A margin lender who receives shares as security and provides contractual rights and credit facilities in return is not a 'volunteer' for the purposes of strict recipient liability, even where the consideration moves to a third party borrower rather than the share owner. However, where shares are transferred to a margin lender by forgery without the owner's authority, the lender is unjustly enriched and liable to make restitution upon becoming aware of the fraud. The rule in Clayton's Case applies by analogy to allocate returned fungible shares to the earliest obligation. The question whether granting a security interest over shares constitutes 'disposing of a financial product' under s 766C(1)(e) of the Corporations Act remains open.
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