Lord BW: He disagrees with the decision in Chase => it was based on a concept of retaining an equitable property in money where, prior to the payment to the recipient bank, there was no existing equitable interest => I cannot understand how the recipient's "conscience" can be affected at a time when he is not aware of any mistake => the judge found that the law of England and that of New York were in substance the same. WRONG: NYC uses a remedial CT whereas English law only recognises an institutional CT.