#equity #law #tracing
A personal claim operates against the person, rather than attaching to any particular asset in the defendant’s hands. It therefore relies on the defendant having sufficient funds to meet the claim. If the defendant is insolvent, a claimant with a personal remedy will take his place with the other creditors and will only receive a percentage of the sum he is awarded. A proprietary claim to ownership, however, gives a right to particular property itself which never became part of the defendant’s property. This property will not go into the general pool to be shared amongst the creditors. In the case of an equitable lien for a sum of money this ensures that the claim for repayment can be met even if the defendant is insolvent.
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