Tracing

Question 1

Trustee is presumed to be honest

Answer 1

Re Hallet’s Estate (1880) Ch D

Question 2

Pari passu

Answer 2

Re Hallet’s Estate (1880) Ch D

Question 3

FIFO

Answer 3

Clayton’s case (1816) Mer

Question 4

Investing

Answer 4

Re Oatway (1903) Ch D

Question 5

Trustee must not benefit from their breach of trust

Answer 5

Re Oatway (1903) Ch D

Question 6

Re Oatway (1903) Ch D

Answer 6

Joyce J

Question 7

innocent volunteer in same position as equitable owner

Answer 7

Re Diplock (1948) Ch D

Question 8

Re Diplock (1948) Ch D

Answer 8

Lord Greene MR

Question 9

where innocent volunteers, beneficiary can:

Answer 9

1. claim a proportionate share
2. enforce a lien

Question 10

1. claim a proportionate share
2. enforce a lien

Answer 10

Foskett v McKeown (2001) AC

Question 11

Pari passu- in proportion to the amounts due to them, regardless of the dates on which the money went in

Answer 11

Barlow Clows Int v Vaughan (1992) All ER

Question 12

everyone loses out to the same extent

Answer 12

Barlow Clows Int v Vaughan (1992) All ER

Question 13

‘mixed pool’

Answer 13

Re W&R Murrogh (2003) IEHC

Question 14

Clayton’s rule would not be applied where it would result in an injustice / where there is a preferable alternative

Answer 14

Re W&R Murrogh (2003) IEHC

Question 15

Clayton’s rule is ‘one of convenience’ that can be disapplied if another approach is more consistent

Answer 15

National Crime Agency v Robb (2015) Ch D

Question 16

National Crime Agency v Robb (2015) Ch D

Answer 16

Etherton J

Question 17

Clayton appropriate for assessing unconnected transactions

Answer 17

Headstart Global Fund v Citco Bank Nederland NV (2011) IEHC

Question 18

beneficiary is entitled to continuing beneficial interest in trust property AND traceable proceeds

Answer 18

Foskett v McKeown (2001) AC