Tracing aficionados might be interested to read the decision of Morawetz J. of the Ont. S.C. In Broughner v Greyhawk Equity Limited Partnership (Millennium), released on 17 July and not yet available anywhere except via the RDG (attached). My thanks to Paul Michell, who was counsel in the case, for sending me the transcript.
The judgment addresses some recent Ontario cases which have struggled with the relationship between the lowest intermediate balance rule and the rule in Clayton's Case, and it concludes (rightly as I think) that the rejection of the latter does not entail the rejection of the former.
Lionel


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