Title

The Use Value of Money in the Law of Unjust Enrichment

Publication Type

Journal Article

Publication Date

2010

Abstract

In Sempra Metals Ltd v Inland Revenue Commissioners, the House of Lords, by a majority, recognised the right to recover compound interest for the ‘use value of money’, an independent benefit from the principal sum. This right is based in the principle of unjust enrichment. Nevertheless, the House of Lords could not agree on the proper understanding of ‘use value of money’ and left many important questions unaddressed which are crucial for paving the way forward for a claim for the ‘use value of money’. This paper will meet the following challenges – to justify the majority's position in Sempra Metals in recognising a right to compound interest for the ‘use value of money’; deal with the theoretical basis of ‘use value of money’; and recommend a model as the way forward for this newly recognised claim.

Discipline

Law and Society

Research Areas

Commercial Law

Publication

Legal Studies

Volume

10

Issue

4

First Page

586

Last Page

609

ISSN

1748-121X

Identifier

10.1111/j.1748-121X.2010.00166.x

Publisher

Butterworths

Additional URL

http://dx.doi.org/10.1111/j.1748-121X.2010.00166.x