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Tracing - Coggle Diagram
Tracing
Rules of Tracing
Roscoe v Winder
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100k in account, embezzel 300k into it from trust, place bet lost went to 50k, left 600k from elderly relative, account back to 650k - can only trace against 50k
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Re Hallet's Estate
presume trustee acted honestly,
solicitor misappropriated funds, took money from trust and put into personal account, money mixed and spends some, not enough money to settle all - trustee presumed to have acted honestly and spent own money first - beneficiaries got all money left in account
Foskett v McKeown
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in breach of trust, trustee began paying own life assurance premium from trust, died prematurely = beneficiary entitled to sue if investment wasted or can choose to take a pro rata share of life assurance payment
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Re Oat way
took money from trust into own account, took out some money and spent it, invested some which did well, assets left in trust account wasted away, - court held - person whose rights breached given maximum opportunity to recover - entitled to shares - presumed trusteedissipated own funds
Proprietary remedy
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trying to be able to trace property even if change form - if money taken than used on bet or investment
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innocent volunteers
Clayton Case
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innocent volunteer bank acount, 20k put in from Trust A, 30 k from Trust B after, innocent volunteer spends 25k, since Trust A first in all of Trust wiped out and than 5 k from Trust B
if have 0 starting, Trust A adds 25k, you inherit 55k, 25k more from Trust A, innocent volunteer spends 40k, Trust A gets 25k back and innocent volunteery 50k
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Fiduciary relationship
solicitor and client, doctor and patient, trustee and beneficiary
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