diff --git a/src/stores/walletFunds.fencing.test.ts b/src/stores/walletFunds.fencing.test.ts
new file mode 100644
index 0000000..3da2409
--- /dev/null
+++ b/src/stores/walletFunds.fencing.test.ts
@@ -0,0 +1,206 @@
+import { createPinia, setActivePinia } from 'pinia';
+import { buildNoteUrl } from 'lnurlcash-kit';
+import { beforeEach, describe, expect, it, vi } from 'vitest';
+
+import { deriveBearerAesKey, linkingPubKeyHex } from '@/lnurlcash/keys';
+import { loadBearers, readEncryptedBearers } from '@/lnurlcash/storage';
+import { WalletOwnerMismatchError } from '@/lnurlcash/storage/currentOwner';
+import { stubLocalStorage } from '@/lnurlcash/test-utils';
+import type { NewBearer } from '@/lnurlcash/types';
+import { useWalletStore } from './wallet';
+
+const OTHER_OWNER_ID = linkingPubKeyHex(new Uint8Array(32).fill(9));
+
+const note = (secret: string): NewBearer => ({
+  url: buildNoteUrl('https://mint.example/w', secret.repeat(32), 21_000),
+  callback: 'https://mint.example/w/cb',
+  amount: 21_000,
+  verified: true,
+});
+
+// a second tab installing its own wallet: the saved-key record flips to the
+// successor owner. Deliberately NO storage event is dispatched - the fence
+// must not depend on the wakeup arriving first.
+const replacePersistedOwner = (): void => {
+  localStorage.setItem(
+    'sattle_linking_key',
+    JSON.stringify({
+      enc: false,
+      value: '09'.repeat(32),
+      ownerId: OTHER_OWNER_ID,
+      version: 1,
+    }),
+  );
+};
+
+type LockRequest = {
+  readonly callback: () => unknown;
+  readonly resolve: (value: unknown) => void;
+  readonly reject: (reason: unknown) => void;
+};
+
+// mirrors BROWSER LockManager semantics: a callback failure rejects the
+// request and frees the lock name (Node 24's LockManager wedges instead,
+// which is why these tests drive their own fake)
+class DeferredLocks {
+  readonly requests: LockRequest[] = [];
+
+  readonly request = (_name: string, callback: () => unknown): Promise<unknown> =>
+    new Promise((resolve, reject) => {
+      this.requests.push({ callback, resolve, reject });
+    });
+
+  async releaseNext(): Promise<void> {
+    const request = this.requests.shift();
+    if (!request) throw new Error('Expected a queued lock request.');
+    try {
+      request.resolve(await request.callback());
+    } catch (error) {
+      request.reject(error instanceof Error ? error : new Error(String(error), { cause: error }));
+    }
+  }
+}
+
+beforeEach(() => {
+  vi.restoreAllMocks();
+  vi.unstubAllGlobals();
+  stubLocalStorage();
+  setActivePinia(createPinia());
+});
+
+describe('stale-owner fencing of fund commits', () => {
+  it('fences a changeset commit after a silent owner replacement', async () => {
+    // Given an unlocked wallet with one bearer and no pending storage event
+    vi.stubGlobal('navigator', {});
+    const wallet = useWalletStore();
+    await wallet.create();
+    const ownerFence = wallet.captureOwnerFence();
+    const [existing] = await wallet.addBearers([note('aa')], ownerFence);
+    if (!existing) throw new Error('Expected the initial bearer.');
+
+    // When another tab replaced the wallet and this (still unlocked) tab
+    // tries to commit a fund change
+    replacePersistedOwner();
+    await expect(
+      wallet.applyChangeset({ add: [note('bb')], markSpent: [existing.id] }, ownerFence),
+    ).rejects.toBeInstanceOf(WalletOwnerMismatchError);
+
+    // Then nothing moved: not in storage, not in the reactive list
+    expect(readEncryptedBearers()).toHaveLength(1);
+    expect(wallet.bearers).toHaveLength(1);
+    expect(wallet.bearers[0]?.spent).toBeUndefined();
+  });
+
+  it('fences a single-record spent mark after a silent owner replacement', async () => {
+    // Given an unlocked wallet whose owner was silently replaced
+    vi.stubGlobal('navigator', {});
+    const wallet = useWalletStore();
+    await wallet.create();
+    const ownerFence = wallet.captureOwnerFence();
+    const [existing] = await wallet.addBearers([note('aa')], ownerFence);
+    if (!existing) throw new Error('Expected the initial bearer.');
+    replacePersistedOwner();
+
+    // When the stale tab marks the note spent
+    await expect(wallet.markSpent(existing.id, ownerFence)).rejects.toBeInstanceOf(
+      WalletOwnerMismatchError,
+    );
+
+    // Then the record is untouched in both worlds
+    expect(wallet.bearers[0]?.spent).toBeUndefined();
+    const key = await deriveBearerAesKey(wallet.requireLinkingKey());
+    expect((await loadBearers(key))[0]?.spent).toBeUndefined();
+  });
+
+  it('revalidates the owner inside the commit lock, after encryption', async () => {
+    // Given a changeset commit whose storage write is held at the lock
+    vi.stubGlobal('navigator', {});
+    const wallet = useWalletStore();
+    await wallet.create();
+    const ownerFence = wallet.captureOwnerFence();
+    const [existing] = await wallet.addBearers([note('aa')], ownerFence);
+    if (!existing) throw new Error('Expected the initial bearer.');
+
+    // When the commit passed the entry fence, finished encryption, and is
