Associated Alloys Pty Limited v ACN 001 452 106 Pty Limited [The Associated Alloys Case]

Equity – Distinction between trust and charge - Seller supplied goods subject to retention of title clause - Total purchase price not paid - Buyer insolvent - Goods no longer ascertainable - Whether retention of title clause trust or charge - Whether trust constituted - Intentions of the parties - Relationship between trust and debt - Significance of beneficiary's qualified ability to draw upon trust property - Significance of lack of requirement in trustee to keep trust property separate - Equitable obligations of trustee - Evidentiary requirements to prove trust - Liability to account.

Corporations Law – Distinction between trust and charge - Lack of obligation in Corporations Law to register trust - Reservation of title or Romalpa clause - Effectiveness against liquidator of insolvent company.

Contracts – Romalpa clause - Construction of contractual terms - Implication of terms - Significance of considerations of inutility and commercial practicality - Relationship between contractual and equitable rights.

Words and phrases – "trust" - "charge" - "registrable charge".

Corporations Law – ss 262, 263, 266.