years after the dramatic evacuation of Saigon, Soviet Communism itself collapsed. Foreign banks are now welcome in countries where they were once shunned. At the macro-economic level, under pressure from bodies such as the International Monetary Fund ( IMF), states have been less ready to seek to resolve financial crises by measures intended to block capital outflows. Mexico provides a good example. The peso crisis of 1982 was tackled by a variety of measures, including exchange controls which depositors sought

____________________
1
I am grateful to Christopher D. Olive, Research Fellow at the Centre for Commercial Law Studies, QMW, University of London for his research assistance on American law.
2
( London: Sweet & Maxwell, 1983).

-323-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
Making Commercial Law: Essays in Honour of Roy Goode
Table of contents

Table of contents

Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
/ 592

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.