Re Oatway [1903] 2 Ch 356

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Facts
  • A solicitor was the trustee of a deceased estate
  • He took money and transferred to his own bank account
  • Solicitor purchased shares
  • Relatives of the deceased estate tried to claim the shares
  • Solicitor argued the shares were his because they were purchased from his own bank account
Issue
  • Could the money be traced to the shares?
Held
  • Proceeds from the sale of the shares was the estate’s
  • It is a well settled principle that whatever transformation the property might undertake, the beneficiary can claim it as long as it is identifiable
  • Since shares were the only thing in existence, the money could be traced
  • Where private money has been mixed with trust money, it can be traced into an investment that is in control of the trustee.

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