Similar facts to Re London Wine but involved precious metal dealer.
Privy Council approved Re London Wine.
Lord Mustill affirmed that a right in property, whether legal or equitable, could not hover over an undifferentiated mass of property.
Can only exist in relation to specifically identified property.
[Will please fusion theorists: insists upon one set of ‘certainty of subject matter’ rules for both transfer of legal titles and creation of equitable titles.]
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