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Unless chaos is to ensue, the private law problems arising from the void swaps have to be considered within an explicit and stable taxonomy. The primary issues arising in the cases about void swaps can now be stated. They have to be kept in close relation to the internal taxonomy of the category of unjust enrichment. The residual category of “unjust factor” gathers together reasons for restitution which transcend the integrity of the plaintiff’s decision to transfer and the quality of the conduct of the defendant in receiving. A plaintiff’s claim in unjust enrichment is based on the fact of the defendant’s enrichment at his, the plaintiff’s, expense, together with the presence in the fact-situation of a factor which law regards as making that enrichment liable to restitution, an unjust factor. The complexity of the law of limitation in relation to restitution and, more narrowly, unjust enrichment stems from the absence of any statutory provision explicitly directed to these matters.t.
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