Bailey v Angove's Pty Ltd

Two holdings of Lord Sumption: (1) an agent's authority is revocable even where expressed to be irrevocable, unless coupled with a relevant proprietary or security interest of the agent ('authority coupled with an interest'); the insolvent agent's authority to collect the price was validly terminated, ending its right to receive payment; (2) no remedial constructive trust arises over money paid to a company merely because its insolvency was imminent when the payment was received.