Haugesund escort fuck In his judgment Lord Justice Aikens noted the striking similarity My wife no Haugesund the case before him, and the long series of decisions in the local authorities swaps litigation relating to similar transactions entered into by English local authorities.
Haugesund Kommune and Narvik Kommune were local municipalities in Norway. The Kommunes had entered into interest rate swap transactions with the banks.
Although the transactions were documented as swaps, the rate payable by the bank under the swaps was zero and they were called "zero coupon swaps" and initial payments by the bank were repaid in small quarterly amortisation payments with a single bullet repayment at the end.
Commercially the effect was similar to a term loan with a backloaded repayment schedule than a true interest rate swap. The Kommunes then invested those dife in a number of Jessheim dating etiquette investments.
The Hxugesund went disastrously wrong, and the whole episode was described by the Court of Appeal as having been "regarded as somewhat of a scandal in Norway".
After things had gone wrong, the Kommunes challenged the validity of the transactions, alleging that under Norwegian law the Kommunes did not have legal capacity to enter into such transactions. Under the ISDA Master Agreements that documented the transactions, the contracts were governed by English law and were subject to an English jurisdiction clause.
The matter came before Tomlinson J at first instance. However, he also ruled that the Kommunes had to repay the money which had been advanced to them as money had and received on the basis of a failure of consideration. He held that there were three issues which arose for consideration on the appeal although the last issue had two limbs: The Court of Appeal agreed with the trial judge that under the Rome Conventionwhich was given the force of law in the United Kingdom by the Contracts Applicable Law Actthe capacity of Lady b Elverum was excluded from the Convention regime.
Accordingly such issues are therefore governed by English common law conflict of laws rules. The Court of Appeal extensively reviewed the expert evidence of Norwegian law given Gilf phone sex in Norway trial. Nor wkfe the issue be defined too narrowly so that it attracts a particular domestic rule under the lex fori which may not be applicable under the other system Under section 50 of the Norwegian Local Government Act local authorities were restricted in their ability to borrow loans; the Court was satisfied that under Norwegian law the swaps would have been treated as loans, and that the Kommunes My wife no Haugesund substantive power to enter into those transactions.
Hakgesund English conflict of laws rules, even thought the capacity of the Kommune's to enter into the transactions was governed by English law, the consequences of the contracts being held to be void still fell to be determined by English law as the putative proper law of the contracts.
After considering all the authorities the Court was satisfied that the bank could enforce a valid claim for money had and wifs under the law of restitution, and could claim the return wjfe the sums advanced under the void contract plus interest on the basis of failure of consideration.
The Court separated the question of whether the Kommune's had the benefit of a change of position defence into two parts.
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Avaldsnes is the oldest royal seat in Norway! First, the defence of change of position is a general defence to all restitution claims for money or other property based on unjust enrichment.
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Wikborg Rein had advised Depfa that — 'A claim against a Norwegian Haugedund cannot be enforced, no distress or seizure may Haguesund obtained of any of its assets and no bankruptcy or debt settlement proceedings may be initiated against it. ❶Fourthly, a defendant cannot rely on this defence if he has acted in bad faith or has failed to show good faith, which is not the same thing as having acted dishonestly.
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