Dalhuisen on Transnational Comparative, Commercial, Financial and Trade Law Volume 3: Financial Products, Financial Services and Financial Regulation [7 ed.] 1509926542, 9781509926541

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DALHUISEN ON TRANSNATIONAL COMPARATIVE, COMMERCIAL, FINANCIAL AND TRADE LAW VOLUME 3 This is the seventh edition of the leading work on transnational and comparative commercial, financial, and trade law, covering a wide range of complex topics in the modern law of international commerce and finance. As a guide for students and practitioners it has proven to be unrivalled. The work is divided into three volumes, each of which can be used independently or as part of the complete work. Volume 3 deals with financial products and financial services; the structure and operation of banking and of the capital markets; the role of modern commercial and investment banks; and financial risk, stability and regulation, including the fallout from the 2008 financial crisis and the subsequent regulatory responses in the US and Europe. In sections on products and services, the blockchain and its potential are noted in the payment system, in the custodial holdings of investment securities, and in the derivative markets. A section on regulation critically reviews the need for macro-prudential supervision and an independent macro-prudential supervisor, the role of resolution authorities, the operation of the shadow banking system, and the extraterritorial reach and international recognition of financial regulation. All three volumes may be purchased separately or as part of a single set.

Dalhuisen on Transnational Comparative, Commercial, Financial and Trade Law Volume 3 Seventh Edition Financial Products, Financial Services and Financial Regulation

Jan H Dalhuisen Professor of Law, Dickson Poon School of Law King’s College London Chair in Transnational Financial Law Catholic University Lisbon Visiting Professor UC Berkeley Corresponding Member Royal Netherlands Academy of Arts and Sciences Member New York Bar Former ICSID Arbitrator

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To my Teachers and my Students

Table of Cases Arbitration Cases Kozara, The [1974] Journal of Business Law ....................................................................................... 378 Kraut v Albany Fabrics Ltd [1976] Journal of Business Law .............................................................. 378

Australia Comrs of the State Savings Bank of Victoria v Permewan, Wright Co Ltd (1915) 19 CLR 457 ....... 648 IATA v Ansett [2005] VSC 113, [2006] VSCA 242, and [2008] HCA 38.................................... 397, 413

Belgium Cour de Cass 9 February 1933 [1933] I Pas, 103 ...................................................................................................... 92 27 November 1981 [1981–82] RW 2141............................................................................................ 98 22 September 1994 [1994–95] RW 1264 ........................................................................................... 92 17 October 1996 [1995–96] RW 1395 ............................................................................................... 98 3 December 2010, Bank Fin 2011, no 2, 120–27 ............................................................................... 98 Tribunal de Commerce of Brussels, 16 Nov 1978 ................................................................................. 24

European Union Case 9/56 Meroni ECR 133 (1957/58) ................................................................................................. 644 Case 62/70 Coditel [1980] ECR 881 ..................................................................................................... 807 Case 2/74 Reyners v Belgian State [1974] ECR 631 ............................................................................ 741 Case 8/74 Procureur du Roi v Dassonville [1974] ECR 837 ....................................................... 741, 753 Case 33/74 Van Binsbergen v Bedrijfsvereniging Metaalnijverheid [1974] ECR 1299 ...................... 741 Case 14/76 De Bloos [1976] ECR 1497 ................................................................................................ 751 Case 23/78 Nicholas Meeth v Glacetal [1978] ECR 2133.................................................................... 405 Case 33/78 Somafer [1978] ECR 2183 ................................................................................................. 751 Cases 110/78 and 111/78 Van Wesemael [1979] ECR 35 .................................................................... 807 Case 120/78 Rewe-Zentral AG v Bundesmonopolverwaltung für Branntwein [1979] ECR 649 ......................................................................................................................... 816 Case 139/80 Blanckaert & Willems 1981] ECR 819 ............................................................................ 751 Case 203/80 Guerino Cassati [1981] ECR 3211 .................................................................................. 742 Case 279/80 Webb [1981] ECR 3305 ................................................................................................... 807 Cases 286/82 and 26/83 Luisi and Carbone [1984] ECR 377 ..................................................... 742, 751 Case 205/84 Commission v Germany [1986] ECR 3755 .................................................................... 807 Case 221/85 Commission v Belgium [1987] ECR 719 ........................................................................ 753 Case 198/86 Conradi [1987] ECR 4469 ............................................................................................... 753 Case C-362/88 GB-Inno-BM [1990] ECR I-667 ................................................................................. 806 Case C-180/89 Commission v Italy [1991] ECR 709 .......................................................................... 807 Case C-340/89 Vlassopoulou [1991] ECR I-2357 ............................................................................... 753 Case C-353/89 Mediawet [1991] ECR I-4069 ..................................................................................... 807 Case C-76/90 Saeger v Dennemeyer [1991] ECR I-4221 ............................................................ 752, 806 Case C-204/90 Bachman [1992] ECR 249 ........................................................................................... 807

