This lecture (recorded live) considers the law of tracing and applies it to the following question:
“In January of this year, Harold, a trustee, paid £2,000 into his private account (the balance then was £500). The sum paid in to his account represented the proceeds of sale of assets belonging to the Church of Belvedere, of which he was a trustee. The following day he withdrew £1,800 and used it to pay buy shares in Moneyco plc for his personal benefit.
In February of this year, he paid in to his account £1,000 representing the half-yearly dividends of trustees’ stock belonging to the estate of his father, Charles. Harold was the sole trustee of this estate.
In March of this year, he withdrew £1,000 and spent it on his own affairs.
In April of this year, he paid in to the account £100 of his own money. Shortly afterwards, Harold became bankrupt.
The value of the shares in Moneyco plc have increased and they are now worth £4,000.
Explain the rights, if any, of Harold’s trustee in bankruptcy and of the beneficiaries of the two trusts to the balance in Harold’s bank account and the Moneyco plc shares”
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Lecturer: Mohamed Ramjohn
Duration: 48 minutes (approx)