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Oxford Law Citator
Contents
Expand All
Collapse All
Preliminary Material
Dedication
Preface
Table of Contents
Detailed Table of Contents
Table of Cases
United Kingdom
European Union
International cases
Australia
Canada
Ireland
New Zealand
United States
Table of Legislation
Statutes
Statutory Instruments
European Legislation
Treaties and Conventions
Regulations
Directives
International Legislation
United States
Main Text
Introduction
0.01
0.02
0.03
0.04
0.05
0.06
0.07
0.08
0.09
0.10
0.11
0.12
1 What is Money?
Preliminary Material
1.01
1.02
1.03
1.04
1.1 The Sociology of Money
1.05
1.06
1.07
1.1.1 Money as an institution
1.08
1.1.2 The origins of the money institution
1.09
1.10
1.11
1.1.3 The formation of new institutions
1.12
1.13
1.14
1.15
1.2 Does Money ‘Exist’?
1.16
1.2.1 Does traditional money exist?
1.17
1.18
1.2.2 Intangibles as things
1.19
1.2.3 Money and payment instruments
1.20
1.21
1.22
1.2.4 Tangible money as a ‘thing’
1.23
1.24
1.25
1.26
1.2.5 Social perception of bank money
1.27
1.28
1.29
1.2.6 Bank money as imaginary property
1.30
1.31
1.32
1.33
1.3 Is Money a Commodity?
1.34
1.35
1.3.1 Do we need ‘real’ sovereign money?
1.36
1.37
1.38
1.39
1.4 What Gives Money its Value?
1.40
1.41
1.4.1 Why is money valuable?
1.42
1.43
1.44
1.45
1.46
1.47
1.48
1.4.2 Can law make a thing valuable as money?
1.49
1.4.3 How should the courts decide what is money?
1.50
1.51
1.52
1.4.4 Is characterisation as money once-and-for-all?
1.53
1.54
2 Money, Government, and Sovereignty
Preliminary Material
2.01
2.1 Money and the Sovereign Authority
2.02
2.03
2.04
2.05
2.06
2.1.1 The origins of money
2.07
2.08
2.09
2.10
2.11
2.12
2.13
2.14
2.2 The Function of Money
2.15
2.16
2.2.1 Alternatives to state money
2.17
2.18
2.19
2.3 The State in the Economy
2.20
2.21
2.22
2.3.1 Coins
2.23
2.24
2.25
2.26
2.27
2.28
2.3.2 Precious Metal Coins—weight or tale?
2.29
2.30
2.31
2.3.3 Banknotes
2.32
2.3.4 Sovereign values versus real values
2.33
2.34
2.35
2.36
2.37
2.4 Multiple Currencies within a Country
2.38
2.4.1 Valuing coins
2.39
2.4.2 Why multiple currencies?
2.40
2.4.3 Debasement and inflation
2.41
2.42
2.43
2.44
2.5 What Makes a Monetary Sovereign?
2.45
2.6 Conclusion
2.46
3 Money and Credit
Preliminary Material
3.01
3.1 The Origins of Credit
3.02
3.03
3.04
3.05
3.06
3.07
3.1.1 Coexistence of money and credit
3.08
3.09
3.1.2 The study of credit
3.10
3.11
3.12
3.13
3.1.3 Business and credit
3.14
3.15
3.2 Credit and Money Distinguished
3.16
3.17
3.18
3.19
3.2.1 Clearing houses as a substitute for money
3.20
3.21
3.22
3.2.2 Girobank(s) as substitutes for money
3.23
3.24
3.2.3 Mercantile agency as a substitute for money
3.25
3.2.4 Open versus closed systems
3.26
3.27
3.2.5 The reified promise to pay
3.28
3.2.6 The reified instruction to pay
3.29
3.3 The Discharge of Credit Obligations
3.30
3.31
3.3.1 The pig/egg paradigm
3.32
3.33
3.34
3.35
3.36
3.3.2 Usefulness of payment to the debtor
3.37
3.38
3.39
3.40