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Case C-106/91 Ramrath [1992] ECR I-3351 ....................................................................................... 753 Cases C-267/91 and C-268/91 Keck and Mithouard [1995] ECR I-6097 ............................ 753–54, 820 Case C-330/91 Commerzbank [1993] ECR I-4017 ............................................................................. 753 Case C-19/92 Kraus [1993] ECR I-1663 .............................................................................................. 753 Case C-275/92 Schindler [1995] ECR I-1039 ...................................................................................... 807 Case C-1/93 Halliburton [1994] ECR I-1137 ...................................................................................... 753 Case C-55/93 Van Schaik [1994] ECR I-4837.............................................................................. 807, 820 Case C-341/93 Danvaern Production A/S v Schuhfabriken Otterbeck GmbH&Co [1995] ECR I-2053 .................................................................................................................... 405 Case C-384/93 Alpine Investments BV v Minister van Financien [1995] ECR I-1141 .............752, 807, 818, 820, 838 Case C-415/93 Union Royale Belge des Sociétés de Football Association ASBL and others v Jean-Marc Bosman [1995] ECR I-4921 .................................................... 753 Case C-439/93; Lloyd’s Register of Shipping v SociétéCampenon Bernard [1995] ECR 1-1961 ................................................................................................................................ 751 Opinion 1/94 [1994] ECR 1-5276 ........................................................................................................ 740 Case C-55/94 Reinhard Gebhard v Consiglio dell’Ordine degli Avvocati e Procuratori di Milano [1995] ECR I-4165 ........................................................................................751, 753, 806 Case C-101/94 Commission v Italy [1996] ECR I-2691 ..................................................................... 806 Case C-272/94 Reisebüro Broede v Gerd Sandker [1996] ECR I-6511 .............................................. 807 Case C-3/95 Reisebüro Broede v Gerd Sandker [1996] ECR I-6511 .................................................. 807 Case C-111/01 Gantner Electronic GmbH v Basch Exploitatie Maatschappij BV [2003] ECR I-4207 .................................................................................................................... 405 Case C-222/02 Peter Paul ECLI:EU:C2004:606 ................................................................................... 904 Case C-604/11Genil 48 SL et al v Bankinter SA et al, 30 May 2013 ................................................... 906 Case C-441/14 Danks Industri (DI), acting on behalf of Ajos A/S v Estate of Karsten Eigil Rasmussen, EU:C:2016:278....................................................................................................... 906

France Cour Administrative d’Appel de Paris, 30 March 1999....................................................................... 532 Cour de Cass 13 February 1834, s 1.205 (1834) ..................................................................................................... 104 24 June 1845, D 1.309 (1845) ............................................................................................................. 92 19 August 1849, D 1.273 (1849) ......................................................................................................... 99 31 January 1854, D 2.179 (1855)........................................................................................................ 92 11 March 1879, D 1.401 (1879) .................................................................................................. 93, 155 21 July 1897, DP.1.269 (1898) ...................................................................................................... 96–97 16 January 1923, D 1.177 (1923)........................................................................................................ 99 28 March/22 October 1934, D 1.151 (1934) ...................................................................................... 96 21 March 1938, D 2.57 (1938) .................................................................................................... 93, 155 24 October 1950 [1950] Bull civil 1, 155 ........................................................................................... 93 21 July 1958 [1958] II JCP 10843 ....................................................................................................... 97 21 November 1972, D jur 213 (1974) .............................................................................................. 210 14 October 1975, Bull Civ IV, 232 (1975) ........................................................................................ 210 20 November 1979 (1980) .................................................................................................................. 97 14 October 1981 .................................................................................................................................. 24 8 March 1988, Bull IV, no 99 (1988) .................................................................................................. 96 15 March 1988, Bull Civ IV, 106 (1988) ............................................................................................. 96 20 June 1989, D Jur 431 (1989) .......................................................................................................... 96 9 January 1990, (1990) Gaz Pal 127 ........................................................................................... 98, 252

