An equitable proprietary interest binds this donee as soon as they receive title to the gifted property, so some judges regard them forthwith as a ‘constructive trustee’ of the property unknowingly holding it for the beneficiaries of an express trust or other fiduciary relationship. It is, however, necessary to understand that as their conscience is not affected they cannot be personally liable until they have the requisite sort of knowledge that another person has a better right to the property. Until that point in time, they can deal freely with the property as if it is their own, so that they cannot be liable in any way if they no longer have the property or its traceable substitute: Independent Trustee Services Ltd v GP Noble Trustees Ltd [2012] EWCA Civ 195 at [76] onwards; Re Montagu’s ST [1987] Ch 264. After that point in time, they are under duties to restore the property to its rightful owner and not use it to profit themself. Thus, some judges regard them only from that time as a ‘constructive trustee’ personally accountable for losses and for any profits. If they give away the property or sell it and dissipate the proceeds, they will be liable for its full value. It is not receipt of the property that makes them personally liable (as a constructive trustee) but their subsequent dishonest dealing with it, dishonesty covering types (i) to (iv) of Baden.