The Financial Obligation in International Law

This is the first volume to comprehensively and systematically study, describe, and theorize the financial obligations created and governed by public international law. Legal globalization has given rise to a number of financial issues in international law in areas as diverse as development financing, investment protection, compensation of human rights victims, and sovereign debt crises. The claims resulting from the proliferation of financial activity are not limited to those primarily involving financial obligations (e.g. loans and grants) but include secondary obligations resulting from the law on international responsibility. Among the many instances of financial obligation covered in this study, the reader will find inter-State financial transactions, inter-State sale of goods, transnational services such as telecommunications and post, the financial operations of multilateral institutions, loans, grants and guarantees provided by the various international financial institutions, certain financial relations between non-State actors (including natural persons) and States, intergovernmental organizations or other international legal actors, and government loans to international organizations. Rich in historical detail and systematic in its coverage of contemporary law, this book will be valued by all practitioners and scholars with an interest in the nature of international financial obligations.PART I. INTRODUCTORY ; 1. Money as the Deliverable ; 2. Capabilities of International Law ; PART II. INTERNATIONAL NATURE OF OBLIGATIONS ; 3. International Legal Obligation ; 4. Inter-State Transactions ; 5. Transactions Involving State-Entities and Government Departments ; 6. Transactions Involving International Organisations ; 7. International Financial Obligations Owed to Private Parties ; PART III. CURRENCY OF OBLIGATIONS ; 8. The Currency of Account ; 9. The Currency of Payment ; PART IV. VALUE RISKS OF OBLIGATIONS ; 10. The Exchange Rate ; 11. Nominalism ; 12. Value Maintenance ; 13. Substitution ; PART V. VALIDITY OF OBLIGATIONS ; 14. Provisional Presumptions of Validity ; 15. Capacity ; 16. Authority ; 17. Competence ; 18. Appropriateness of the Object ; 19. Unvetiated Declaration of Will ; 20. Forms and Formalities ; PART VI. PRELIMINARY OBLIGATIONS ; 21. General ; 22. Pactum De Negociando and Pactmude Contrahendo ; 23. Obligation not to Defeate the Object of a Commitment ; 24. Provisional Application ; 25. Retroactive Financing ; PART VII. IMPOSED OBLIGATIONS ; 26. General ; 27. Self-Imposition of Financial Obligations ; 28. Unilateral Impostion of Finacial Obligations ; PART VIII. CONSENSUAL OBLIGATIONS ; 29. Deposit Liabilities ; 30. Loan Liabilities ; 31. Reciprocal Currency Swap Liabilities ; PART IX. CONDITIONAL OBLIGATIONS ; 32. General ; 33. Implied Conditions ; 34. Expressed Conditions ; 35. Waiver ; PART X. FIDUCIARY OBLIGATIONS ; 36. General ; 37. Agency ; 38. Loan Administration ; 39. Administrated Accounts ; 40. Autonomous Patrimonies ("Trusts") ; PART XI. INVOLUNTARY OBLIGATIONS ; 41. General ; 42. Reimbursement of Undue Payment ; 43. Negotiorum Gestio ; 44. Compensation for Damages Caused by Lawful Acts ; 45. Reparation for Damages Caused by Wrongful Acts ; PART XIII. RANKING OF OBLIGATIONS ; 46. The Equality Rule ; 47. Subordination ; 48. Secured Debts ; 49. Preferred Creditor Status ; PART XIII ; 50. Performance ; 51. Assignment ; 52. Novation ; 53. Succession ; 54. Set-Off ; 55. Prescription ; 56. Termination