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5 Nov 1991, Bull Civ, IV, no 328 (1992)............................................................................................. 24 15 December 1992, Bull IV no 412 (1992) ........................................................................................ 96 5 March 1996, Bull IV, no 72 (1996) .................................................................................................. 97 Court of Appeal, Versailles, 20 September 1995 .................................................................................... 91 Tribunal de la Seine, 30 May 1958, R 731 (1958); 18 December 1967, G.1-2.108 (1968) ................. 378

Germany BGH 25 October 1952, BGHZ 7, 365 (1952) ............................................................................................ 116 28 June 1954, BGHZ 14, 117 (1954) ................................................................................................ 107 24 November 1954, [1955] NJW 339 ............................................................................................... 392 22 February 1956, BGHZ 20, 88 (1956)........................................................................................... 107 30 April 1959, BGHZ 30, 149 (1959) ............................................................................................... 116 38 BGHZ 254 (1962) ........................................................................................................................ 408 14 October 1963, BGHZ 40, 156 (1963) .......................................................................................... 117 1 July 1970, 54 BGHZ 214 ................................................................................................................ 106 5 May 1971, BGHZ 56, 123 (1971) .................................................................................................. 106 BGHZ 71, 189............................................................................................................................ 115, 252 9 July 1975, BGHZ 64, 395 (1975) ................................................................................................... 117 6 July 1978, [1981] NJW 2244 .......................................................................................................... 393 23 September 1981 [1981] NJW 275 ............................................................................................... 112 11 July 1985 [1985] NJW 2897 ......................................................................................................... 408 BGHZ 95, 39.............................................................................................................................. 115, 252 OLG Cologne, 2 February 1971, 47 NJW 2128 (1971) ....................................................................... 378 RG 2 June 1890; RGZ 2, 173 (1890) ....................................................................................................... 110 23 December 1899, RGZ 45, 80 (1899) ............................................................................................ 111 10 October 1917, RGZ 91, 12 (1917) ............................................................................................... 111 5 November 1918, RGZ 94, 305 (1918) ........................................................................................... 111 20 March 1919, RGZ 79, 121 (1912) ................................................................................................ 111 4 April 1919, RGZ 95, 244 (1919) .................................................................................................... 108 11 June 1920, RGZ 99, 208 (1920) ................................................................................................... 116 14 October 1927, RGZ 118, 209 (1927) ........................................................................................... 111 9 April 1929, RGZ 124, 73 (1929) .................................................................................................... 111 9 April 1932, RGZ 136, 247 (1932) .................................................................................................. 116 4 April 1933, RGZ 140, 223 (1933) .................................................................................................. 107

Netherlands Amsterdam Court of Appeal 9 July 1991 [1994] NJ 79, [1992] NIPR 418 ...................................................................................... 88 16 April 1931, W 12326 (1931) .......................................................................................................... 79 Crt Alkmaar, 7 November 1985, NIPR, no 213 (1986) ....................................................................... 407 Crt Arnhem, 19 December 1991, NIPR nr 107 (1992) ....................................................................... 407 HR 13 November 1737 ............................................................................................................................ 120 25 January 1929 [1929] NJ 616 .......................................................................................................... 79 21 June 1929 [1929] NJ 1096.............................................................................................................. 79 3 Jan 1941 NJ 470 (1941).................................................................................................................... 79 13 March 1959 [1959] NJ 579 ............................................................................................................ 79 17 June 1960 [1962] NJ 60.................................................................................................................. 79

