Financial Instruments in UK Law

Leading Cases
  • Bristol and West Building Society v Mothew
    • Court of Appeal (Civil Division)
    • 24 Jul 1996

    A fiduciary is someone who has undertaken to act for or on behalf of another in a particular matter in circumstances which give rise to a relationship of trust and confidence. The distinguishing obligation of a fiduciary is the obligation of loyalty.

  • Re Sigma Finance Corporation (in Administrative Receivership)
    • Supreme Court
    • 29 Oct 2009

    Sigma financed its investments over a 13 year period by debt securities issued or guaranteed by it. It entered into liquidity facilities intended to hedge against market liquidity risks. It entered into financial instruments intended to hedge against currency and interest rate risk. Others provided liquidity facilities, or entered into financial hedging instruments.

    Where a security document secures a number of creditors who have advanced funds over a long period it would be quite wrong to take account of circumstances which are not known to all of them. In this type of case it is the wording of the instrument which is paramount. The instrument must be interpreted as a whole in the light of the commercial intention which may be inferred from the face of the instrument and from the nature of the debtor's business.

  • National Westminster Bank Plc v Morgan
    • House of Lords
    • 07 Mar 1985

  • Stack v Dowden
    • House of Lords
    • 25 Abr 2007

    The law has indeed moved on in response to changing social and economic conditions. The search is to ascertain the parties' shared intentions, actual, inferred or imputed, with respect to the property in the light of their whole course of conduct in relation to it.

  • Gissing v Gissing
    • House of Lords
    • 07 Jul 1970

    A resulting, implied or constructive trust—and it is unnecessary for present purposes to distinguish between these three classes of trust—is created by a transaction between the trustee and the cestui qui trust in connection with the acquisition by the trustee of a legal estate in land, whenever the trustee has so conducted himself that it would be inequitable to allow him to deny to the cestui qui trust a beneficial interest in the land acquired.

  • CIBC Mortgages Plc v Pitt and Another
    • House of Lords
    • 21 Oct 1993

    The abuse of confidence principle is founded on considerations of general public policy viz. that in order to protect those to whom fiduciaries owe duties as a class from exploitation by fiduciaries as a class, the law imposes a heavy duty on fiduciaries to show the righteousness of the transactions they enter into with those to whom they owe such duties.

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