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Also in response to Lionel's plea:

Sutherland (In the Matter of Scutts) [1999] FCA 147 (Federal Court of Australia, Sackville J, 25 February 1999): Bankruptcy - creditors' claim in respect of bullion acquired on their behalf by bankrupt - no tracing possible - whether any class of creditors entitled to priority. Among other things, this discusses Space Investments and Gummow J's dissenting judgment in Stephenson Nominees. The full text of the case is available at

‹http://www.austlii.edu.au/au/cases/cth/ federal_ct/1999/ 147.html›

(Risking the charge of immodesty): David Kreltszheim, "Tracing Electronic Cash: Fraud and the Electronic Transfer and Storage of Value" (1999) 27 Australian Business Law Review pp 112-141. This considers how the tracing rules may be applied where a fraud is perpetrated by using internet payment systems (such as the DigiCash system used in Australia by St George Bank) or by accessing the value stored in smartcards (such as Mondex). The current generation of internet "cash" payment systems are characterised as mechanisms for the transfer of bank money and, with the aid of some crucial assumptions, Mondex value is characterised as being analogous to chattel money. The differences between following chattel money and tracing bank money make these characterisations important.

David Kreltszheim
Senior Associate, KPMG Legal
161 Collins Street Melbourne
Victoria Australia
Fax: +61 3 9288 6287
Tel: +61 3 9288 6309

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