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17 Apr 1964 [1965] NJ 23 ........................................................................................................... 25, 231 6 March 1970 [1971] NJ 433 ........................................................................................................ 76, 79 8 December 1972, NJ 377 (1973), 22 Ars Aequi 509 (1973) ........................................................... 378 7 March 1975 [1976] NJ 91 ................................................................................................................ 79 3 October 1980 [1981] NJ 60 ..................................................................................................... 79, 112 22 May 1984 (1985) NJ 607 ................................................................................................................ 24 18 September 1987 [1988] NJ 876 ..................................................................................................... 79 19 May 1989 [1990] NJ 745 .............................................................................................................. 411 11 June 1993 [1993] NJ 776........................................................................................................ 25, 231 5 November 1993 [1994] NJ 258........................................................................................................ 79 18 January 1994 [1994] RvdW 61 ...................................................................................................... 81 19 May 1995 [1996] NJB 119 ............................................................................................................. 85 17 February 1996, Mulder v CLBN [1996] NJ 471............................................................................ 78 5 September 1997 [1998] NJ 437 ....................................................................................................... 80 16 May 1997 [1997] RvdW 126.................................................................................................. 25, 231 16 June 2000, NJ 733 (2000)............................................................................................................... 80 17 February 2012, Dix v ING [2012] NJ 261 ..................................................................................... 79 1 Feb 2013 NJ 156 (2013) ................................................................................................................... 77 14 Aug 2015, NJ 253 (2016)................................................................................................................ 80 3 June 2016 NJ 290(2016) .................................................................................................................. 81

United Kingdom Aectra Refining and Manufacturing Inc v Exmar NV [1994] 1 WLR 1634 ....................................... 405 Alderson v White (1858) 2 De G &J 97 ................................................................................................ 129 Aluminium Industrie Vaassen BV v Romalpa Aluminium Ltd [1976] 2 All ER 552......................... 131 Aneco Reinsurance Underwriting Ltd v Johnson & Higgins Ltd [2002] 1 Lloyd’s Rep 157 ............. 343 Armour and Others v Thyssen Edelstahlwerke AG mour and Others v Thyssen Edelstahlwerke AG;> [1990] All ER 481................................................................................... 120 Automobile Association (Canterbury) Inc v Australasian Secured Deposits Ltd [1973] 1 NZLR 417................................................................................................................................ 130 Bank of Baroda v Vysya Bank Ltd [1994] 2 Lloyd’s Rep 87 ................................................................ 434 Barclays Bank v Levin Brothers 1976] 3 All ER 900 ............................................................................ 378 Baring v Corrie 2 B & Ald 137 (1818) .................................................................................................. 714 Bechuanaland Exploration Co v London Trading Bank [1898] 2 QBD 658 ............................... 23, 730 Beckett v Towers Assets Co [1891] 1 QB 1........................................................................................... 127 Borden (UK) Ltd v Scottish Timber [1979] 3 All ER 961 ................................................................... 131 British Eagle International Airlines Ltd v Compagnie Nationale [1975] 2 All ER 390 ..................... 397 Caparo Industries Plc v Dickman [1990] 2 AC 605 ............................................................................ 343 Carreras Rothman Ltd v Freeman Matthews Treasure Ltd [1985] 1 All ER 155 ....................... 130, 391 Carreras Rothmans Ltd v Freeman Matthew Treasure Ltd [1985] 1 Ch 207 ..................................... 391 Chase Manhattan Bank v Israel British Bank [1979] 3 All ER 1025................................................... 131 Chaw Yoong Hong v Choong Fah Rubber Manufactory [1962] AC 209 ........................................... 129 Clayton’s Case (1816) 35 ER 767 .......................................................................................................... 672 Clough Mill Ltd v Martin [1985] 1 WLR 111...................................................................................... 130 Compaq Computer Ltd v The Abercorn Group Ltd (1991) BCC484 .......................................... 131–32 Crestsign v The Royal Bank of Scotland, [2014] EWHC 3043 (Ch) .................................................. 710 Crumlin Viaduct Works Co Ltd, In re [1879] II Ch 755 ..................................................................... 123 Despina R, The [1977] 3 All ER 374 .................................................................................................... 378 Dublin City Distillery v Doherty [1914] AC 823 ................................................................................ 125 Farina v Home (1846) 153 ER 1124 ..................................................................................................... 123 Foley v Hill (1848) 2 HCL 28 ............................................................................................................... 648

