page_title: Re Harvard Securities Ltd
section_title: Judgment
hierarchical_section_title: Re Harvard Securities Ltd / Judgment
caption_attribution_description: English: Lord Neuberger, President of the Supreme Court of the United Kingdom pictured on 11 March 2013
context_page_description: Re Harvard Securities Ltd [1997] EWHC 371 is an English trusts law case, concerning the certainty of subject matter in a trust.
context_section_description: Neuberger J held that English law applied to the US shares (Australian law to the Australian shares, up to those sold after the 14 July), and the clients did have a beneficial interest, as there was no need to segregate the property. In principle, it was a valid declaration of trust to say that a percentage of shares would be held on trust, as in the Court of Appeal's decision in Hunter v Moss. But here, unidentified shares in a class were being treated as beneficial property. If the correspondence had specified the number of shares, there would have been a beneficial interest. Therefore the clients did have an interest in the US shares. The liquidator was at liberty to sell the shares and account to the former clients out of the net proceeds of sale, pro rata, to their respective interests. Australian law was different for the shares acquired before 14 July 1986. In the course of his judgment Neuberger J said the following.
caption: Neuberger J.
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