23 May 2012
EATON V LDC FINANCE LIMITED (IN RECEIVERSHIP) HC CHCH CIV-2008-409-001140
- Citation
- openlaw-743c552c_c899_4843_a26f_81318975a298.pdf
- Court
- High Court
Section 36A creates a statutory trust for subscribers as a class; F & I's deposits and substituted assets (loan receivables) remained trust property despite mixing and use in trading; the unpaid depositors as a class had a proprietary equitable interest and could trace into receivables collected by LDC; LDC and Perpetual were not entitled to the defence of bona fide purchaser for value without notice because, having regard to the facts and commercial context, LDC had actual and constructive notice (and Perpetual had imputed/constructive notice) of the depositors' equitable claim; accordingly…