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G&E Earle Ltd v Hemsworth RDC (1928) 140 LT 69 ......................................................................... 132 George Inglefield Ltd, Re [1933] Ch 1 ......................................................................................... 127, 129 Goodwin v Roberts [1876]1 AC 476 ...................................................................................................... 23 Government Stock v Manila Rail Co [1897] AC 81 ............................................................................ 124 Green v Farmer (1768) 98 ER 154 (KB) .............................................................................................. 390 Harlow and Jones Ltd v American Express Bank Ltd & Creditanstalt-Bankverein ;> [1990] 2 Lloyd’s Rep 343 ......................................................................................................................... 24 Helby v Matthews [1895] AC 471 ........................................................................................................ 133 Holroyd v Marshall [1862] 10 HL Cas 191 .................................................................................. 124, 132 Illingworth v Houldsworth [1904] AC 355 ......................................................................................... 124 Independent Automatic Sales v Knowles & Foster [1962] 1 WLR 974 .............................................. 131 Interview Ltd, Re [1973] IR 382 ........................................................................................................... 131 IRC v Rowntree and Co Ltd [1948] 1 All ER 482 ................................................................................ 129 JH Rayner &Co v Hambros Bank Ltd [1943] 1 KB 37 ........................................................................ 433 Joachimson v Swiss Bank Corp [1921] 3 KB 110 ........................................................................ 648, 673 Kelcey, Re [1899] 2 Ch 530 ................................................................................................................... 132 Lehman Brothers International (Europe), Re [2009] EWHC 2545 (Ch) .......................................... 472 Lehman Brothers International (Europe), Re [2012] EWHC 2997 (Ch) .................................. 472, 481 Libyan Arab Foreign Bank v Bankers Trust United Kingdom ............................................................ 730 Lloyds & Scottish Finance Ltd v Cyril Lord Carpet Sales Ltd (1979) 129 NLJ 366 ........................... 130 Manchester, Sheffield and Lincolnshire Railway Co v North Central Wagon Co (1888)13 App Cas 554 ............................................................................................................................... 130 McEntire v Crossley Brothers Ltd [1895] AC 457 ............................................................................... 130 Miliangos v George Frank (Textiles) Ltd [1975] 3 All ER 801 ............................................................ 378 Miller v Pace (1758) 1 Burr 452 ........................................................................................................... 362 Momm v Barclays Bank International Ltd [1977] QB 790 ................................................................. 365 MS Fashions Ltd v BCCI [1993] Ch 425.............................................................................................. 130 National Westminster Bank plc v Spectrum Plus Ltd [2005] 2 AC 680 and UKHL 41..................... 124 North Western Bank v Poynter [1895] AC 56, no 3051; [1895] All ER 754 ....................................... 120 Ocean Estates Ltd v Pinder [1969] 2 AC 19 ......................................................................................... 122 Olds Discount Co Ltd v John Playfair Ltd [1938] 3 All ER 275 ......................................................... 129 Picker v London and County Banking Co (1887) 18 QBD 512 (CA) .................................................. 23 Polsky v S&A Services [1951] 1 All ER 185.......................................................................................... 129 Power Curber Int’l Ltd v Nat’l Bank of Kuwait SAK [1981] 2 Lloyd’s Rep 394 ................................... 24 Raffeisen Zentralbank Osterreich AG v Five Star General Trading LLC [2001] 3 All ER 257 ............ 25 Rogers v Challis (1859) 27 Beav 175 .................................................................................................... 132 Rubenstein v HSBC, [2011] EWHC 2304 (QB) .................................................................................. 710 Ryall v Rolle (1749) 1 Atk 165 .................................................................................................. 93, 122–23 Salomon v A Salomon & Co Ltd [1897]AC 22 .................................................................................... 124 SCF Finance Co Ltd v Masri (No 2) [1987] QB 1002 ......................................................................... 648 Service Europe Atlantique v Stockholm Rederiaktiebolog Svea, The Folias [1977] 1 Lloyd’s Rep 39 ......................................................................................................................... 378 Sewell v Burdick (1884) 10 AC 74 ........................................................................................................ 127 Sharpe, Re [1980] 1 All ER 198 ...................................................................................................... 93, 123 Shipton, Anderson & Co (1927) Ltd v Micks Lambert & Co [1936] 2 All ER 1032 .......................... 391 Siebe Gorman & Co Ltd v Barclays Bank Ltd [1979] 2 Lloyd’s Rep 142 ............................................ 130 South Australia Asset Management Corp v York Montague Ltd [1997] AC 191 ............................... 343 Stein v Blake [1995] 2 WLR 710 ............................................................................................130, 387, 391 Syrett v Egerton [1957] 3 All ER 331 ................................................................................................... 132 Tatung (UK) Ltd v Galex Telesure Ltd (1989) 5 BCC 325 .................................................................. 131 Thomas v Searles [1891] 2 QB 408 ...................................................................................................... 123

