Re Goldcorp Exchange Ltd
1994 · [1995] 1 AC 74
Posted By lanbuk.com
- Facts
- Customers bought gold from a dealer, which promised to store it for them. Most gold was never set aside for particular customers. The company became insolvent.
- Issue
- Did the customers have a proprietary claim to the gold?
- Held
- No. The Privy Council held that no specific gold had been identified for them, so there could be no . They were unsecured creditors.
- Principle
- A trust needs certainty of subject matter: identified property.
- Why it matters
- It is the leading case on unascertained goods and trusts.
Words and Latin in this note
- Trust
- An arrangement in which a trustee holds property at law but must use it for beneficiaries, or for a charitable purpose. The beneficiaries have the equitable interest. Open the note.
For study only. By lanbuk.com. Always check current sources and consult a qualified professional.