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Semester 1

Monetary Law (LAWS10203)







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**This course is only open to visiting students coming through a direct exchange with the School of Law (including Erasmus students on a Law-specific Exchange). Exchange students outside of Law and independent study abroad students are not eligible to enrol in this course, with no exceptions.** Please note that 3rd year Law courses are high-demand, meaning that they have a very high number of students wishing to enrol in a very limited number of spaces. These enrolments are managed strictly by the Visiting Student Office, in line with the quotas allocated by the department, and all enquiries to enrol in these courses must be made through the CAHSS Visiting Student Office. It is not appropriate for students to contact the department directly to request additional spaces. If there is sufficient space for other visiting students to enrol at the start of the semester, visiting students must have completed at least 3 Law courses, INCLUDING courses covering the Law of Obligations AND Property law, at grade B or above to qualify for this course; we will only consider University/College level courses.

Course Summary

Money is an all-pervasive legal concept, and an integral part of public dealings by the state and most private transactions. It tends, however, to be poorly understood by lawyers, who often assume that money is a "given", the meaning and operation of which is determined by economists, with the law having very little part to play. This course seeks to dispel that impression. The course aims to develop a distinctive understanding of the legal institution of money, seen from private-law and legal-historical perspectives. Although drawing on historical and economic sources, it emphasises the distinctness of legal conceptions of money from those applied in other related academic disciplines. It draws on source material from civil law and common law jurisdictions. By a course of guided reading and seminar participation, students will become familiar with the public and private law regulation of: monetary issue and creation; the payment and discharge of monetary obligations; the analysis of money as a species of property; the enforcement of currency judgments; and legal responses to new monetary developments such as cyber-currencies.

Course Description

Students will learn how the formation of monetary law follows from a long historical interaction between legal doctrines and innovations by commercial and financial actors in creating new kinds of payment media. Students will be expected to read independently and across a wide range of source materials to form their own views about the meaning of monetary legal doctrines in the context of other disciplines which influence its development. The outline content of the course will be as follows: - The legal institution of money, as related to and distinct from economic conceptions of money. - The sovereign power of the state in the issue of legal tender money, and the legal relationships between state-issued currencies and privately-created money. - A legal history of the UK monetary system, including an historical analysis of obligations for the payment of money in Scots law and common law. - Money as a species of private property, including the treatment of money as fungible property, and of mixtures of money. - The legal effect of payments of money, and proprietary effect of money transfers. - Contemporary innovations in the use of money, especially in the development of cyber-currencies. - The enforcement of currency judgments in private law. ** Student learning experience: The course will be taught by a series of 10 2-hour seminars, for which students will be provided with in advance with reading lists, and questions to guide their development of ideas. Active participation in seminar discussions will be encouraged. The course will emphasise the connection of ideas across a range of legal doctrinal and non-legal reading sources.

Assessment Information

Written Exam 0%, Coursework 100%, Practical Exam 0%

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