3 Australia

2018 ◽  
Author(s):  
Paterson Ian
Keyword(s):  
Credit Risk ◽  
Payment Systems ◽  
Choice Of Law ◽  
Cross Border ◽  
The Law

This chapter discusses the law of set-off and netting in Australia as well as the key restrictions on the availability of set-off under Australian law. In Australia, set-off and netting arrangements are often used as a means of reducing operational and credit risk. In the context of reducing credit risk involving financial rights and obligations (for example, deposits and loans), set-off and netting arrangements depend on one or more of: contract, section 553C of the Corporations Act 2001, and the Payment Systems and Netting Act 1998 (Netting Act). The chapter first considers set-off between solvent parties and set-off against insolvent parties before explaining set-off under section 553C of the Corporations Act. It also examines issues that may arise in cross-border transactions under Australian law with respect to the availability of set-off in section D of the Corporations Act, with emphasis on the choice of law and set-off in insolvency.

31 Spain

2018 ◽  
Author(s):  
Herrera Antonio
Keyword(s):  
Royal Decree ◽  
Choice Of Law ◽  
Cross Border ◽  
Spanish Law ◽  
Assignment Of Credit ◽  
The Law ◽  
Financial Transactions

This chapter discusses the law of set-off in Spain. Under Spanish law, set-off represents a means of extinguishing an obligation between a debtor and a creditor. Set-off occurs mainly as a form of payment rather than a guarantee. The chapter first considers set-off between solvent parties, focusing on the requirements of statutory set-off, set-off in case of assignment of credit rights, and set-off as a mechanism for creating security interests. It then examines set-off against insolvent parties, with emphasis on the scope of the prohibition set out in Article 58 of the Insolvency Act regarding set-off against an insolvent debtor and whether there are exceptions to this prohibition. The chapter also analyses set-off in financial transactions subject to Royal Decree Law 5/2005, along with cross-border situations relating to set-off against insolvent parties and choice of law with respect to set-off between solvent parties.

Set-Off Law and Practice

2018 ◽  
Keyword(s):  
Financial Sector ◽  
Legal Analysis ◽  
Choice Of Law ◽  
Banking And Finance ◽  
The Third ◽  
Cross Border ◽  
New Material ◽  
The Law ◽  
Financial Firm

The third edition of this guide covers the application and practice of the law of set-off in over thirty jurisdictions spanning Europe, Asia and the Americas. Each chapter explains the principles of the law of set-off in the jurisdiction concerned, and provides a comparative guide for banking and finance lawyers wishing to establish the pitfalls of set-off in a foreign jurisdiction. Every chapter has been updated to contain new material specifically devoted to cross-border aspects, including analysis of choice of law issues. Fully updated legal analysis is also provided, with an emphasis on how set-off may be used as security and the application of insolvency set-off: taking into account new legal developments in the various jurisdictions and reflecting recent changes to legislation in the financial sector relating to bank and other financial firm resolution.

scholarly journals Libertad de testar y libertad de elegir la ley aplicable a la sucesión = Freedom of testation and freedom of choice of the law applicable to the succession

2018 ◽  
Vol 10 (2) ◽  
pp. 376
Author(s):  
Josep María Fontanellas Morell
Keyword(s):  
Legal Certainty ◽  
Freedom Of Choice ◽  
Estate Planning ◽  
Choice Of Law ◽  
Applicable Law ◽  
Cross Border ◽  
Directorate General ◽  
The Law

 Resumen: De entre las aportaciones del Reglamento 650/2012, relativo a las sucesiones transfron­terizas, sobresale la introducción de la elección de la ley sucesoria por parte del causante. Para justificar la institución y su inclusión en el instrumento europeo es fácil imaginar una suerte de correlación natural entre la libertar de testar existente en Derecho civil y la posibilidad de designar la ley aplicable propia de las herencias internacionales. Con todo, la doctrina prefiere invocar la seguridad y previsibilidad que la professio iuris proporciona en la planificación de la sucesión. No es ésta, sin embargo, la línea que está siguiendo la jurisprudencia registral española, pues, en sus resoluciones, se ha basado más en la libertad de testar que en la seguridad jurídica.Palabras clave: sucesión mortis causa, libertad de testar, sucesiones internacionales, elección de la ley sucesoria, elección tácita, seguridad jurídica.Abstract: Among the features of Regulation 650/2012, on cross-border successions, the introduc­tion of the testator’s choice of the succession law stands out. In order to justify the institution and its inclusion in the European instrument, it is easy to imagine a kind of natural correlation between the free­dom of testation, granted by national law, and the possibility to select the applicable law which is charac­teristic of international inheritances. Nevertheless, scholars tend to invoke the security and predictability that professio juris provides in the estate planning. Yet resolutions stemming from Directorate General for Registries and Notary Affairs are based more on the freedom of testation than on legal certainty.Keywords: succession upon death, freedom of testation, cross-border successions, choice of law, tacit choice of law, legal certainty

scholarly journals Homing Devices in Choice of Tort Law: Australian, British, and Canadian Approaches

2006 ◽  
Vol 55 (4) ◽  
pp. 839-878 ◽  
Author(s):  
Reid Mortensen
Keyword(s):  
United Kingdom ◽  
Tort Law ◽  
Choice Of Law ◽  
Cross Border ◽  
The United Kingdom ◽  
Comprehensive Survey ◽  
The Law ◽  
Appeal Courts ◽  
Do So