3.3.3 Usefulness of payment to the creditor
3.41
3.42
3.43
3.44
3.45
3.46
3.3.4 Money as the vehicle for credit risk transfer
3.47
3.3.5 Credit risk transfer as the foundation for lending banking
3.48
3.3.6 Risk transfer and risk pooling
3.49
3.3.7 Virtual currency as a risk transfer mechanic
3.50
4 Money and Value
Preliminary Material
4.01
4.1 Thing Value versus Money Value
4.02
4.03
4.1.1 Intertemporal reallocation of value
4.04
4.05
4.06
4.07
4.08
4.1.2 Commercial bank money as a store of value
4.09
4.10
4.2 Other Theories of Money Value
4.11
4.12
4.3 Metallism
4.13
4.14
4.15
4.3.1 Gresham’s law
4.16
4.17
4.18
4.3.2 Explaining metallic coin
4.19
4.20
4.21
4.22
4.23
4.3.3 Metallic coin and international trade
4.24
4.25
4.3.4 Why maintain the metal content of coins?
4.26
4.27
4.3.5 Metal content as a constraint on money creation
4.28
4.29
4.4 Money as a Claim on Government
4.30
4.4.1 Central banknotes and government bonds
4.31
4.32
4.33
4.4.2 Is money a credit claim?
4.34
4.35
4.4.3 Private banknotes
4.36
4.4.4 Private banknotes backed by assets
4.37
4.4.5 Central banknotes
4.38
4.39
4.40
4.4.6 Central bank money
4.41
4.5 Money as a Risk-free Asset
4.42
4.43
4.44
4.45
4.46
4.5.1 Information insensitivity of money
4.47
4.48
4.49
4.50
4.51
4.52
4.5.2 The unit of value as risk-free
4.53
4.54
4.5.3 The riskiness of near-money
4.55
4.5.4 The riskiness of virtual currency
4.56
4.57
4.58
5 The Rise of Private Payment Instruments
Preliminary Material
5.01
5.1 Private Payment and Book Credit
5.02
5.1.1 The shortcomings of book credit
5.03
5.1.2 Private payment instruments
5.04
5.1.3 Private payment instruments in the form of physical tokens
5.05
5.06
5.1.4 Private payment instruments in the form of bills and notes
5.07
5.08
5.09
5.1.5 Foreign currencies as private payment instruments
5.10
5.2 Private Banknotes and Bank Cheques
5.11
5.12
5.2.1 Banknotes as private payment instruments
5.13
5.14
5.2.2 Limitation of the power to create private banknotes
5.15
5.16
5.17
5.2.3 Banknotes and cheques compared
5.18
5.19
5.3 Virtual Currency Issued by Banks
5.20
6 Banking, Payments and Money
Preliminary Material
6.01
6.1 Payment in a Modern Economy
6.02
6.03
6.04
6.05
6.06
6.07
6.1.1 Commodity and Credit money
6.08
6.09
6.1.2 The role of central bank money
6.10
6.11
6.12
6.1.3 Exogenous and Endogenous credit money
6.13
6.1.4 The Form of Private Bank Money
6.14
6.15
6.16
6.1.5 Virtual currency within the monetary system
6.17
6.18
6.19
6.2 Why Bank Money?
6.20
6.21
6.22
6.23
6.24
6.25
6.26
6.3 Are Private Money and Deposit-taking Interdependent?
6.27
6.28
6.3.1 Payment, deposit-taking, and credit creation
6.29
6.30
6.31
6.32
6.33
6.3.2 Instruments of Payment
6.34
6.35
6.36
6.3.3 Ownership of deposited money
6.37
6.38
6.39
6.40
6.41
6.42
6.43
6.44
6.4 Transfer and Negotiability of Private Payment Instruments
6.45
6.46
6.47
6.48
6.4.1 What does transfer of a payment instrument actually transfer?
6.49
6.50
6.4.2 Private payment in virtual currency
6.51
6.52
