Re Goldcorp Exchange Ltd (In Receivership): Kensington v Liggett - [1994] 3 NZLR 385

Sale of goods — Unascertained goods — Customers purchasing non-allocated gold from Company — Contract requiring Company to store bullion — Contract not specifying source of bullion or separate storage of bullion — Company only purchasing bullion when physical delivery demanded by customers and mixing bullion with own stocks — Company going into receivership — Whether customers having title to bullion in priority to debenture holder — Sale of Goods Act 1908, s 15.

Equity — Fiduciary relationship — Constructive trust — Mistake — Tracing — Customers purchasing non-allocated gold from Company — Company undertaking to store bullion, but only purchasing bullion when physical delivery demanded by customers — Bullion mixed with other stocks — Company going into receivership — Whether Company trustee of bullion or purchase moneys — Whether customers having proprietary interest in bullion or Company's assets in priority to debenture holders.