This overview is a guide to the Banking & Finance content within the Restitution, proprietary claims and tracing in a banking context subtopic, with links to the appropriate materials.
Restitution in English law is a remedy that aims to restore to an innocent party the gains that someone else has obtained from him.
Restitution can be divided into two distinct categories (Sempra Metals Ltd v HMRC):
restitution for unjust enrichment, and
restitution for wrongdoing
There are numerous situations in which a claim for unjust enrichment can be made including where a claimant has:
paid the defendant money by mistake
discharged a debt on behalf of another at the other’s insistence
done work or provided goods to another where there was no contract
rescinded an agreement or had an agreement rectified, but, as a result, money or assets wrongly remain in the hands of the other party
There are four basic elements to any claim for unjust enrichment:
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