6.53
6.5 Commercial Bank Credit Money as Private Money
6.54
6.55
6.56
6.57
6.5.1 The state and bank credit money
6.58
6.59
6.5.2 Payment in commercial bank credit money
6.60
6.5.3 Virtual currency as commercial bank money
6.61
6.62
6.63
7 The Legal Character of Money
Preliminary Material
7.01
7.1 Legal Definitions of ‘Money’
7.02
7.1.1 Characterisation as ‘money’
7.03
7.04
7.05
7.1.2 The argument that only sovereign currency is ‘money’
7.06
7.07
7.08
7.09
7.10
7.11
7.1.3 How free are the courts to recognise private intention as determinative of money status?
7.12
7.13
7.14
7.1.4 Are different characterisations in different circumstances permissible?
7.15
7.16
7.1.5 Case-by-case versus once-and-for-all characterisation
7.17
7.18
7.19
7.20
7.1.6 Impracticality of once-and-for-all determination
7.21
7.22
7.1.7 Hard and soft boundaries in legal classifications
7.23
7.24
7.25
7.2 The Attributes of Money
7.26
7.27
7.28
7.3 Currency
7.29
7.30
7.31
7.32
7.33
7.34
7.35
7.3.1 Currency and negotiability
7.36
7.37
7.38
7.39
7.3.2 Virtual currency as currency
7.40
7.41
7.42
7.43
7.44
7.45
7.4 Abstraction
7.46
7.47
7.48
7.5 Untraceability through Mixtures
7.49
7.50
7.51
7.52
7.6 Tender
7.53
7.6.1 Legal tender
7.54
7.55
7.6.2 Determination of the value of the thing tendered
7.56
7.57
7.6.3 The Case de Mixt Moneys
7.58
7.59
7.60
7.6.4 Divergence of common and civil law
7.61
7.6.5 Practical significance of legal tender legislation
7.62
7.63
7.64
7.6.6 Tender and the discharge of debts
7.65
7.66
7.6.7 Discharge of debts—Can the debtor unilaterally discharge a debt?
7.67
7.6.8 Discharge of debts—Can the creditor unilaterally discharge a debt?
7.68
7.6.9 Contractual provisions regarding payment
7.69
7.70
7.71
7.6.10 Tender through the provision of a payment mechanism
7.72
7.73
7.6.11 The relevance of tender
7.74
7.75
7.6.12 Tender of money and tender of goods
7.76
7.77
7.6.13 Tender of virtual currency
7.78
7.79
7.80
7.81
7.82
7.83
7.7 Payment
7.84
7.85
7.7.1 What is a ‘sale’?
7.86
7.87
7.7.2 The two elements of payment
7.88
7.89
7.90
7.7.3 Methods of payment
7.91
7.92
7.7.4 Payment in virtual currency
7.93
7.94
7.95
7.96
7.97
8 Private and Public Virtual Currency
Preliminary Material
8.01
8.1 Private Virtual Currency
8.02
8.03
8.1.1 A taxonomy of private virtual currencies
8.04
8.2 Central Bank Digital Currency (CBDC)
8.05
8.06
8.07
8.08
8.09
8.2.1 CBDC compared with other payment instruments
8.10
8.11
8.2.2 Designs for CBDC
8.12
8.13
8.14
8.15
8.16
8.2.3 CBDC as a replacement for commercial bank money
8.17
8.18
8.19
8.20
8.2.4 CBDC as a control mechanism for commercial bank money
8.21
8.22
8.23
8.24
8.25
8.2.5 A centralised banking model
8.26
8.27
8.28
8.29
8.30
8.31
8.32
8.2.6 Economic consequences of the adoption of a centralised money model
8.33
8.34
8.35
8.36
8.37
8.2.7 Interaction of central bank digital currency and private virtual currency
8.38
8.39
9 Virtual Currency and the Law
Preliminary Material
9.01
9.02
9.03
9.1 Virtual Currency as Property
