Osbourne v Persons Unknown & Anor [2022] EWHC 1021 (Comm) (10 March 2022)

Osbourne v Persons Unknown & Anor [2022] EWHC 1021 (Comm) (10 March 2022)

The applicant established a good arguable case that NFTs are property under English law, located in England by virtue of her domicile, and that they were misappropriated by persons unknown, giving rise to a constructive trust. The requirements for interim injunctive relief, Bankers Trust disclosure, and service out of jurisdiction were satisfied. The balance of convenience favoured granting relief to prevent dissipation and enable tracing of the assets.

Citation
[2022] EWHC 1021 (Comm)
Parties
Applicant: Lavinia Deborah Osbourne; Respondent: Persons Unknown; Respondent: Ozone Networks Incorporated
Jurisdiction
England and Wales
Judgment Date
10 March 2022
Procedural Posture
Interim Application (without Notice) in Commercial Court Proceedings / Application for Interim Injunction and Bankers Trust Order
Outcome
Application granted
Legal Topics
Interim Injunctions, Cryptoassets, Constructive Trusts, Bankers Trust Orders, Service Out of Jurisdiction, Alternative Service, Disclosure Orders
Civil Procedure Commercial Law Equity and Trusts Technology Law Interim Injunctions Cryptoassets Constructive Trusts Bankers Trust Orders +3 more

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Parties

Lavinia Deborah Osbourne

Applicant

Persons Unknown

Respondent

Ozone Networks Incorporated

Respondent

Procedural Posture

Interim Application (without Notice) in Commercial Court Proceedings / Application for Interim Injunction and Bankers Trust Order

Legal Issues

  1. 1 Whether NFTs constitute property under English law
  2. 2 Whether interim injunction should be granted to restrain dissipation of NFTs
  3. 3 Whether Bankers Trust disclosure order should be granted against Ozone

Ratio Decidendi

The applicant established a good arguable case that NFTs are property under English law, located in England by virtue of her domicile, and that they were misappropriated by persons unknown, giving rise to a constructive trust. The requirements for interim injunctive relief, Bankers Trust disclosure, and service out of jurisdiction were satisfied. The balance of convenience favoured granting relief to prevent dissipation and enable tracing of the assets.

Court Disposition

Application granted

Orders

  • Interim injunction granted restraining dissipation of NFTs by persons unknown
  • Bankers Trust disclosure order granted against Ozone, subject to undertakings by claimant and right for Ozone to apply to vary/discharge