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Lloyd's Maritime and Commercial Law Quarterly

A COMPROMISE OF PRINCIPLE?

Tatiana Cutts*

ITS v Noble
The question before the Court of Appeal in Independent Trustee Services Ltd v GP Noble Trustees Ltd 1 was whether a title-holder can continue to rely upon the defence of bona fide purchase in order to defeat a prior equitable interest even though the transaction under which value was provided at the time of acquisition of title has been set aside. The facts were unusual, perhaps “exceptional”, 2 but the question raised by them is of broader conceptual and practical interest: are the elements of the defence tested only at the


LLOYD’S MARITIME AND COMMERCIAL LAW QUARTERLY

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