Equitable proprietary claim against a trustee
3 important questions on Equitable proprietary claim against a trustee
Does a proprietary claim give the claimant priority over the trustee's creditor's if the trustee declares bankruptcy/insolvency?
The beneficary has priority over the trustee's general creditor's if the trustee declares bankruptcy.
Is a proprietary claim possible if the trustees no longer hold the trust property or replacement property?
No, the trust property must be identifiable otherwise it will fail. If the trust property is dissipated, ie spent on a holiday or credit card balances.
Does it matter if the trustee is able to show that his property contributed to an increase in the value of an asset? What is the main authority?
In Foskett v McKeown Millett LJ explained that 'this branch of law is concerned with vindicating rights of property and not with reversing unjust enrichment.
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