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became the subject of a trust because its identity as specific
property of the customer was preserved in the form of a fixed
claim to a corresponding portion of a segregated fund.
By contrast, the VSC creates no rights for the purchaser
that are defined by reference to the portion of the contract
price deposited in the PLRF. The amount of this deposit is
determined by reference to the cost that the Dealership expects
to incur in satisfying its warranty obligations to the purchaser.
But plainly the purchaser is not entitled to have the Dealership
incur this cost in all events. Nor does the VSC or any other
operative agreement require the Dealership to maintain a separate
account for each contract holder to preserve a fixed portion of
the reserves for his exclusive benefit. The amount of any
contract holder’s claims that may be satisfied from the reserves
is at all times indefinite. The deposit attributable to each
contract holder makes possible the payment not only of his own
claims, but also those of other contract holders. Conversely,
the amount of reserves available for use on behalf of each
contract holder is as large or small as the pool, up to the
specified coverage ceiling. The pooled aggregate of all deposits
plus accumulated income is the only identifiable trust res, and
no individual contract holder is capable of transferring title to
the pool.
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