No, you don’t have money in the bank. And not just because you spent it all. What you actually have is a chose in action between banker and customer. Unless of course your bank consists of little more than a locked box in which to store your loot. Foley v Hill sets out the legal relationship that governs the money that is in the bank and its nature and is the base for understanding and considering money and payments – even if you disagree with the outcome of the case. In the weeks the follow we will examine other cases that deal with effecting transactions and payments through chose in action.
Led by Adrian Cartland
Required Reading:
Correction: the correct decision is linked Foley v. Hill [1848]
The earlier link was to the appeal to Lord Lyndhurst. The matter was then appealed to the House of Lords where, unusually, Lord Lyndhurst sat on the appeal against his own decision.