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Three Rivers District Council and Others v Governor and Company of the Bank of England [2000] 2 WLR 1220 ................................................................................................ 532 Twyne’s Case (1601) 76 ER 809 ............................................................................................................ 123 United Railways of Havana and Regla Warehouses Ltd, Re [1961] AC 1007..................................... 378 Watson, Re (1890) 25 QBD 27 ............................................................................................................. 129 Welsh Development Agency Ltd v Export Finance Co (Exfinco) BCC 270 (1992) ................... 127, 129 Wickham Holdings Ltd v Brooke House Motors Ltd [1967] 1 All ER 117 ........................................ 125 Wilson v Day [1759] 2 Burr 827........................................................................................................... 123 Winkfield, The [1900–03] All ER 346 .................................................................................................. 133 Yorkshire Woolcombers Association Ltd, Re [1903] 2 Ch 284 ........................................................... 124 Zahnrad Fabrik Passau GmbH v Terex Ltd [1986] SLT 84 ......................................................... 182, 214

United States Adler v Ammerman Furniture Co 100 Conn 223 (1924) ................................................................... 158 Agnew, Re 178 Fed 478 (1909) ............................................................................................................. 163 Appleton v Norwalk Library Corp 53 Conn 4 (1885)......................................................................... 161 Babbitt & Co v Carr 53 Fla 480 (1907) ................................................................................................ 157 Bamberger Polymers International Bank Corp v Citibank NA 477 NYS 2d 931 (1983) .................. 433 Bank of California v Danamiller 125 Wash 225 (1923) ...................................................................... 161 Barbour Plumbing, Heating &Electric Co v Ewing 16 Ala App 280 (1917) ...................................... 156 Barton v Mulvane 59 Kan 313 (1898) .................................................................................................. 158 Beatrice Creamery Co v Sylvester 65 Colo 569(1919)......................................................................... 162 Beck v Blue 42 Ala 32 (1868) ................................................................................................................ 158 Begier v Internal Revenue Service 496 US 53 (1990) .......................................................................... 471 Benedict v Ratner 268 US 353 (1925) .................................................................................................. 140 Benner v Puffer 114 Mass 376 (1874) .................................................................................................. 162 Bevill, Breslett and Schulman Asset Management Corporation and SS Cohen v The Savings Building and Loan Co, In the matter of USCA 3rd Cir, 896 Fed Rep 2d, 54(1990).......................................................................................................... 139 Blackford v Neaves 23 Ariz 501 (1922) ................................................................................................ 159 Blackwell v Walker Bros 5 Fed 419 (1880) ..................................................................................... 161–62 Brainerd &H Quarry Co v Brice 250 US 229 (1919)............................................................................. 33 Brian v HA Born Packers’Supply Co 203 Ill App 262 (1917) ............................................................. 161 Bryant v Swofford Bros Dry Goods 214 US 279 (1909)...................................................................... 158 Burch v Pedigo 113 Ga 1157 (1901) ..................................................................................................... 158 Burrier v Cunningham Piano Co 135 Md 135 (1919) ........................................................................ 161 Call v Seymour 40 Ohio St 670 (1884) ................................................................................................ 159 Carolina Co v Unaka Sporings Lumber Co 130 Tenn 354 (1914) ...................................................... 161 Chase & Baker Co v National Trust & Credit Co 215 F 633 (1914) ................................................... 141 Chicago R Equipment Co v Merchant’s Nat Bank 136 US 268 (1890) .............................................. 159 Clinton v Ross 108 Ark 442 (1912) ...................................................................................................... 162 Cohen v Army Moral Support Fund (In re Bevill, Breslett and Schulman Asset Management Corp) 67 BR 557 (1986) ..................................................................................... 139 Columbus Buggy Co, Re 143 Fed 859 (1906) ...................................................................................... 158 Competex SA v La Bow [1984] International Financial Law Review ................................................. 378 Coonse v Bechold 71 Ind App 663 (1919) ........................................................................................... 160 Cushion v Jewel 7 Hun 525 (1876) ...................................................................................................... 157 Davis v Giddings 30 Neb 209(1890) .................................................................................................... 159 Day v Basset 102 Mass 445 (1869) ....................................................................................................... 157 Donald v Suckling (1866) LR 1 QB 585 ............................................................................................... 162 Dunlop v Mercer 156 Fed 545 (1907) .................................................................................................. 158