+    // parked at the lock - and only NOW another tab replaces the owner
+    const locks = new DeferredLocks();
+    vi.stubGlobal('navigator', { locks });
+    const committing = wallet.applyChangeset(
+      { add: [note('bb')], markSpent: [existing.id] },
+      ownerFence,
+    );
+    await vi.waitFor(() => expect(locks.requests.length).toBeGreaterThan(0));
+    replacePersistedOwner();
+    await locks.releaseNext();
+
+    // Then the commit fails closed instead of writing stale-owner ciphertext
+    await expect(committing).rejects.toBeInstanceOf(WalletOwnerMismatchError);
+    expect(readEncryptedBearers()).toHaveLength(1);
+    expect(wallet.bearers).toHaveLength(1);
+    expect(wallet.bearers[0]?.spent).toBeUndefined();
+  });
+
+  it('rejects a fence captured by an earlier lifecycle of the same owner', async () => {
+    // Given an operation accepted before the encrypted wallet locked and
+    // unlocked again under the same persisted owner
+    vi.stubGlobal('navigator', {});
+    const wallet = useWalletStore();
+    await wallet.create('password');
+    const [existing] = await wallet.addBearers([note('aa')], wallet.captureOwnerFence());
+    if (!existing) throw new Error('Expected the initial bearer.');
+    const staleFence = wallet.captureOwnerFence();
+    await wallet.lock();
+    await wallet.unlock('password');
+
+    // When the old lifecycle tries to commit into the new runtime
+    await expect(
+      wallet.applyChangeset({ add: [note('bb')], markSpent: [existing.id] }, staleFence),
+    ).rejects.toBeInstanceOf(WalletOwnerMismatchError);
+
+    // Then exact owner equality alone cannot authorize the stale operation
+    expect(readEncryptedBearers()).toHaveLength(1);
+    expect(wallet.bearers).toHaveLength(1);
+    expect(wallet.bearers[0]?.spent).toBeUndefined();
+  });
+
+  it('revalidates a spent update inside its persistence lock', async () => {
+    vi.stubGlobal('navigator', {});
+    const wallet = useWalletStore();
+    await wallet.create();
+    const [existing] = await wallet.addBearers([note('aa')], wallet.captureOwnerFence());
+    if (!existing) throw new Error('Expected the initial bearer.');
+    const ownerFence = wallet.captureOwnerFence();
+    const locks = new DeferredLocks();
+    vi.stubGlobal('navigator', { locks });
+
+    const updating = wallet.markSpent(existing.id, ownerFence);
+    await vi.waitFor(() => expect(locks.requests.length).toBeGreaterThan(0));
+    replacePersistedOwner();
+    await locks.releaseNext();
+
+    await expect(updating).rejects.toBeInstanceOf(WalletOwnerMismatchError);
+    expect(wallet.bearers[0]?.spent).toBeUndefined();
+    const key = await deriveBearerAesKey(wallet.requireLinkingKey());
+    expect((await loadBearers(key))[0]?.spent).toBeUndefined();
+  });
+
+  it('revalidates a deletion inside its persistence lock', async () => {
+    vi.stubGlobal('navigator', {});
+    const wallet = useWalletStore();
+    await wallet.create();
+    const [existing] = await wallet.addBearers([note('aa')], wallet.captureOwnerFence());
+    if (!existing) throw new Error('Expected the initial bearer.');
+    const ownerFence = wallet.captureOwnerFence();
+    const locks = new DeferredLocks();
+    vi.stubGlobal('navigator', { locks });
+
+    const removing = wallet.removeNote(existing.id, ownerFence);
+    await vi.waitFor(() => expect(locks.requests.length).toBeGreaterThan(0));
+    replacePersistedOwner();
+    await locks.releaseNext();
+
+    await expect(removing).rejects.toBeInstanceOf(WalletOwnerMismatchError);
+    expect(readEncryptedBearers()).toHaveLength(1);
+    expect(wallet.bearers).toHaveLength(1);
+  });
+});
diff --git a/src/stores/walletOwnerFence.ts b/src/stores/walletOwnerFence.ts
new file mode 100644
index 0000000..b31eb67
--- /dev/null
+++ b/src/stores/walletOwnerFence.ts
@@ -0,0 +1,37 @@
+import { assertSavedKeyOwner, WalletOwnerMismatchError } from '@/lnurlcash/storage/currentOwner';
+
+export type WalletState = 'none' | 'locked' | 'unlocked';
+export type WalletOwnerFence = () => void;
+
+type WalletOwnerFenceOptions = Readonly<{
+  state: () => WalletState;
+  ownerId: () => string | null;
+  lifecycleToken: () => number;
+  accepting: () => boolean;
+}>;
+
+export const createWalletOwnerFence = (options: WalletOwnerFenceOptions) => {
+  const assertCurrentOwner = (): void => {
+    const ownerId = options.ownerId();
+    if (options.state() !== 'unlocked' || ownerId === null) {
+      throw new WalletOwnerMismatchError();
+    }
+    assertSavedKeyOwner(ownerId);
+  };
+
+  const capture = (): WalletOwnerFence => {
+    if (!options.accepting()) throw new WalletOwnerMismatchError();
+    assertCurrentOwner();
+    const token = options.lifecycleToken();
+    const ownerId = options.ownerId();
+    if (ownerId === null) throw new WalletOwnerMismatchError();
+    return () => {
+      if (options.lifecycleToken() !== token || options.ownerId() !== ownerId) {
+        throw new WalletOwnerMismatchError();
+      }
+      assertCurrentOwner();
+    };
+  };
+
+  return { assertCurrentOwner, capture };
+};