Clayton's case
Definition
UK's 1816 case (Devaynes v. Noble) which set the precedent that funds withdrawn from an account are presumed to be debits from the funds deposited first-the first-in, first-out (FIFO) principle. This ruling, however, is not applicable to trustees who are presumed to draw their own money from mixed bank-accounts and not the trust money, no matter when it was deposited.
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