UCL Faculty of Laws


How far does your charge or lease extend?

04 December 2018, 6:00 pm–7:30 pm

Magda Raczynska Book Launch

A book launch with Dr Magda Raczynska

This event is free.

Event Information

Open to







UCL Laws Events


Keeton Room
UCL Laws, Bentham House
4-6 Endsleigh Gardens

The Private Law Group at UCL Laws, together with the UCL Centre for Commercial Law, are pleased to host the launch of The Law of Tracing in Commercial Transactions, authored by Dr Magda Raczynska and published by Oxford University Press, which discusses the extent to which a claimant with a proprietary interest created in an asset to secure the performance of an obligation may assert a proprietary interest in a new asset derived from the original asset. The proprietary interests in question are charges, mortgages, pledges as well as ‘title-based interests’ arising under a contract of sale with a retention-of-title clause, hire-purchase agreements and leases.

It is often assumed that a person who holds a proprietary interest in one asset can trace its “value” through mixtures and substitutions and assert the same proprietary interest in the proceeds into which the value is traced. The book argues against this assumption. It shows that in the context of security interests and ‘title-based interests’, the law of proprietary claims to derived assets is, and should be, more nuanced, taking into account the nature of the relationship between the parties, and the way in which the new asset come about. The book proposes a new analysis of proprietary interests in derived assets, aimed at assisting those drafting security and lease agreements as well as those involved in dispute resolution.  

Using practical scenarios, the author will explain how the new framework informs the analysis of the extent to which a chargee or a lessor might be able to assert its proprietary interest in proceeds, income (fruits) or fixtures. It will be of interest to those involved in Banking & Finance, Insolvency, Dispute Resolution and Commercial Law generally.

The launch will involve a panel discussion of the book by:

  • Louise Gullifer QC (Hon), Professor of Commercial Law at Harris Manchester College, University of Oxford, and
  • Richard Calnan, partner at Norton Rose Fulbright and Visiting Professor at UCL.
  • The event will be chaired by The Rt Hon Lord Briggs of Westbourne.

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