AbstractSince 1994, Canada, the United Kingdom and Australia have adopted new choice of law rules for cross-border torts that, in different ways, centre on the application of the law of the place where the tort occurred (thelex loci delicti). All three countries abandoned some species of the rule inPhillips v Eyre, which required some reference to the law of the forum (thelex fori) as well as thelex loci delicti. However, predictions were made that, where possible, courts in these countries would continue to show a strong inclination to apply thelex foriin cross-border tort cases—and would use a range of homing devices to do so. A comprehensive survey and analysis of the cases that have been decided under the Australian, British and Canadianlex loci delictiregimes suggests that courts in these countries do betray a homing instinct, but one that has actually been tightly restrained by appeal courts. Where application of thelex foriwas formally allowed by use of a ‘flexible exception’ in Canada and the United Kingdom, this has been contained by courts of first appeal. Indeed, only the continuing characterization of the assessment of damages as a procedural question in Canada and the United Kingdom, seems to remain as a significant homing device for courts in these countries.

CHOICE OF LAW-NOTICE OF ASSIGNMENT

2001 ◽  
Vol 60 (1) ◽  
pp. 1-58
Author(s):  
Pippa Rogerson
Keyword(s):  
Choice Of Law ◽  
Cross Border ◽  
Investment Trust ◽  
Intellectual Interest ◽  
The Law ◽  
Practical Implications ◽  
The Way

IT is not often that those of us who toil in one of the remotest vineyards of legal academe are rewarded. Choice of law questions over intangible property rarely seem to trouble the courts, though there are many issues of considerable intellectual interest which also raise hugely important practical implications. Maybe the area is just too difficult or perhaps all concerned are crossing their fingers that the harsh winds of a judgment will not rock the vine and bruise their fine crop (illustrated by angst following Macmillan Inc. v. Bishopsgate Investment Trust plc (No. 3) [1996] 1 W.L.R. 387). Questions such as the way in which notice must be given to an insurer when the benefit of the policy is assigned must be an everyday practicality. The consequences of giving notice improperly ought to keep some people awake at night. When so much business is done cross-border it seems astounding that the choice of law rule is almost untouched by judicial pronouncement since Le Feuvre v. Sullivan (1855) 10 Moo. P.C. 1; 14 Eng. Rep. 389, Lee v. Abdy (1886) 17 Q.B.D. 309 and the like over one hundred years ago. Raiffeisen Zentralbank Osterreich AG v. Five Star General Trading LLC [2000] 1 All E.R. (Comm) 897 raised precisely this issue. Is the notice to be given in the manner required by: (i) the lex fori; (ii) the law of the contract of assignment of the benefit of the insurance; (iii) the lex situs of the policy; or (iv) the law of the contract of insurance? Is this question proprietary or contractual?

23 New Zealand

2018 ◽  
Author(s):  
Ross Jonathan
Keyword(s):  
New Zealand ◽  
Current Account ◽  
Choice Of Law ◽  
Personal Property ◽  
Cross Border ◽  
The Law

This chapter provides an overview of the law of set-off in New Zealand, both outside and within the context of insolvency. There are numerous statutes in New Zealand that regulate set-off and are applicable in particular circumstances. Set-off may be divided into current account set-off, independent (or legal) set-off, transaction (or equitable) set-off, and contractual set-off. The chapter first considers these types of set-off between solvent parties, along with set-off in relation to competing security interests under the Personal Property Securities Act 1999 (PPSA), before discussing set-off against insolvent parties. In particular, it explains insolvency set-off in liquidation, set-off in voluntary administration, netting insolvency set-off in liquidation and voluntary administration, and statutory management set-off. It also analyses issues arising from cross-border set-off, including the choice of law and cross-border application of PPSA.

Private International Law

2018 ◽  
Author(s):  
V.C. Govindaraj
Keyword(s):  
Supreme Court ◽  
International Law ◽  
Private International Law ◽  
Conflict Of Laws ◽  
Application Of Law ◽  
Cross Border ◽  
Corrective Measures ◽  
The Supreme Court ◽  
The Law

In deciding cases of private international law or conflict of laws, as it is widely known, judges of the Supreme Court in India generally consult the works of renowned English jurists like Dicey and Cheshire. This volume argues that our country should have its own system of resolving inter-territorial issues with cross-border implications. The author critically analyses cases covering areas such as the law of obligations, the law of persons, the law of property, foreign judgments, and foreign arbitral awards. The author provides his perspectives on the application of law in each case. The idea is to find out where the judges went wrong in deciding cases of private international law, so that corrective measures can be taken in future to resolve disputes involving complex, extra-territorial issues.

scholarly journals A NEW SOLUTION CONCERNING CHOICE-OF-LAW FOR THE ASSIGNMENT OF DEBTS

2021 ◽  
Vol 70 (3) ◽  
pp. 665-696
Author(s):  
Alison Xu
Keyword(s):  
International Law ◽  
Analytical Framework ◽  
Use Value ◽  
Private International Law ◽  
Choice Of Law ◽  
Cross Border ◽  
Exchange Value

AbstractThis article explores a solution to the choice-of-law issues concerning both voluntary and involuntary assignments arising in a domestic forum. The focus is on English private international law rules relating to cross-border assignments. A distinction is made between primary and extended parties as the foundation for choice-of-law analysis. Drawing on insights from the distinction of the use value and exchange value of debts found in economics, this article proposes a new analytical framework for choice-of-law based on a modified choice-of-law theory of interest-analysis.

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