Kenneth MacLean KC has written an article on the exercise of the remedy of appropriation over financial collateral as a means of security enforcement. The remedy was introduced into English law by regulations intended to implement the European Directive on financial collateral arrangements. Those regulations continue to give rise to disputes partly as a result of the Treasury’s decision to gold-plate the Directive and its misconception that the remedy of appropriation already existed under English law (which prior to the regulations it did not).
The article, which was first published in the February issue of Butterworths Journal of International Banking and Financial Law, can be downloaded here.