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United Kingdom unascertained goodscertainty of subject mattertracing

Re Goldcorp Exchange Ltd

[1995] 1 AC 74; [1994] UKPC 3
JurisdictionUnited Kingdom
CourtJudicial Committee of the Privy Council (on appeal from New Zealand)
Year1995
StatusPersuasive authority

Key Principle

A buyer who pays in advance for unascertained goods (here bullion) drawn from a larger unsegregated bulk acquires no proprietary interest in, and no trust over, that bulk: legal title passes only on appropriation/ascertainment of specific goods, and absent segregation there is no certainty of subject matter to found a trust, so the buyer is left as an unsecured creditor.

Area of Law

trusts

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Investment Trust Companies v Revenue and Customs Commissioners [2017] UKSC 29

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