 The beneficial owner of a trust fund assigned it first by way of security to A, and then outright to B, in each case for valuable consideration.A had not given notice of his assignment to the trustees of the fund and, accordingly, when B made enquiries of them, he did not discover the existence of the assignment to A because the trustees were not aware of it.B did give notice of the assignment to the trustees, and then A subsequently also gave notice to them.