The first case in which a floating security device was tested and upheld came a mere eight years after "Holroyd v Marshall" in "In re Panama, New Zealand, and Australian Royal Mail Co" (1870) 5 Ch App 318; a remarkably quick gestation by any reckoning. The Court of Appeal held that the effect of the document was that the secured creditor could not interfere with the running of the business and its dealings with its own assets until the winding up of the company, but the occurrence of that event entitled the secured creditor to realise its security over the assets and to assert its charge in priority to the general body of creditors.