Canadian connections: UBC Peter A. Allard School of Law research trip

By Adam Reilly 

16 October 2023

 During my period of research leave, I had the opportunity to spend time at the Peter A Allard School of Law at the University of British Columbia, as part of their visiting scholars' programme. I was very kindly hosted by Dr Samuel Beswick, who provided me with a thoroughly welcoming, and generous, introduction to the School.  

Spending time in another jurisdiction is a wonderful opportunity; you really gain a strong sense of contributing to a single, collective endeavour alongside scholars working in another Common Law jurisdiction. Indeed, I benefitted a great deal from conversations with trust and property specialists based at UBC, including; Dr Graham Reynolds, Dr Adam Hofri-Winogradow, Professor Douglas Harris, Professor Alexandra Flynn, and Dr Brenna Bhandar. Dr Beswick organised a presentation, giving me the opportunity to present my research on the intersection between bona fide purchase, and Chancery's remedial regime, all the while sat by the fireside in the staff room.  

Though the equitable doctrine of bona fide purchase has largely lost its traditional role in conveyancing throughout Common Law jurisdictions, the exact question of when it is available to plead, and why, remains uncertain; particularly in the context of intermediated securities trading. The issue is whether a purchaser of an equitable interest held on trust, the form in which intermediated securities are held, is possible on orthodox principles? English Law traditionally delineates the 'first in time' priority rules from bona fide purchase by the classification of interests, and at least since Phillips v Phillips in 1861, the Common Law has disallowed the defence in contests between successive equitable interests; the very context in which third-party purchasers of intermediated securities find themselves.  

By delving further into the history behind the doctrine, and examining its conceptual roots, I hope to articulate a discrete role for bona fide purchase today. As was clear from my discussions with scholars at UBC, much remains to be done! I wish to register my heartfelt thanks to the staff within the School who made me feel so welcome. This is to say nothing of UBC's beautiful campus, and the stunning environs of Vancouver. I hope it will not be too long before my next visit. 

Dr Adam Reilly is a Lecturer at the UofG School of Law and a member of the School’s Private Law Research Group.