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Property Rights over Money: the Italian Perspective and English Law
Abstract
The work considers money in a different way depending on whether it is used as a means of payment or for other functions. Only in the first case it comes to evidence a characteristic proprietary regime which cuts across the different categories of property by which money assets are represented. In the other cases, money should be considered simply as a fungible asset. However, rules of specification of fungibles should be reconsidered. Specifically, the paper deals with the issues arising in transactions where money is transferred to an intermediary for management. It aims to show that the transferor or the beneficiary keeps real interests in the money transferred. It argues how these interests may be relevant to Italian law, by comparing it with the English legal system. The paper demonstrates that reference to property law may be useful for evaluating the quantum of rights of the transferor of money by referring to the concept of value and by the analysis of law of mixtures under the Italian and the English law. The analysis is worked out in terms of corporeal money but argues that law reaches equivalent outcomes for incorporeal money in the field under consideration.
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Compiled in honour of Bernard Rudden, this is a book of essays in comparative law centering on the contribution which comparative analysis can make to the core subjects of private law, namely property and obligations. The essays are contributed by leading academics from all over the world, all of whom owe an intellectual debt to the honorand.
This paper explores the law of accidental mixtures of goods. It traces the development of the English rules on mixture from the seminal nineteenth century case of Spence v Union Marine Insurance Co to the present day, and compares their responses to those given by the Roman law, which always has been claimed as an influence on our jurisprudence in this area. It is argued that the different answers given by English and Roman law to essentially the same problems of title result from the differing bases of these legal systems. Roman a priori theory is contrasted with the more practical reasoning of the common law, and while both sets of rules are judged to be coherent on their own terms, it is suggested that the difference between them is reflective of a more general philosophical disagreement about the proper functioning of a legal system, and the relative importance of theoretical and pragmatic considerations.
Property Rights in Money is a systematic study of how proprietary interests in (ownership of and transactions in) money are transferred and enforced as part of a payment transaction. The book begins by considering the different kinds of property recognised by the law which perform the economic functions of money. It describes how the nature of an owner's proprietary interest differs depending on the kind of property that is treated as money. The main body of the work provides a detailed account of how property rights in money are transferred from one person to another, and the proprietary consequences when a transfer of money is ineffective. For example, the work considers the consequences for the passing of property in money when a person pays the money by mistake, through the fraud of another or through a breach of his or her duties as a trustee or a company director. The author provides a coherent explanation of the proprietary effect of money transfers whether made via a transfer of coins or banknotes or, as is now more common, through a bank payment system. The final section of the book considers how a person can enforce his property rights in money, and the legal remedies open to him to recover his money once it is in the hands of a person who is not entitled to it.
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