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Legal Developments worldwide

Tracing a new path - The Federal Republic of Brazil & Anor v Durant International Corporation & Ors

December 2012 - Finance. Legal Developments by Ogier .

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Jersey's Royal Court has delivered a landmark judgment1, eschewing long established principles of common law concerning the circumstances in which proprietary claims may be established and when assets may be traced. In a clear statement of Jersey's jurisprudential independence, the Court found that legal interests are subject to equitable tracing rules, that funds may be traced through "black holes" and into mixed bank accounts, that "backwards tracing" is permissible and that the "lowest intermediate balance" principle does not apply in Jersey.