Byers and others v Saudi National Bank

Byers and others v Saudi National Bank

Liability for knowing receipt is dependent on the claimant having a continuing equitable proprietary interest in the property at the time it reaches the hands of the defendant; if the interest has been extinguished or overridden, including by operation of foreign law, the claim in knowing receipt must fail.

Parties
Appellants: Byers and others; Respondent: Saudi National Bank
Jurisdiction
England and Wales
Judgment Date
20 December 2023
Procedural Posture
Appeal / Judgment
Outcome
Appeal dismissed
Legal Topics
Knowing Receipt, Breach of Trust, Equitable Proprietary Interest, Foreign Law, Constructive Trusts
Equity Trusts Conflict of Laws Knowing Receipt Breach of Trust Equitable Proprietary Interest Foreign Law Constructive Trusts

Case Brief

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Parties

Byers and others

Appellants

Saudi National Bank

Respondent

Procedural Posture

Appeal / Judgment

Legal Issues

  1. 1 Whether a claim in knowing receipt requires the claimant to have a continuing equitable proprietary interest in the property at the time of receipt by the defendant
  2. 2 Effect of foreign law extinguishing equitable proprietary interests on knowing receipt claims

Ratio Decidendi

Liability for knowing receipt is dependent on the claimant having a continuing equitable proprietary interest in the property at the time it reaches the hands of the defendant; if the interest has been extinguished or overridden, including by operation of foreign law, the claim in knowing receipt must fail.

Court Disposition

Appeal dismissed

Orders

  • No liability for knowing receipt against the respondent
  • No equitable compensation or account ordered