Duhaime's Law Dictionary


Clayton's Case Definition:

An English case which established a presumption that monies withdrawn from a money account are presumed to be debits from those monies first deposited; first in, first out.

Related Terms: First In, First Out Rule

An 1816 English case which established a presumption that monies withdrawn from a money account are presumed to be debits from those monies first deposited; first in, first out.

The proper citation is Devaynes v. Noble (aka Clayton's Case) 1 Mer. 572, also at 35 E.R. 781 (1816).

The presumption is not applicable to fiduciaries, who are presumed to withdraw their own money first, and not trust money.

REFERENCES:


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