The Law Reports (Appeal Cases)
[1982] AC 584
[HOUSE OF LORDS]
SWISS BANK CORPORATION APPELLANTS AND LLOYDS BANK LTD AND OTHERS RESPONDENTS
1979 Dec. 3,
4,
5,
6,
7,
10,
11,
12,
13;
1980 Feb. 1
1981 March 30, 31;
April 1;
May 14
1980 Feb. 1
1981 March 30, 31;
April 1;
May 14
Buckley, Brandon and Brightman L.JJ. Lord Wilberforce, Lord Russell of Killowen, Lord Keith of Kinkel, Lord Scarman and Lord Bridge of Harwich
Contract
— Implied term
— Loan agreement
— Foreign currency borrowed to purchase foreign securities
— Covenant by borrower to observe conditions of Bank of England permission
— Condition requiring repayment of loan out of purchased securities
— Whether implied obligation on borrower to do so Whether lender having equitable charge over securities
Exchange Control
— Foreign securities
— Transfer
— Scrip deposited with authorised depository pursuant to Bank of England permission
— Removal to second authorised depositary without permission
— Equitable charge over securities granted to second depositary
— Whether “change of beneficial ownership”
— Whether securities in “custody” of second depositary at time of charge
— Whether charge valid
—
Bank of England Exchange Control Notice E.C. 7, paras. 87, 88
—
Exchange Control Act 1947 (10 & 11 Geo. 6, c. 14), s. 17 (2)