Do you want BuboFlash to help you learning these things? Or do you want to add or correct something? Click here to log in or create user.



Tags
#equity #law #tracing
Question
A trustee pays £3,000 of Trust X’s money into his current account which was previously empty. He then pays in £2,000 of his own money and then £5,000 of Trust Y’s money. He withdraws £2,000 and dissipates it. He then withdraws £3,000 and dissipates that money as well. There is £5,000 left in the account.
First look at the situation between the trustee and the trust funds. Re Hallett’s Estate will apply so the first payment out of £2,000 will be the trustee’s own money.
Then look at the situation between the two trust funds. It is a current account, so, according to Re Diplock, the rule in [ case ] applies. The first payment in was from Trust X, so the first payment out of £3,000 is Trust X’s money. Trust Y can claim the £5,000 left in the bank account.
Answer
Clayton’s Case

Tags
#equity #law #tracing
Question
A trustee pays £3,000 of Trust X’s money into his current account which was previously empty. He then pays in £2,000 of his own money and then £5,000 of Trust Y’s money. He withdraws £2,000 and dissipates it. He then withdraws £3,000 and dissipates that money as well. There is £5,000 left in the account.
First look at the situation between the trustee and the trust funds. Re Hallett’s Estate will apply so the first payment out of £2,000 will be the trustee’s own money.
Then look at the situation between the two trust funds. It is a current account, so, according to Re Diplock, the rule in [ case ] applies. The first payment in was from Trust X, so the first payment out of £3,000 is Trust X’s money. Trust Y can claim the £5,000 left in the bank account.
Answer
?

Tags
#equity #law #tracing
Question
A trustee pays £3,000 of Trust X’s money into his current account which was previously empty. He then pays in £2,000 of his own money and then £5,000 of Trust Y’s money. He withdraws £2,000 and dissipates it. He then withdraws £3,000 and dissipates that money as well. There is £5,000 left in the account.
First look at the situation between the trustee and the trust funds. Re Hallett’s Estate will apply so the first payment out of £2,000 will be the trustee’s own money.
Then look at the situation between the two trust funds. It is a current account, so, according to Re Diplock, the rule in [ case ] applies. The first payment in was from Trust X, so the first payment out of £3,000 is Trust X’s money. Trust Y can claim the £5,000 left in the bank account.
Answer
Clayton’s Case
If you want to change selection, open original toplevel document below and click on "Move attachment"

Parent (intermediate) annotation

Open it
the trust funds. Re Hallett’s Estate will apply so the first payment out of £2,000 will be the trustee’s own money. Then look at the situation between the two trust funds. It is a current account, so, according to Re Diplock, the rule in <span>Clayton’s Case applies. The first payment in was from Trust X, so the first payment out of £3,000 is Trust X’s money. Trust Y can claim the £5,000 left in the bank account.<span><body><html>

Original toplevel document (pdf)

cannot see any pdfs

Summary

statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Details

No repetitions


Discussion

Do you want to join discussion? Click here to log in or create user.