Nemo dat quod non habet

“No-one can give what he does not have.”
“You can only give as good as you get”

A Latin maxim of relevance to assignees and purchasers for value, which was roundly ignored by whoever the bright spark was who came up with the preposterous idea of rehypothecation.

See:

• Set-off
• Netting
• Assignment
• Rehypothecation