Westdeutsche Landesbank Girozentrale V Islington LBC Wikipedia The Free Encyclopedia

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1/9/2015 Westdeutsche Landesbank Girozentrale v Islington LBC ­ Wikipedia, the free encyclopedia Westdeutsche Landesbank Girozentrale v Islington LBC From Wikipedia, the free encyclopedia Westdeutsche Landesbank Girozentrale v Islington LBC [1996] UKHL 12 Westdeutsche Landesbank v Islington LBC Court Full case name Decided Citation(s) House of Lords Westdeutsche Landesbank Girozentrale v Islington London Borough Council 22 May 1996 [1996] UKHL 12 (http://www.bailii.org/uk/cases/UKHL/1996/12.html), [1996] AC 669 Court membership Judge(s) Lord Goff of Chieveley, Lord Browne­Wilkinson, sitting Lord Slynn of Hadley, Lord Woolf and Lord Lloyd of Berwick Keywords Compound interest, resulting trust, unjust enrichment…show more content…
There was no reason why compound interest should not be awarded if it was ordinary commercial practice. Lord Goff gave his judgment first, agreeing that there was no resulting trust for different reasons, but in dissent arguing that compound interest should be awarded on personal claims. “ (2) A proprietary claim in restitution I have already stated that restitution in these cases can be achieved by means of a personal claim in restitution. The question has however arisen whether the Bank should also have the benefit of an equitable proprietary claim in the form of a resulting trust. The immediate reaction must be ­ why should it? Take the present case. The parties have entered into commercial transaction. The transaction has, for technical reasons, been held to be void from the beginning. Each party is entitled to recover its money, with the result that the balance must be repaid. But why should the plaintiff Bank be given the additional benefits Lord Goff. which flow from a proprietary claim, for example the benefit of achieving priority in the event of the defendant's insolvency? After all, it has entered into a commercial transaction, and so taken the

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