Lively Ltd and another v City of Munich The plaintiffs were registered holders of bonds issued by the defendants in 1928. The terms of the
bonds provided, inter alia, that they would be redeemable by 1 December 1953 at the holder’s option in
either sterling or United States dollars at a fixed rate of $4·86 to the pound, but the loan went into
default on the outbreak of war in 1939.