Liggett v Kensington - [1993] 1 NZLR 257

Equity — Fiduciary relationship — Constructive trust — Mistake — Tracing — Bullion stocks lodged with company by members of public for safekeeping — Insufficient stocks held to answer obligations to customers — Stocks not earmarked for specific customers — Company going into receivership — Whether customers had proprietary interests in bullion stocks taking precedence over debenture holder.