Brady v Stapleton (1952) 88 CLR 322

A man became bankrupt but beforehand, transferred shares to another man in order to keep them from the creditors
The 2nd man, who had his own shares, knew this was happening
The 2nd man then transferred them to the man’s wife

ALL the shares could be used to satisfy the creditors
If a man mixes trust funds with his own, the whole will be treated as trust property, except where it is clearly distinguishable
Grey horse/black horse – equity imposes a charge on the horse or horses.
The right to trace only ceases when the new property cannot be identified
Trust property can be traced even when it is an ‘indistinguishable mass’ – in this case a charge can be brought over the whole amount