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Elliott v Capital City State Bank 103 NW 777 (Iowa 1905) ................................................................ 676 Executive Growth Investment Inc, Re 40 BR 417 (1984) .................................................................... 141 Fairbanks v Malloy 16 Ill App 277 (1885) ........................................................................................... 157 Faist v Waldo 57 Ark 270 (1893) .......................................................................................................... 163 Ferguson v Lauterstein 160 Pa 427(1894) ............................................................................................ 158 Fields v Williams 91 Ala 502 (1890) ..................................................................................................... 161 Finlay v Ludden & B Southern Music House 105 Ga 264 (1898)....................................................... 157 Frank v Batten 1 NY Supp 705 (1888) ................................................................................................. 163 Frank v Denver & RGR Co 23 Fed 123 (1885) .................................................................................... 158 Franklin Motor Car Co v Hamilton 113 Me 63 (1915)....................................................................... 157 General Electric Credit Corp v Allegretti 515 NE 2d 721 (III App Ct 1987) ....................................... 33 General Ins Co v Lowry 412 F Supp 12 (1976) ................................................................................... 138 Goldstein v Securities and Exchange Commission, DC Cir 23 June 2006 451 F3d 873.................... 353 Goodell v Fairbrother 12 RI 233 (1878) .............................................................................................. 163 Grand Union Co, In re 219 F 353(1914) .............................................................................................. 141 Granite Partners, LP v Bear, Stearns &Co 17 F Supp.2d 275, 300–04 (SDNY 1998)......................... 489 Grants Pass & Josephine Bank v City of Grants Pass 28 P 2d 879 (Oregon 1934) ............................ 676 Green v Darling 10 Fed Cas 1141 (DRI 1828) ..................................................................................... 392 Hall v Nix 156 Ala 423 (1908) .............................................................................................................. 158 Hanesley v Council 147 Ga 27 (1917).................................................................................................. 162 Hanson v Dayton 153 Fed 258 (1907) ................................................................................................. 157 Harkness v Russell & Co 118 US 663 (1886) ....................................................................................... 159 Hatch v Lamas 65 NHS 1 (1888).......................................................................................................... 157 HB Claflin Co v Porter 34 Atl 259 (1895) ............................................................................................ 159 Holt Manufacturing Co v Jaussand 132 Wash 667 (1925).................................................................. 161 Home Bond Co v McChesney 239 US 568 (1916) .............................................................................. 141 Horn v Georgia Fertilizer & Oil Co 18 Ga App 35 (1916) .................................................................. 161 Howland, Re 109 Fed 869 (1901) ......................................................................................................... 163 Hydraulic Press Manufacturing Co v Whetstone 63 Kan 704 (1901) ................................................ 157 ITT Commercial Finance Corp v Tech Power, Inc 51 Cal Rptr 2d 344 (1996) .................................. 199 Ivers & P Piano Co v Allen 101 Me 218 (1906) ................................................................................... 159 James Baird Co v Gimbel Bros, Inc 64 F 2d 344, 46 (1933) ................................................................ 138 Jonas v Farmers Bros Co (In re Comark) 145 BR 47, 53(9th Cir, 1992) ............................................ 139 Jordan v National Shoe and Leather Bank 74 NY 467 (1878) ............................................................ 392 JWD Inc v Fed Ins Co 806 SW 2d, 327 (1991) ...................................................................................... 33 Kentucky Wagon Manufacturing Co v Blanton-Curtis Mercantile Co 8 Ala App 669 (1913) ......... 161 Kham & Nate’s Shoes No 2 v First Bank of Whiting 908 F 2d 1351 (1990) ....................................... 138 KMC v Irving Trust Co 757 F2d 752 (1985)........................................................................................ 201 Knowles Loom Work v Knowles 6 Penn (Del) 185 (1906) ................................................................. 159 Krause v Com 93 Pa 418 (1880) ........................................................................................................... 158 Lombard-Wall, In re 23 BR 165 (1982)................................................................................................ 140 Lombard Wall Inc v Columbus Bank & Trust Co No 82-B-11556 Bankr. SDNY 16 Sept 1982 ....... 140 Louisville & NR Co v Mack 2 Tenn CCA 194(1911)........................................................................... 161 Lutz, Re 197 Fed 492 (1912) ................................................................................................................. 158 Lyon, Re Fed Cas No 8, 644 (1872) ...................................................................................................... 161 Major’s Furniture Mart Inc v Castle Credit Corp 602 F 2d 538 (1979) ............................................. 141 Mann Inv Co v Columbia Nitrogen Corp 325 SE 2d 612 (1984) ....................................................... 144 Marine Bank v Weaver 455 US 551 (1982) .......................................................................................... 684 Maxson v Ashland Iron Works 85 Ore 345 (1917) .............................................................................. 158 Midland-Guardian Co v Hagin 370 So 2d, 25(1979) ............................................................................ 33 Murray v Butte-Monitor Tunnel Min Co 41 Mont 449 (1910) .......................................................... 159

