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Part II The Private Law of Monetary Obligations, 8 Legal Proceedings and their Effect upon Monetary Obligations

Charles Proctor, Dr Caroline Kleiner, Dr Florian Mohs

From: Mann on the Legal Aspect of Money (7th Edition)

Charles Proctor

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2022. All Rights Reserved.date: 05 December 2022

Subject(s):
Legal proceedings and monetary obligations — Cross-claims — Bank resolution and insolvency
8.01 Does the institution of legal proceedings have any impact upon the nature or quality of a monetary obligation? At first sight it is tempting to answer this question in the negative. The commencement of legal process is a procedural step which is designed to enforce a pre-existing obligation; such a step should therefore have no effect upon the substance of the obligation at issue. This view can only be reinforced when it is considered in a private international law context, where the substance of the obligation is governed by its applicable law whilst...
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