9.04
9.05
9.06
9.07
9.1.1 Property in an entry in a distributed ledger
9.08
9.09
9.10
9.11
9.1.2 Ownership or mere right to transfer?
9.12
9.13
9.14
9.15
9.16
9.1.3 Transfer of ownership of virtual currency
9.17
9.18
9.19
9.20
9.1.4 Virtual currency and nominalism
9.21
9.22
9.23
9.24
9.25
9.26
9.27
9.28
9.29
9.2 Virtual Currency and Set-off
9.30
9.31
9.32
9.33
9.34
9.2.1 The rules of set-off
9.35
9.36
9.37
9.38
9.2.2 What can be set-off—common law?
9.39
9.40
9.41
9.42
9.43
9.2.3 What can be set-off—equity?
9.44
9.2.4 Set-off and virtual currency
9.45
9.3 Virtual Currency, Transferability, and Negotiability
9.46
9.47
9.48
9.4 Taking Security Over Virtual Currency Units
9.49
9.50
9.51
9.52
9.4.1 Virtual currency unit balances maintained with a bank
9.53
9.54
9.55
9.56
9.5 Repo of Virtual Currency
9.57
9.58
9.59
9.60
9.61
9.6 Recovery of Misappropriated Virtual Currency
9.62
9.6.1 Proprietary and possessory remedies
9.63
9.64
9.65
9.66
9.6.2 Personal restitution
9.67
9.68
9.69
9.7 Situs of Virtual Currency
9.70
9.71
9.72
9.73
9.74
9.75
9.76
9.77
9.78
9.79
9.80
9.81
9.82
9.83
9.8 Loan of Virtual Currency Units
9.84
9.85
9.86
9.9 Claims for Payment in Virtual Currency
9.87
9.9.1 Foreign money and virtual currency
9.88
9.89
9.9.2 Consequences of treatment of money as a commodity
9.90
9.91
9.9.3 Recognition of non-UK currency as money
9.92
9.93
9.94
9.95
9.96
9.9.4 Deciding the relevant currency of a contract
9.97
9.98
9.99
9.100
9.101
9.102
9.103
9.104
9.105
9.106
9.107
9.108
9.9.5 Virtual currency and obligations
9.109
9.110
9.111
9.112
10 Financial Regulation in the New World
Preliminary Material
10.01
10.1 Financial Regulatory Structures and Virtual Currency
10.02
10.03
10.04
10.05
10.06
10.07
10.08
10.09
10.2 The Regulation of Investments
10.10
10.11
10.12
10.2.1 Virtual currency and securities regulation
10.13
10.2.2 Debt securities
10.14
10.15
10.16
10.2.3 Public offering
10.17
10.18
10.2.4 Receipts and units with underlyings
10.19
10.20
10.2.5 Collective investment scheme regulation
10.21
10.22
10.23
10.24
10.25
10.26
10.27
10.28
10.3 The Regulation of Deposits and Payment Systems
10.29
10.30
10.31
10.32
10.3.1 E-money
10.33
10.34
10.35
10.36
10.37
10.38
10.39
10.3.2 Payment services
10.40
10.41
10.42
10.43
10.44
10.45
10.46
10.47
10.48
10.49
10.3.3 Lending and credit
10.50
10.4 The Regulation of Virtual Currency
10.4.1 Investment business
10.51
10.52
10.53
10.54
10.55
10.56
10.57
10.58
10.59
10.4.2 Deposit-taking
10.60
10.61
10.4.3 E-money
10.62
10.4.4 Payment services
10.63
10.5 The US Experience
10.64
10.5.1 The CFTC—futures and derivatives regulation
10.65
10.66
10.5.2 The SEC—securities regulation
10.67
10.68
10.69
10.70
10.71
Further Material
Index
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Table of Cases
From:
The Legal Concept of Money
Simon Gleeson
Content type:
Book content
Product:
Financial Law [FBL]
Published in print:
20 December 2018
ISBN:
9780198826392
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