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TABLE OF CASES

National Live Stock Bank v First Nat’l Bank of Geneseo 203 US 296 (1906) ...................................... 33 Nationsbank of North Carolina v Variable Annuity Life Insurance Co 115 Sup Ct 810 (1995)....... 652 Nebraska Dept of Revenue v Loewenstein 115 SCt 557 (1994) .......................................................... 140 Newell Bros v Hanson 97 Vt 297 (1924) .............................................................................................. 161 Newhall v Kingsbury 131 Mass 445 (1881) ......................................................................................... 161 Oriental Pac (US) Inc v Toronto Dominion Bank 357 NYS2d 957 (NY 1974) ................................... 24 Otto v Lincoln Savings Bank 51 NYS 2nd 561 (1944) ........................................................................ 392 Paris v Vail 18 Vt 277 (1846)................................................................................................................. 162 Perkins v Metter 126 Cal 100 (1899) .................................................................................................... 159 Peter Water Wheel Co v Oregon Iron & Steel Co 87 Or 248 (1918) .................................................. 161 Pfeiffer v Norman 22 ND 168 (1911) .................................................................................................. 157 Phillips v Hollenburg Music Co 82 Ark 9 (1907) ................................................................................ 160 Pittsburgh Industrial Iron Works, Re 179 Fed 151 (1910) .................................................................. 162 Prentiss Tool & Supply Co v Schirmer 136 NY 305 (1892) ................................................................ 163 Reese v Beck 24 Ala 651 (1854) ............................................................................................................ 158 Rodgers v Rachman 109 Cal 552 (1895) .............................................................................................. 161 RTC v Aetna Cas & Sur Co of Illinois 25 F 3d 570, 578–80 (7th Cir, 1994) ...................................... 489 Savall v Wauful 16 NY Supp 219 (1890) .............................................................................................. 163 Scott v Farnam 55 Wash 336 (1909) .................................................................................................... 157 Sears, R & Co v Higbee 225 Ill App 197 (1922) ................................................................................... 159 SEC v WJ Howey Co 328 US 293 (1946) ............................................................................................. 683 Sinclair v Holt 88 Nev 97 (1972) ............................................................................................................ 33 Smith v Gufford 36 Fla 481(1895) ....................................................................................................... 161 Smith v Long Cigar & Grocery Co 21 Ga App 7