Swiss Bank Corpn v Lloyds Bank Ltd

Subject Matter

SPECIFIC PERFORMANCE — Contract for loan to purchase securities — Sale of securities by chargee — Contractual obligation on borrower to repay loan out of proceeds of securities — Whether lender having equitable interest sufficient to found action for specific performance — Whether actual knowledge of borrower's obligation necessary to debar chargee from relying on charge — Whether constructive knowledge sufficient to support injunction to restrain interference with contractual obligations

[1979] Ch 548; [1979] 3 WLR 201; [1979] 2 All ER 853, Ch D

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

[1979] Ch 548; [1979] 3 WLR 201; [1979] 2 All ER 853, Ch D

[1982] AC 584; [1980] 3 WLR 457; [1980] 2 All ER 419, CA

[1982] AC 584; [1981] 2 WLR 893; [1981] 2 All ER 449, HL(E)

EXCHANGE CONTROL — Foreign securities — Transfer — Scrip deposited with authorised depositary pursuant to Bank of England permission — Removal to second authorised depositary without permission — Equitable charge over securities granted to second depositary — Whether “change in beneficial ownership” — Whether securities in “custody” of second depositary at time of charge — Whether charge valid — Bank of England Exchange Control Notice EC 7, paras 87, 88 — Exchange Control Act 1947, s 17(2)

[1979] Ch 548; [1979] 3 WLR 201; [1979] 2 All ER 853, Ch D

[1982] AC 584; [1980] 3 WLR 457; [1980] 2 All ER 419, CA

[1982] AC 584; [1981] 2 WLR 893; [1981] 2 All ER 449, HL(E)

Appellate History